Top Canadian Mortgage Lenders in 2024

Tangerine is Canada’s most-loved online bank and also offers some of the lowest mortgage interest rates. Launched as ING DIRECT in 1997, Tangerine sought to address the problematic areas of traditional banking – low interest, high banking fees, and service charges. Today, Tangerine poses as the one-stop solution for a host of banking services, including mortgages and Home Equity Line of Credit(HELOC), GICs, investment funds, and savings and chequing accounts.

Types of Mortgages

Tangerine offers variable and fixed mortgages. Let’s see what’s on offer:

Variable-rate Mortgage 

• 1.35%

Fixed-rate Mortgages

• 1 Year Fixed Mortgage 2.79%
• 2 Year Fixed Mortgage 1.78%
• 3 Year Fixed Mortgage 1.89%
• 4 Year Fixed Mortgage 2.04%
• 5 Year Fixed Mortgage 2.14%
• 7 Year Fixed Mortgage 2.64%
• 10 Year Fixed Mortgage 3.09%

At Tangerine, annual interest rates are calculated semi-annually and not in advance. 

Other than these rates, you’ll find a variety of tools and resources like:

• Mortgage payment calculator
• Rent translator
• Mortgage prepayment FAQs
• Collateral charges guide

Key Features

Besides offering some of the top mortgage rates, Tangerine strives to provide home-buyers with peace of mind by offering a secure lock-in period and flexible prepayment options. 

Mortgage Rate Hold

Fixed-rate mortgages at Tangerine come with a 120-day hold, during which time you can get your application, documents, and funds ready. 

However, if you’re going with the 5-year variable rate, you’ll get the difference between the Tangerine Prime Rate and the quoted rate for the guarantee period. Though the Prime rate can change at any time, the difference between that and the offered rate will remain constant during the hold period. 

Great Prepayment Options

You can make lump-sum prepayments of up to 25% of your original mortgage amount each year. Additionally, you can raise your regular mortgage repayments by up to 25% of your original mortgage payment. This can be done on any payment date.

Support from Mortgage Agents

On signing up with Tangerine, you’ll be assigned a Mortgage account manager for a     step-by-step guide.

Portability

If you happen to move, you can take your mortgage with you at your present rate, term, and loan amount without penalty.

Approval Process

You’ll be eligible for a Tangerine mortgage if:

• You’re a Canadian resident
• You have been employed full-time for at least 3 months
• You have been self-employed for at least 2 years
• You’re not a prior bankrupt
• You have a minimum credit score of 620
• You’re applying for a mortgage loan amount of $50,000 or more

The application process is quite straightforward. Once you apply online, you’ll be assigned a mortgage agent manager to walk you through it.   

Verdict

If you’re looking for the most attractive Canadian fixed mortgage rates with a guaranteed lock period of 120 days, head to Tangerine. It’s a secure digital banking platform that provides you with prepayment privileges as high as 25/25. You’ll also get guidance through dedicated agents. It’s safe to say Tangerine is one of the leading names on the list of online mortgage lenders in Canada that stand out. 

Citadel is one of the largest full-service mortgage brokerages, which operates in several provinces. Citadel adopts a “client first” approach and promises round-the-clock customer support for residential, commercial, and personal financing needs. 

Types of Mortgages

Citadel promises to deliver the most attractive Canadian mortgage rates for all kinds of financing needs, whether they’re residential, commercial, or personal. 

