*O.A.C Rates are subject to change without notice. Quoted rates are based on blended payments of principal and interest and is the regulatory Annual Percentage Rate if there is no cost of borrowing other than interest. Interest is calculated half-yearly, not in advance. Additional premiums may apply in cases of a refinance, amortizations greater than 25 years, non-owner occupied, or other instances where application details may warrant it. The interest rate with variable rate mortgages will fluctuate with Meridian Prime Rate, which is currently 3.95%. A High Ratio mortgage is applicable in cases where a borrower places a down payment of less than 20% of the purchase price on a home. Where applicable, the Bank of Canada qualifying rate is 5.34%. Builder's pricing applies to posted rates, not to promotional or special rates. For commercial mortgage rates, please speak to your Commercial Relationship Manager.
For a purchase price of $500,000 or less, the minimum down payment is 5%. When the purchase price is above $500,000 and under $1,000,000, the minimum down payment is 5% for the first $500,000 and 10% for the remaining portion.
*Offer terms, conditions and restrictions apply for the 2-year fixed closed mortgage, and include, but are not limited to, the following;
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O.A.C. Rates are subject to change without notice.
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Offer may change or be withdrawn at any time without notice.
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Rate is available for 90 days from the mortgage pre-approval or approval date, the mortgage must fund within the same 90 days.
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Maximum purchase price of $1,000,000.
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Maximum amount for conventional mortgages is $799,000 and high ratio mortgages is $925,000. A high ratio mortgage is applicable in cases where a borrower places a down payment of less than 20% of the purchase price on a home.
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Mortgage amortization must be 25 years or less.
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Property must be owner occupied (rentals are not eligible). Cottage (Type A) and commercial properties excluded. Construction mortgages are also excluded.
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Mortgage must be in first position.
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Applicants must have a qualifying beacon score.
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Applicants must meet qualifying Gross Debt Service (GDS) and Total Debt Service (TDS) Ratios.
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Standard and collateral charge allowed on conventional mortgage. Standard charge only on high ratio mortgage.
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Available for mortgage renewals that mature during the period of the offer, otherwise a pre-payment penalty will apply.
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Not available for mortgage refinances or blending and extending an existing mortgage.
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Mortgage transfers or switches from another financial institution (assignments) are not eligible.
For more information please visit a Meridian branch or call the Contact Centre at 1-866-592-2226.