5-Year Variable Rate Mortgages
5-YEAR VARIABLE RATE MORTGAGES
Keep your options open with a rate that follows the market. Switch to a fixed rate any time.
A variable-rate mortgage could be the right choice if:
- You’re comfortable with changes to how much of your monthly payment is applied to interest vs. principal.
- You’re comfortable paying more or less interest, depending on the prime rate.
- You expect interest rates to decrease during your mortgage term.
- You plan to sell or refinance your home before the end of your mortgage term.
A variable-rate mortgage might not be for you if:
- You prefer being able to predict how much or your payment is going towards interest and how much to principal.
- You want to avoid the risk of rising interest rates.
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.
Meridian mortgage eligibility
- You’re a Canadian citizen or a permanent resident.
- You’re over 18 years of age.
- You consent to a full credit check.
- You can provide personal information, income, and asset details.
- If self-employed, your business has been operating more than two years.
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
We’ll hold your rate for up to 120 days
Complete 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 30 years |
|---|---|
| Terms | 5-year open or 5-year closed |
| Payment Frequency | Weekly or accelerated weekly, bi-weekly or accelerated bi-weekly, monthly, or bi-monthly |
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 on a 5-year variable mortgage.
3
We’ll confirm your approval details