Residential Finance

• Purchase
• Refinance
• Transfer mortgages

Commercial Finance

• Purchase
• Refinance

Equity

Second Mortgages

Home Equity Line of Credit (HELOC)

Private Mortgages

Moving on to the mortgage rates, the variable rates at Citadel come insured:

• 3 Year Variable Rate – high ratio insured 0.99%
• 5 Year Variable Rate – high ratio insured 0.95%

Fixed Mortgages

Fixed mortgage rates in Canada are always fixed higher than variable mortgages. Here are the rates on fixed mortgages that Citadel offers: 

• 1 Year Fixed 1.74%
• 2 Year Fixed 1.44%
• 3 Year Fixed 1.39%
• 4 Year Fixed 1.49%
• 5 Year Fixed 1.54%
• 7 Year Fixed 2.14%
• 10 Year Fixed 2.49%
• Line Of Credit (HELOC) 2.65%

The other mortgage types on offer are: 

Refinance Insured (Up to 80% LTV)

• Variable Rate 1.40%
• 5 Year Fixed 2.09%

Purchase Mortgages (Upto 80% LTV)

• Variable Rate 1.25%
• 5 Year Fixed 2.05%

Citadel also brings you a hybrid mortgage at one of the lowest interest rates in Canada – 5 Year Special 5 in 1 at the rate of 1.79%

Citadel makes mortgages at these rates available with less than 20% down payment. 

Key Features

Citadel Mortgages offers added perks and rewards to customers who avail of their services. They have many attractive offers running for a limited time that you can view in the “Special offers” menu. You may pick and choose between offers to suit your mortgage plan! 

Let’s look at what they’re offering right now: 

Air Miles Reward

With every mortgage deal you close with the company, you could be rewarded with up to 1,000 miles on Air Miles. 

Cashback

As soon as your mortgage is funded, you could win up to $2,500 as cashback. 

Free Appraisal

If you choose a private mortgage with Citadel, you could receive a free appraisal offer. 

15 cents off gas bills

On closing a mortgage with Citadel, you could receive up to 250 litres of gas, with 15 cents off. 

Beat My Rate

Citadel has developed the Beat Your Rate Program to emphasize its commitment to bring you the best and most affordable mortgage rates in Canada. 

Wondering what it’s all about?

This program is a compact 13-question long quiz where you input the details of a mortgage rate you might have found elsewhere. A group of agents at Citadel will then review your rate and let you know if it’s the lowest and best rate in the market.

If not, they can offer you one of Citadel’s rates that’s better than the one you’ve got.

Sounds like a win-win situation for buyers, doesn’t it?

Approval Process

Citadel boasts of a feature-rich website with a mortgage payment calculator, instant pre-qualification tool, request a call feature, find a local agent feature, and many more. Anybody who signs up at the website can get pre-qualified instantly. Citadel promises to review your credit score without affecting it. 

After getting an estimate on how much you can afford, you can click on “Get Approved” and fill out your details. Alternatively, you can request a call from their agents to get approved. A decent credit score should get you in easily. 

• Repetitive automated calling

Verdict

Citadel offer some of the best mortgage rates in 2021, be it purchase or refinance. 

If you’re a first-time homebuyer, Citadel can be an excellent choice, thanks to the government-sponsored First-Time Home Buyer Incentive Program (FTHBI). You can simply hand over your details, and they will take you step-by-step through the process. 

First, you’ll get pre-qualified, then approved, and, finally, begin working with an agent to buy your home. The heavy lifting, as they say, will be done by the brokers. The added perks and rewards program goes a long way in cementing client relationships beyond just getting them the lowest mortgage rates.

CanWise is one of the most popular mortgage brokerages in Canada. This CMHC-approved lender has secured mortgage rates for $7.5 billion worth of deals. As a recognition of its excellent mortgage offers and services, CanWise was awarded the Mortgage Broker of the Year consecutively in 2018, 2019, and 2020.   

Types of Mortgages

CanWise offers two kinds of mortgages – fixed and variable. Let’s dive into the interest rates:

Fixed Mortgages

• 1 Year Everyday 2.49% –  Limited 1.84%
• 2 Year Everyday 2.29% – Limited 1.53%
• 3 Year Everyday 2.19% – Limited 1.53%
• 4 Year Everyday 2.39% – Limited 1.74%
• 5 Year Everyday 2.49% – Limited 1.64%
• 7 Year Everyday 3.09% – Limited 2.39%
• 10 Year Everyday 3.49% – Limited 2.99%

