Switching your mortgage to Meridian
More questions about switching your mortgage? Explore our helpful FAQS
Interest rate: 5.54%
Monthly payment: $2,450.89
Interest payments over term: $104,016
Interest rate: 4.99%
Monthly payment: $2,324.14
Interest payments over term: $93,423
By switching for a lower rate, you could save $10,593 on interest payments!*
Book an appointment to get a personalized estimate.
Pay your mortgage down faster
We call it 20/20 prepayment. Reduce your mortgage principal by making lump sum prepayments or increasing your monthly payments. With these two features combined, you can save on interest and reduce your mortgage faster by paying off up to 20% each year.
Explore how different payment frequencies or extra payments can help you pay your mortgage down faster.
Flexible payment schedules
Pay your mortgage using a payment schedule that works for you – choose from weekly, bi-weekly, monthly, bi-monthly, or accelerated weekly or bi-weekly payment plans.
Not sure how to decide? No problem. Compare possible mortgage payment amounts with our Mortgage Payment Calculator.
Featured Meridian Mortgage options and rates
As a provincially regulated financial institution, Meridian has enhanced flexibility when it comes to the mortgages we offer and approve. Whether you’re looking for a hybrid solution combining a mortgage and line of credit or something with more flexibility that could be extended to family members, we have the options you need.
Deciding on a mortgage can be complicated. Take our quiz to see which Meridian Mortgage product is right for you.
How to get started with your mortgage switch to Meridian
When you’re ready for your first meeting with one of our Mortgage specialists – whether in person or online – ensure you have these two documents ready will help you get off to a quick start:
A copy of the mortgage renewal letter or mortgage statement from your current lender
Confirmation of income, such as a pay stub or letter from your employer
To qualify for a switch, your mortgage amount and amortization must remain the same. However, if you’re looking to increase your mortgage amount and amortization, we would be happy to help you with refinancing.
Estimate your blended payments using our Refinance Calculator
Contact us to start the discussion. Call 1-866-692-2226 or book an appointment
Yes. You must break your mortgage term and pay a prepayment penalty to your current lender. Based on savings, factoring in a prepayment penalty can still be advantageous.
Incurred costs from switching lenders (up to $3,000) can be added to your mortgage and amortized, rather than paid out up front.
No. However, let’s talk about your refinancing options.