Skip A Payment Feature
Sometimes life can get ahead of you and Meridian is here to help with our “Skip a Payment” mortgage feature which gives you a break from one month’s mortgage payment so you can take care of the other important things.
The term “skip a payment” means the temporary suspension of the principal, interest & property tax (if applicable) payment. This is a feature of all Meridian residential mortgages and allows you to skip up to one month’s mortgage payment per year provided the following terms and conditions are met:
- Mortgage must be residential or commercial mix (up to 4 units) by Meridian definition
- Mortgage must be current
- Mortgage must be on repayment for a minimum 12 months
- There are at least 60 days remaining to the maturity of the mortgage
20% Repayment Feature
A mortgage is a necessity for nearly everyone looking to be a homeowner. And paying down that same mortgage as fast as possible is a desire of most Ontarians. Meridian can help as we offer one of the best repayment options in the industry on all of our closed mortgages. Our 20/20 repayment program allows you to pay down up to 20% of the original principal balance per year without penalty and can be done at any time in the year without notice. As well, you can increase your monthly payment up to 20% of your original payment plan each year. You also have the ability to combine the two options as long as the total repayment for the year does not surpass 20% of the original mortgage amount.