Variable Mortgages

• 3 Year Everyday 3.95% – Limited 2.45%
• 5 Year Everyday 1.89% – Limited 0.98%

Home Equity Line of Credit(HELOC)

• Everyday 4.45% – Limited 0.9%

Key Features

Here’s a quick review of the noteworthy perks of CanWise mortgages:

• There’s bridge financing available if you are selling a house and purchasing another.
• If you sell one home and buy another, you can transfer your current mortgage to the new home without penalties.
• CanWise registers mortgage as a normal charge (rather than a collateral fee), which makes switching lenders easier in the future.
• You are allowed to make extra lump sum payments each year, the total of which cannot exceed 20% of your initial mortgage principal.
• You have the option of increasing your regular payment by up to 20% of the original payment amount.

Approval Process

To avail of the mortgage interest rates that CanWise offers as a Canadian citizen, you’ll have to apply for pre-approval by submitting the following information:

• Income 
• Credit score
• Current assets and liabilities
• The size of your intended down payment

Permanent Resident

If you have a good credit score and can make a down payment of 5% or more, you qualify for a regular mortgage, the same as a Canadian citizen.

If you have a 5% or more down payment but your credit score is weak, you may still qualify for the New to Canada Program offered by the three mortgage default insurance providers.

Not a Permanent Resident

You’re not a permanent resident yet, but you’ve submitted your application and also have a valid work permit, a good credit score, and a down payment of 5% or more, you qualify for a regular mortgage.

You’re not a permanent resident, but you have a 10% or more down payment (your credit score can be good/fair or weak), you qualify for the New to Canada Program.

Verdict

CanWise is a trusted mortgage brokerage with a huge national presence. It offers a vast array of services ranging from mortgages, renewal, and divorce financial assistance to investment plans. CanWise is especially popular because of its remarkably low rates and time-tested authenticity.

BMO (or Bank of Montreal) is the eighth largest bank in North America serving over 12 million customers. A one-stop-shop of financial services, from personal to investment banking. It has been serving since 1817 and is the oldest bank in the country.

Being a well-established bank, they are also offering wealth management for individuals with high net worth and capital market services for various companies.

Types of Mortgages

BMO offers two main mortgage options – fixed and variable mortgage rates – plus the Homeowner ReadiLines as their exclusive HELOC product.

Let’s look at all the mortgage interest rates they currently have.

Fixed Rate Closed Mortgage – 1-10 Year term with 6.29% – 7.49% rates

Variable Rate Mortgage – 3-5 Year term with 6.70% – 8.40% rates

Convertible Fixed-Rate Mortgage – 6 Months with a 6.59% rate. Convertible Fixed Rate Mortgage have the same benefits as a closed mortgage but it can be changed to a fixed term of one year or longer, free of prepayment charge.

Open Fixed-Rate Mortgage – 6 Months to 1 Year term with 9.15% rate.

Special Rates (Limited Time Offer) – 3-5 Years with 4.89%-6.50% rate.

Note: These are the rates at the day of writing. The rates can change any time, so please check the updated rates directly from BMO’s website.

Key Features

BMO has a lot of special offers for mortgages or any other financial services that they have. There is always a limited-time offer going on, so you better keep an eye on their website to catch some of these offers.

Here are some of the best deals that you can get from them.

Smart Fixed Rate Mortgage

Settling down with a fixed rate mortgage is best for those who want to budget with certainty. BMO’s Smart Fixed Rate Mortgage will allow you to lock in at a lower rate for 5 to 10 years. You can also accelerate your payment by increasing it to 10% or make a lump sum payment of 10% each year.

To be eligible for this, you must:

• live in the property (“owner-occupied”). Rental properties are not eligible
•  have at least 600 credit score
•  have less than 39% of Gross Debt Service Ratio
•  have less than 44% of Total Debt Service Ratio

130 Day Lock In Period

This is the longest of any major bank in Canada. The 130-day lock-in period will give you a lot of leeways to shop for better offers, gather necessary documents, or prepare your finances.

