High ratio mortgage
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. Choose from a fixed or variable rate.
- You’re a Canadian citizen or a permanent resident
- You consent to a full credit check
- You have a down payment of less than 20%
- You’re under 18 years of age
- You have a larger down payment of more than 20%
- You’re self-employed and your business has been operating less than two years
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.
Mortgage protection
Take advantage of 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, critical illness or loss of employment.
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.
Secure your rate
Around here, we’ll hold your rate for up to 120 days
Start 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.
Mortgage terms
Choose from a range of flexible 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 |
When you get a high ratio mortgage you also need to get mortgage default insurance. Learn more about mortgage insurance.
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.”
Meridian Member
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.
Around here, starting your mortgage journey is simple
1
Start your Member application online
2
Complete the forms and secure your personalized rate
3
We’ll confirm your approval details