Meridian Flex Line Mortgage
FLEX LINE MORTGAGE
A winning combination: a great mortgage + a home equity line of credit
Borrow up to 80% of your home's value
Use it for anything - home renovations, investments, or even as an alternative to refinancing.
No need to re-apply
As you pay off your mortgage your limit increases.
Increased access to credit over time
As you pay off your mortgage, you can automatically access more credit.
Be mortgage free sooner
We call it 20/20 prepayment. Pay off up to 20% more of your mortgage each calendar year through a combination of prepaying more of your original principal balance and increasing your original mortgage payment.
Skip a payment
Life happens. Breathe easier knowing that you can skip one month’s mortgage payment once every 12 months with no penalty.
Payment flexibility
Choose from weekly, bi-weekly, monthly, bi-monthly, or accelerated weekly or bi-weekly payment plans - whatever works for you.
Meridian mortgage eligibility
- You’re a Canadian citizen or a permanent resident.
- You’re over 18 years of age.
- You consent to a full credit check.
- You can provide personal information, income, and asset details.
- If self-employed, your business has been operating more than two years.
Mortgage protection
Take advantage of Group Mortgage Protection (GMP) - a monthly premium that helps safeguard your home in case of financial hardships as a result of conditions such as death, disability, critical illness or loss of employment.
This creditor group insurance coverage is optional and is underwritten by The Canada Life Assurance Company (Canada Life). Supporting services, such as enrollment intake, medical underwriting and claims administration are provided by the employees of Canada Life. Coverage is governed by the terms and conditions of the creditor group insurance policy issued to the creditor and is subject to terms, conditions, exclusions and eligibility requirements. See the Certificate of Insurance for full coverage details.
How it works
Around here, accessing credit is simple
1
Add a home equity line of credit to your mortgage
2
As you pay down your mortgage, the limit on your line of credit increases
3
The increased credit is made available to you monthly
Do the math
Home value of $600,000 x 80% = Mortgage of $480,000
Home value of $600,000 x 70% = Maximum Line of Credit of $420,000
| Date | Mortgage balance | Available line of credit |
|---|---|---|
| Start | $480,000 | $0 |
| Year 10 | $300,000 | $180,000 |
| Year 15 | $291,280 | $188,720 |
| Year 25 | $0 | $420,000 |
*This example is for illustrative purposes only. The credit limit on the Meridian Flex Line Mortgage will vary depending on individual applicant eligibility.
Secure your rate
Around here, we’ll hold your rate for up to 120 days
Complete your Meridian mortgage application and we’ll hold your rate while you search for your new home. That gives you 120 days without having to worry about rates changing. No commitment our obligation.
Mobile app
“I really enjoy how simple the app is. It’s easy to get help and I get to do all my banking, straight from my phone.”
Meridian Member
Renew your mortgage
Choose a new term and secure your rate at renewal.
Support when you need it
Questions? Send a secure message right inside the app.
Manage your payments
Change your payment schedule to suit your needs.
Around here, applying for a mortgage is easy
1
Book an appointment or start a fixed or variable rate mortgage application online
2
In step two of the application, select “Add a Meridian Flex Line Mortgage”
3
We’ll confirm your approval details