Up to $4200 Cash Back

This is a limited-time offer scaling from a mortgage value of $100,000 ($1100 cash back) to $1 million ($4200 cash back).

Homeowner ReadiLine®

This is BMO’s HELOC program. It lets you borrow up to 80% of your home’s value by withdrawing the funds from your house’s equity (the amount you have paid so far that went to the principal). The interest rate is lower than other line of credit options since it is secured by your home.

Approval Process

You can pre-qualify for any financial product through their website and get the result in a few minutes. This involves answering a few questions and a no-impact credit check.

Preapproval can also be done through the website. To apply, you must be:

• a Canadian resident
• at the age of the majority in your province or territory
• applying for a home you plan to live in
• employed for at least 2 years

After submitting the necessary information, you will get the result in less than 10 minutes.

You can also schedule a discovery call with an agent to discuss your options. Just click the “Talk to an Expert” that you can see on most of their mortgage-related pages.

Verdict

This bank’s transparency is highlighted on its website, where you can get practically all of the information you need. The site’s rate information is regularly updated to reflect the most recent value.

Despite having higher prime rates than its competitors, BMO today produces competitive interest rates. The minor difference may be considered a minimal price to pay for this bank’s rock-solid dependability. Overall, BMO is a safe bet for all types of buyers.

This Toronto-based credit union is part of the DUCA network. As the Dutch Canadian Toronto Credit Union Ltd., it was founded in 1954 by Dutch immigrants. It has 16 branches across Southern Ontario and more than 70,000 members. In addition to mortgages, member-owned DUCA offers personal loans and banking services. 

Types of Mortgages

Though DUCA started small, it has grown rapidly. It has been delivering one-stop solutions to Canadians who are frustrated with traditional banking. It has made quite a name for offering some of the most favourable Canadian mortgage rates. It offers co-owned mortgages, company-exclusive mortgages, as well as standard mortgages. 

Let’s take a look:

Low Rate High Ratio Insured Mortgages

• 6 Month Convertible 4.25%

• 1 Year Fixed Closed 2.69%

• 2 Year Fixed Closed 2.59%

• 3 Year Fixed Closed 1.79%

• 4 Year Fixed Closed 2.39%

• 5 Year Fixed Closed 2.04%

• 3 Year Variable Rate 3.45%

• 5 Year Variable Rate 2.95%

Low-rate mortgages at DUCA come with prepayment options of up to 20% annually. If you switch to DUCA, they promise to cover your transfer fees up to $1,000 (for mortgages $400,000+) or up to $250 (for mortgages under $400,000)

DUCA Exclusive Mortgages

• 6 Month (Convertible) 4.35%

• 1 Year Fixed Closed 2.99%

• 2 Year Fixed Closed 2.69%

• 3 Year Fixed Closed 2.79%

• 4 Year Fixed Closed 2.89%

• 5 Year Fixed Closed 2.44%

• 6 Year Fixed Closed 4.59%

• 7 Year Fixed Closed 4.79%

• 3 Year Variable Rate 3.55%

• 5 Year Variable Rate 3.25%

• 1 Year (Open) 5.85%

Co-ownership Mortgages

• 6 Month (Convertible) 5.45%
• 1 Year Fixed Closed 4.39%
• 2 Year Fixed Closed 4.09%
• 3 Year Fixed Closed 4.19%
• 4 Year Fixed Closed 4.29%
• 5 Year Fixed Closed 3.84%
• 1 Year (Open) 6.45%

Second Mortgages

• 6 Month (Convertible) 4.60%
• 1 Year Fixed Closed 3.24%
• 2 Year Fixed Closed 2.94%
• 3 Year Fixed Closed 3.04%
• 4 Year Fixed Closed 3.14%
• 5 Year Fixed Closed 2.69%
• 6 Year Fixed Closed 4.84%
• 7 Year Fixed Closed 5.04%
• 3 Year Variable Rate 3.80%
• 5 Year Variable Rate 3.50%
• 1 Year (Open) 6.10%

At DUCA, the maximum amortization is 30 years on a conventional purchase and 25 years on a refinance mortgage in Canada or an insured mortgage.

