High ratio mortgage

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HIGH RATIO MORTGAGES

With a high ratio¹ mortgage, you can buy a home even if you don’t have 20% to put down. It’s a great option for first-time buyers.

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A high ratio mortgage could be the right choice if:

You’re a first time home buyer.
You have a down payment that is less than 20% of the purchase price.
You’re comfortable with the extra costs associated with mortgage default insurance.

A high ratio mortgage might not be for you if:

You have a larger down payment that is more than 20% of the purchase price.
You plan to purchase a high-priced home that exceeds the threshold for insurable mortgages.
You want to avoid the extra costs associated with mortgage default insurance.

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.

Explore all mortgage perks

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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 or obligation.

Apply for a 3-year fixed high ratio mortgage at 4.04%^1,2

Apply for a 5-year fixed high ratio mortgage at 3.99%^1,2

Apply for a 5-year variable high ratio mortgage at 4.04%^1,2

Mortgage terms

Amortization	Maximum of 25 years
Terms	3 or 5-year fixed or 5-year variable
Payment Frequency	Weekly or accelerated weekly, bi-weekly or accelerated bi-weekly, monthly, or bi-monthly

Explore all mortgage rates

When you get a high ratio mortgage you also need to get mortgage default insurance. Learn more about mortgage insurance.

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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.”

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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.

Start your Member application online

Complete the forms and secure your personalized rate

We’ll confirm your approval details

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*2 prizes of up to $50,000 Canadian dollars each will be awarded. Prizes to be awarded within 300km of City of Toronto, Ontario. Contest closes June 30, 2025. No purchase or account necessary. For full rules and entry details, please review the full Contest terms and conditions. Odds of winning are based on the number of total eligible Entries received within the Contest Period.

¹A High Ratio mortgage is applicable in cases where a borrower places a down payment of less than 20% when purchasing a residential property with a purchase price of under $1,500,000. The borrower must also be eligible for and purchase mortgage default insurance and meet all applicable conditions. Renewals are ineligible. 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 $1,500,000, the minimum down payment is 5% for the first $500,000 and 10% for the remaining portion. Mortgage Rates are applicable to Retail Members Only.

²On approved credit, rates are subject to change without notice. Quoted rate is 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 for fixed rates, and monthly for variable rates, not in advance. Additional premiums may apply in cases of extended amortizations, 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 4.95%. Where applicable, the Bank of Canada qualifying rate is 5.25%. Builder's pricing applies to posted rates, not to promotional or special rates. For commercial mortgage rates, please speak to your Commercial Relationship Manager.

Offer may change or be withdrawn at any time without notice.

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.

High ratio mortgage