Switching your mortgage to Meridian
Should you switch your mortgage?
When your mortgage comes up for renewal, you have a great opportunity to move to a different mortgage provider. The two main reasons people switch are better interest rates and better terms and conditions, like increased prepayment privileges so you can reduce your principal faster and pay less interest.
How do I switch my mortgage?
Once you decide on the mortgage you want, you need to submit an application. You’ll also need to provide:
- A copy of the mortgage renewal letter from your current lender
- Proof that your property taxes are paid and up to date
- Confirmation of income, like a pay stub or letter from your employer
- Proof of property insurance
After the new lender approves your mortgage, they request a payout statement from your old lender. This statement includes the outstanding mortgage amount as of your renewal date. The outstanding amount is now the mortgage amount with your new lender.
The last step in switching your mortgage is to pay any outstanding fees to your new lender. After that, your new lender will pay out your mortgage with the old lender, and issue you a new one.
Quick tips
- You can’t change your mortgage amount or amortization period when you switch providers. If you want to do that, talk to your new lender about refinancing.
- Costs you incur from switching lenders (up to $3,000) can be added to your mortgage and amortized, rather than paid out in full.
- If you switch providers before your mortgage term ends, you have to break your mortgage term and pay a prepayment penalty to your current lender.
- Private and collateral mortgages are not eligible for switching.

Is switching worth it?
It might not seem like much, but even switching to a mortgage with a slightly lower interest rate can make a big difference. Here’s an example of how it can all add up.
Say you have $400,000 to pay off. You can renew your existing fixed rate mortgage at 3.30% for a 5-year term or switch to a different provider with a fixed rate mortgage at 2.80% for a 5-year term. Let’s crunch some numbers.
3.30% for a 5-year term = $1,955.09 monthly payment
2.80% for a 5-year term = $1,852.17 monthly payment
That might not seem like a big enough difference to bother with switching your mortgage, but look at it over 5 years:
3.30% for a 5-year term = $61,152 in interest
2.80% for a 5-year term = $51,705 in interest
That’s a difference of $9,447!*
How much will it cost to switch my mortgage?
The exact amount will depend on the lender, but here are the types of fees you usually pay:
- Appraisal fee to verify your property’s value
- Assignment fee to transfer the mortgage from the old lender to the new lender
- Discharge fee to discharge the old mortgage and register the new mortgage
- Legal fees for your lawyer to sign the new mortgage agreement
Be mortgage free sooner
We call it 20/20 prepayment. Pay off up to 20% more of your mortgage each 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.
Flexible schedules
Choose from weekly, bi-weekly, monthly, bi-monthly, or accelerated weekly or bi-weekly payment plans - whatever works for you.
Mortgage protection
Take advantage of CUMIS 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 or critical illness.
Payment Protection Legal Disclaimer
Creditor’s group insurance coverage is optional and is underwritten by Co-operators Life Insurance Company. Supporting services, such as enrollment intake, medical underwriting and claims administration are provided by the employees of CUMIS Services Incorporated. Coverage is governed by the terms and conditions of the creditor’s group insurance policy issued to the creditor and is subject to terms, conditions, exclusions and eligibility requirements. See the Product Guide and Certificate of Insurance for full coverage details.
More resources
Questions? There are several ways to get in touch