How it works
1. Start with a mortgage. Choose from a fixed or variable rate. Add a home equity line of credit to create a Meridian Flex Line Mortgage.
2. As you pay down the principal on your mortgage, the equity in your home increases.
3. You can access that equity in the form of credit. The increased credit is made available to you monthly.
4. Use your line of credit for anything you want!
Want to do the math?
| Calculate how much you can borrow with a Meridian Flex Line Mortgage |
Estimated home value |
Maximum borrowing amount = 80% of your home's value* |
Outstanding mortgage balance |
Available funds on line of credit |
| Year 1: Take 80% of your home's value, then subtract what you owe on your mortgage. This leaves $180,000 available to you on your line of credit, and a mortgage balance of $300,000. |
$600,000 |
$480,000 |
$300,000 |
$180,000 |
| Year 2: After making $8,720 in mortgage principal payments over the year, your mortgage balance drops to $291,280, and your available credit increases to $188,720. |
|
|
$291,280 |
$188,720 |
| Year 25: After 25 years, your mortgage is paid off in full, and the full value of your line of credit is available to you. |
|
|
$0 |
$480,000 |
*This example is for illustrative purposes only. The credit limit on the Meridian Flex Line Mortgage will vary depending on individual applicant eligibility.