Key Features

DUCA sports a team of experts called Mobile Mortgage Specialists who strive to bring you only the top Canadian mortgage rates. They’ll be putting their years of knowledge to good use to help you decide which deal suits you best. You can review the brief portfolios of the mortgage specialists and dial any of them up to meet for advice, wherever and whenever you deem fit. 

DUCA offers Flex mortgages in their exclusive section, and this type is customizable. What’s great about the Flex mortgages? 

Here are some reasons:

• You can mix and match between a maximum of 4 components/products.
• Craft a mortgage plan that’s unique to your needs. 
• Options vary between variable rates, fixed rates, and the PrimeLine line of credit.

Approval Process

Each annual percentage rate (APR) is calculated using a $100,000 mortgage with monthly payments and a 25-year amortization. The APR assumes that no fee(s) apply. If you require an appraisal or pay any additional fee(s), your APR will rise. 

All residential mortgages are determined semi-annually rather than in advance. 

Flex mortgage rates are subject to a 10 bps increase for mortgage amortization longer than 25 years.

To avail of mortgage-related services at DUCA, all applicants must fulfill the DUCA Financial Services Credit Union lending criteria. To learn more about what these criteria entail, get in touch with the company at their registered contact number. You may also choose to visit your nearest branch for more information. 

Verdict

If we disregard the relatively small number of DUCA branches, we’ll see that DUCA offers stiff competition to traditional banks by lending mortgages to those with poorer credit scores or former bankruptcies. Additionally, it has rolled out customizable Flex mortgages to meet the diverse needs of buyers. As a final perk, they readily offer 20% annual prepayment options. 

Equitable Bank was founded in 1970 as The Equitable Trust Company. Today’s it’s Canada’s ninth-largest Schedule I bank. It specializes in two kinds of lending services – single-family residential and commercial. It has its headquarters in Toronto. 

Types of Mortgages

Equitable Bank specializes in reverse mortgage rates. Let’s quickly walk you through all the mortgage interest rates the bank offers:

Standard Mortgages

• 1 year fixed (closed) 2.69% (APR 4.099%)
• 2 year fixed (closed) 2.89% (APR 3.669%)
• 3 year fixed (closed) 3.19% (APR 3.798%)
• 4 year fixed (closed) 4.09% (APR 4.325%)
• 5 year fixed (closed) 3.59% (APR 4.036%) 

Reverse Mortgage Flex (setup fee: $995)

• 6 Month Fixed: 4.29% (APR 5.94%) 
• 1 Year Fixed 3.89% (APR: 4.71%)
• 2 Year Fixed: 4.34% (APR: 4.71%)
• 3 Year Fixed: 4.39% (APR: 4.62%)
• 5 Year Fixed: 4.89% (APR: 4.99%)
• 5 Year Adjustable P + 1.64% (APR 4.24%)

Reverse Mortgage Flex PLUS (setup fee: $995)

• 6 Month Fixed 5.09% (APR 6.69%)
• 1 Year Fixed 4.69% (APR 5.48%)
• 2 Year Fixed 5.14% (APR 5.49%)
• 3 Year Fixed 5.19% (APR 5.39%)
• 5 Year Fixed 5.69% (APR 5.76%)
• 5 Year Adjustable P + 2.44% (APR 5.04%)

Reverse Mortgage Flex Lite Rates (setup fee: $995)

• 6 Month Fixed 4.29% (APR 5.94%)
• 1 Year Fixed 3.79% (APR 4.61%)
• 2 Year Fixed 3.94% (APR 4.32%)
• 3 Year Fixed 3.99% (APR 4.23%)
• 5 Year Fixed 4.29% (APR 4.40%)
• 5 Year Adjustable: P + 1.64% (APR 4.24%)

Equitable Bank allows prepayment privileges of mortgage interests subject to the following conditions:

Interest payment – Prepay any of your interest outstanding once per calendar month.

