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* | |
|---|---|---|---|---|---|---|---|
| 6M | Fixed | Closed | 0.20% | 0.20% | 0.50% | 0.50% | 0.50% |
| 1YR | Fixed | Closed | 0.20% | 0.20% | 0.50% | 0.50% | 0.50% |
| 1YR | Fixed | Open | 0.20% | 0.20% | 0.50% | 0.50% | 0.50% |
| 2YR | Fixed | Closed | 0.20% | 0.20% | 0.50% | 0.50% | 0.50% |
| 3YR | Fixed | Closed | 0.20% | 0.20% | 0.50% | 0.50% | 0.50% |
| 4YR | Fixed | Closed | 0.20% | 0.20% | 0.50% | 0.50% | 0.50% |
| 5YR | Fixed | Closed | 0.20% | 0.20% | 0.50% | 0.50% | 0.50% |
| 5YR | Variable | Closed | 0.20% | 0.20% | - | 0.50% | 0.50% |
| 5YR | Variable | Open | 0.20% | 0.20% | 0.50% | 0.50% | 0.50% |
| 7YR | Fixed | Closed | 0.20% | 0.20% | 0.50% | 0.50% | 0.50% |
| 10YR | Fixed | 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.