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Mortgage rate premiums

Mortgage rate premiums

Important information about our mortgage rates 

When you apply for a mortgage with Meridian, you may be charged a rate premium on top of the base rate.

Rate premiums are typically added for refinances, mortgages with amortization periods of more than 25 years, 2nd position mortgages, non-owner occupied properties (e.g. rentals), and unsuccessful stress tests. Apart from these instances, other premiums may also apply depending on your application.

Below is a list of the most common instances where a rate premium will apply, and how much the premium will be.

Rate premium table

Applicable to conventional mortgages with up to 80% loan-to-value ratio (high ratio mortgages excluded).

Increments are cumulative up to a maximum of 60 basis points (0.60%).

Term
Characteristics
Refinance
Amortization
>25Yrs
2nd Position
Non-Owner Occupied
Stress Test*
6MFixedClosed0.20%0.20%
0.50%0.50%
0.50%
1YRFixed
Closed
0.20%
0.20%
0.50%
0.50%
0.50%
1YRFixed
Open0.20%
0.20%
0.50%
0.50%
0.50%
2YRFixed
Closed
0.20%
0.20%
0.50%
0.50%
0.50%
3YRFixed
Closed
0.20%
0.20%
0.50%
0.50%
0.50%
4YRFixed
Closed
0.20%
0.20%
0.50%
0.50%
0.50%
5YRFixed
Closed
0.20%
0.20%
0.50%
0.50%
0.50%
5YRVariableClosed
0.20%
0.20%
-0.50%
0.50%
5YRVariableOpen0.20%
0.20%
0.50%
0.50%
0.50%
7YRFixed
Closed
0.20%
0.20%
0.50%
0.50%
0.50%
10YRFixed
Closed
0.20%
0.20%
0.50%
0.50%
0.50%


*While Meridian requires all conventional mortgage applicants to undergo the mortgage stress test, you may qualify for a mortgage at Meridian even if you don't pass. Learn more about the stress test and how we use it at Meridian.