Principal payment – Prepay up to 10% of your principal once per a 12-month period (starting from your initial advance).

After 5 years – Prepay more than 10% of your principal or the entire outstanding balance within 30 days of an interest rate reset date.

After 10 years – Prepay more than 10% of your principal or the entire outstanding balance at any time.

Keep in mind that you could incur prepayment penalties if you exceed your prepayment privileges. 

Key Features

On select Equitable Bank mortgage products, you might be able to increase your regular payments once every 12 months, starting on the Interest Adjustment Date or the anniversary of that date. 

All Equitable Bank mortgage loans become open at maturity.  You can repay them either in part or in full without a prepayment charge before the renewal.

A skim-through of Equitable Bank’s rates shows us what it does best – reverse mortgages. Not only does it offer excellent reverse mortgage rates, but it also lends support through reverse mortgage experts for clarification of doubts. 

Let’s learn more about this kind of mortgage: 

A reverse mortgage is a type of loan that is obtained against your primary residence in Canada. This financing option provides you with tax-free cash with no required ongoing payments.

Your home will remain yours as long as you live there at least six months a year, you keep it in good condition, and you pay your property taxes on time.

As long as you meet your mortgage obligations, you’ll never owe more than the fair market value of your property. Fair Market Value is the sum that would be paid on the open market, on the relevant date, to purchase the property, supposing no legal claims against the property.

Approval Process

You are eligible for a reverse mortgage if:

• You are 55 or older and live in one of the main urban areas of Ontario, Quebec, British Columbia, or Alberta.
• Your primary home is your residence (you live there for at least six months of a calendar year).
• As joint borrowers, all titleholders of the residence apply (in ON, AB, BC).
• The residence is occupied by the owner and is not a second home or cottage.
• Your house is detached, semi-detached, a condo, or a townhouse.

Verdict

Equitable Bank has restructured the reverse mortgages game and has built a strong clientele by offering the lowest mortgage rates. Its standard mortgages are an especially appealing option for Millennials because of its digital operational sphere and 24/7 customer service. One of the most appealing things about Equitable is the prepayment privileges it offers its customers. 

A new player in Canada’s virtual banking segment, motusbank brings full-service financing solutions at remarkably attractive rates. It prioritizes customers by converting them to members – motusbank doesn’t have any public shareholders. 

As a conglomerate of Meridian, one of Canada’s largest and most popular credit unions, motusbank has instant credibility when it comes to providing more customer-focused service than conventional banking. Its user-friendly website and bold, colourful branding set it apart from Canada’s Big Five financial powerhouses.

Types of Mortgages

Motusbank offers discounted mortgage rates alongside the posted interest rates. Let’s take a look at the various types of mortgages:

Fixed-rate Mortgages

• 6 Month Convertible Fixed Mortgage 4.00%
• 1 Year Fixed Mortgage (open) 6.00%
• 1 Year Fixed Mortgage 3.09% (special rate 2.09%)
• 2 Year Fixed Mortgage 3.19% (special rate 2.09%)
• 3 Year Fixed Mortgage 3.49% (special rate 2.09%)
• 4 Year Fixed Mortgage 3.74%  (special rate 2.09%)
• 5 Year Fixed Mortgage 4.59% (special rate 2.09%)
• 5 Year Fixed Mortgage (high ratio) 4.59% (special rate 2.09%)

Variable-rate Mortgages

• 5 Year Variable Mortgage (open) 4.45%
• 5 Year Variable Mortgage 1.55%
• 5 Year Variable Mortgage (high ratio) 1.55%

Home Equity Line of Credit (HELOC)  

• Interest rate 2.75%

Key Features

Motusbank draws buyers in with its interactive and colourful website. It offers in-depth articles, affordability calculators, and a host of other features. It is a one-stop digital solution for Canadians’ financial needs.

