Switching your mortgage to Meridian
Are you thinking about switching mortgage providers?
Whether your mortgage is half-way to term or getting close to maturity, we’ll guide you through the process of making a switch with helpful resources and professional support, both online and in-person.
As the largest Credit Union in Ontario with a long track record of innovation, we’re committed to the highest standards for our Members, employees, and the communities we serve.
We know how big financial decisions such as switching mortgage lenders can cause you to overestimate the difficulties and underestimate the potential savings and other benefits. Not only do we offer competitive mortgage features and rates, but we also look for ways to save you money and anticipate things before they become an issue.
Still unsure about changing lenders?
People usually switch their mortgage for a couple of key reasons, either a lower interest rate or better terms. Get answers to common questions about switching to a new lender.
More questions about switching your mortgage? Explore our helpful FAQS
Is switching mortgage lenders a good idea, financially?
The financial benefits of switching might not seem huge at first, but even moving to a mortgage with a slightly lower interest rate can make a big difference over time.
As an example, let’s compare a $400,000 mortgage over a 5-year term
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.
The benefits of a Meridian Mortgage
Switching can be smart when you choose the right lender! Credit unions are owned by their Members, which means there’s an incentive for us to offer products and services that benefit our Members. A Meridian Mortgage comes with a suite of perks to make life easier.
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.
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.
