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Meridian mortgage review

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Meridian Mortgages
Interest Rate (APR)
Loan Term
5 Year Fixed Closed Rate
Min. credit score
Provincial availability
All information about Meridian Mortgages has been collected independently by Finder. Finder is not connected with Meridian products, and this page is not sponsored, endorsed or administered by, or associated with, Meridian. All product names, logos, and brands have been used for identification purposes only and are property of their respective owners.


Lock in favourable rates to finance your home and receive expert advice from Meridian mortgage specialists as you navigate your way through your first home purchase.

Meridian offers a flexible range of mortgage plans at fair rates.

In this guide

  • Review
  • Details
    • Product Details
    • Fees
    • Application Requirements
  • Your reviews


Product Details

Other loans offered First mortgage, Second mortgage, Refinancing
Provincial availability ON
More Info


APR range 5.79% - 7.84%
Fees Details Closing costs
More Info

Application Requirements

Loans requirements Be at least 18 years old
Be a citizen or resident of Canada
Employment details
Bank statements
A list of current assets and debts
Min. credit score 600
More Info
Meridian offers low mortgage rates, flexible payment plans and personalized mortgage advice. Meridian is the second largest credit union in Canada and offers a full range of banking products and services. It has physical brick-and-mortar branches and business centres throughout Ontario.

What types of rates does Meridian charge?

Meridian offers various mortgage options with featured rates for Members, including specials on the 5-year fixed rate closed term and 5-year variable rate closed term.

Meridian also has featured rates for high-ratio (a down payment of less than 20%) variable and fixed closed plans.

What makes a Meridian mortgage unique?

Meridian takes pride in its status as Ontario’s largest credit union. It offers low featured rates coupled with superb service for its Members. As a credit union, Meridian re-invests its profits into improving its offerings and personalized service.

Meridian also provides mortgage options that address Members’ needs, like its Self-Employed Mortgage and its Flex Line Mortgage.

Am I eligible to qualify for a mortgage with Meridian?

You must be an Ontario resident to qualify for a mortgage with Meridian. If you meet this requirement, you can go through the pre-approval process to find out if you qualify for a mortgage. There is no commitment to go through with the mortgage after the pre-approval process.

To go through the pre-approval process, you must either visit a Meridian branch (Ontario only), call the contact center, apply online or book an appointment with one of Meridian‘s mortgage specialists. To apply online, you will have to provide personal and financial information. A dedicated mortgage specialist can help with this online process. You don’t need to be a Member to get pre-approval for Meridian mortgage products.

What are the benefits of getting a Meridian mortgage?

  • Low rates. Meridian ‘s mortgage rates are more attractive thanks to featured rates on its most popular options.
  • Flexible plans. Meridian offers fixed, variable and high-ratio mortgage options, giving Members a personalized payment plan that works for them.
  • Lock in rates. If you see a rate from Meridian you like, you can lock it in for a period of 120 days.
  • 20/20 prepayment privileges. You can pay 20% of the principal per year without penalty by increasing your monthly payment or through lump-sum principal payments, or through a combination of both.
  • Switch between plans. If you’re on a variable mortgage plan with Meridian, you can switch to a fixed term at any time without penalty, or the other way around.
  • Skip a payment. If you’re tight on cash, you can defer one month’s mortgage payment once every 12 months without a penalty. You must meet Meridian’s eligibility requirements in order to do this.

What to watch out for

  • Ontario only. Meridian only offers its mortgage plans to residents of Ontario.

How do I get started?

If you live in Ontario and have decided you want to proceed with getting a mortgage with Meridian, you can begin by applying online. Doing so is easy and can be done in three steps.

First, you create your profile with Meridian, which will lock in the Meridian rate you want for 120 days.

Next, Meridian will prompt you to submit your application, which will include providing the company with your personal information so that it can run a credit check on you that it will then provide you with, free of charge, after receiving the results. During this stage, Meridian may also ask you to submit supplementary documents to complete your application.

Last, after you’ve submitted all the requirements, Meridian will get back to you within a few business days to let you know the final approval status of your application.

I got the mortgage. Now what?

Once you’ve been approved for a mortgage with Meridian you will meet with a licensed Meridian mortgage specialist or speak with one over the phone regarding the next steps of your mortgage. During this meeting, you can let your mortgage specialist know which mortgage plan you’re leaning towards and then work with the specialist to figure out the right payment schedule based on your current financial situation.

You have the following payment options: weekly, bi-weekly, monthly, semi-monthly, accelerated weekly and accelerated bi-weekly. To choose the right payment option for you, talk to your Meridian mortgage specialist.

Compare other mortgage lenders

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Name Product Interest Rate (APR) Loan Term Min. credit score Provincial availability
Homewise Mortgages
600 (recommended)
Homewise's personal advisors can get you mortgage rates from over 30 banks and lenders.
BMO Mortgages
5 Year Fixed Rate
All of Canada
Lock in a rate for up to 130 days - the longest of any major bank in Canada.

Bottom line

If you’re a resident of Ontario and want an alternative to getting a mortgage from one of the big banks, Meridian offers flexible mortgage plans and low featured interest rates to go along with its personalized Member service.

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