Besides some of the most advantageous mortgage rates in Canada, motusbank offers a joint ownership mortgage called “Friends and Family Mortgage.” Whether you’re moving into a new house with friends, refinancing an existing property, or switching from a different lender, this package can be included in all these scenarios. 

What makes it great? Here are some cues:

• It’s perfect for anyone who might not qualify for a conventional mortgage on
  their own.
• It can be applied to any motusbank mortgage.
• It includes a flexible repayment schedule and 20/20 prepayment privileges, plus a skip-a-payment feature and a 90-day rate guarantee.

While motusbank does allow 20/20 prepayment, there are cases when prepayment penalties could apply:

• Mortgage renewal before maturity
• If you prepay more than 20% of the amount
• If you select a new term while refinancing
• When you transfer your mortgage to another lender
• If you pay off your mortgage before the term

Approval Process

To be eligible for a motusbank mortgage, you must be a Canadian citizen or permanent resident and be of age. Additional details about eligibility can be obtained by chatting with their 24/7 customer service. 

Verdict

Motusbank provides quick mortgage packages for customers who do not have the time to browse around for competitive mortgage plans in person. Using its online-only service, you can choose a mortgage plan with cheap rates and pay it off with a configurable payment schedule that fits your present financial circumstances.

Meridian is the largest credit union in Ontario, entrusted with the management of $27.2 billion worth of assets. Meridian provides its members with a full range of financial products through a network of 89 branches across Ontario and is a member of the Financial Services Regulatory Authority of Ontario (FSRA).

Meridian offers a variety of accounts, including chequing and savings accounts, mortgages, investing, credit cards, personal loans, insurance, and more.

Types of Mortgages

Meridian works with the latest Canadian mortgage rates. Let’s take a look at them:

Fixed Rate Mortgages

• 6 Month Convertible 3.89%
• 1 Year Closed 3.09%
• 2 Year Closed 3.29% (Featured 2.09%)
• 3 Year Closed 3.69% (Featured 2.19%)
• 4 Year Closed 3.89%
• 5 Year Closed 4.79% (Featured 2.24%)
• 5 Year Closed High Ratio 1.99% 
• 7 Year Closed 5.45% (Featured 2.99%)
• 10 Year Closed 5.95% (Featured 3.29%)

Open Fixed Rate Mortgages

• 1 Year Open 6.30%

Variable-rate Mortgages

• 5 Year Open 4.45%
• 5 Year Closed 1.55%
• 5 Year Closed High Ratio 1.45%

Key Features

Meridian brings a bunch of innovative mortgage packages to buyers. Some of their standout features are:

Hybrid Mortgages

A unique offering of Meridian, hybrid mortgages allow lenders to borrow up to 80% of the property price. The loan portion makes up a maximum of 60%, and the conventional mortgage portion makes up a minimum of 20%. To apply for this type of mortgage, you will need a down payment of at least 20%.

Construction Mortgages

If you’re building a new house or renovating, you can get your hands on some of the cheapest mortgage rates at Meridian. The mortgage is split into advances that you get in stages throughout the construction or renovation of your home. Monthly payments are interest-only until the end of construction. After construction, your payments will be a blend of principal and interest.

Approval Process

To avail of Meridian mortgages, you must be pre-approved, with a property in sight. 

When you apply for a mortgage, your lender will examine your financial situation as well as the property you wish to purchase. You and your partner reach an agreement on the specifics of your mortgage.

If you’re approved for the mortgage you want, you need to gather and submit the following documents to finalize everything:

• Valid identification
• Confirmation of income
• Bank information
• Lawyer information
• Copy of the Purchase Agreement
• Copy of the MLS listing

Verdict

Meridian has a robust clientele and offers some of the most attractive mortgage rates available in Canada. 20/20 repayment options and cashback rewards make payment schedules remarkably flexible and appealing to buyers. Additionally, several innovative mortgage products that are unique to Meridian help solidify its presence in the Canadian mortgage market.