A Meridian mortgage is a valuable option to consider for anyone refinancing their mortgage or buying a home – the Meridian Closed Fixed Mortgage in particular. You'll get the security and peace of mind that often comes with a fixed mortgage's locked-in rate, which can be held for 120 days after preapproval, and plenty of other conveniences.
And speaking of credit unions, the mortgage experience with Meridian could be a bit different than what you'd experience with a bigger, more widespread Canadian bank. But they still provide the essential services, plus most of the conveniences that today's clients are looking for.
Meridian Closed Fixed Mortgage features
Here's a detailed breakdown of all of the features, tools, and opportunities that a Meridian Closed Fixed Mortgage has to offer.
Why You Want It
Get up to 5% cash back + Competitive rates and excellent customer service.
Special Features
- Flex Line, Construction, and several other mortgage types to choose from
- Options for self-employed mortgage applicants
- Freedom to skip 1 mortgage payment every 12 months, penalty free
Eligibility
- Be a Canadian citizen or permanent resident
- Must be an Ontario resident
- If self employed, must have been operating your business for at least 3 years
Provinces
ON
Mortgage Rates
Fixed Closed
1 Year
6.09%
2 Year
5.74%
3 Year
4.24%
4 Year
6.19%
5 Year
4.44%
7 Year
6.89%
10 Year
6.99%
Features
Rate Type
Fixed Closed
Pre-approval
Rate Guarantee (days)
120
Bank Prime Rate
4.45%
# Of Prepayments Allowed Per Year
Unlimited
% Of Prepayment Allowed
20%
# Of Payment Increases Allowed Per Year
Unlimited
Max Payment Increase Allowed
20%
Promotion Available
N/A
Promotion End Date
N/A
Meridian Closed Fixed Mortgage product rating: 1.9 stars
The Meridian Closed Fixed Mortgage receives a rating of 1.9 for a few reasons, but its lack of nationwide availability is a significant factor. The mortgage rates are attractive (plus are locked in for 120 days on pre-approval), the promise of cash back is enticing, and the selection of specialized mortgage types is impressive – but neither of these is helpful to someone who's looking to buy a home in Alberta, Nova Scotia, or Nunavut.
If you are in Ontario, though, a Meridian Closed Fixed Mortgage is an excellent product. You should likely consider Meridian to be one of your top options.
Rating methodology
To calculate our Genius Ratings, we compare the features of the account or product in question with other similar products in Canada. We give each feature a score out of 5 based on that comparison. Once we’ve rated all the features, we run them through our proprietary algorithm to produce a final rating out of 5.
Learn more about our rating methodology.
The pros of Meridian Closed Fixed Mortgage
Here are a few of the areas where the Meridian Closed Fixed Mortgage shines.
Pros
Low, competitive rates
The Meridian Closed Fixed Mortgage actually has some of the best mortgage rates available in Canada right now.
Unique Self-Employed Mortgage and other types available
If you own a small business, are an entrepreneur, or are self-employed, Meridian's Self-Employed Mortgage has a unique mortgage product tailored to fit your financial needs. Other specialized mortgage products include the Flex Line mortgage, Construction Mortgage, Friends and Family Mortgage, and Hybrid Mortgage.
Clients say the customer service is excellent
Meridian seems to put significant efforts into its customer service efforts, and it seems to be paying off – nearly every review of Meridian Closed Fixed Mortgage that we found mentions how helpful their customer service reps are. Plus, Meridian Mortgage currently has 4.8 stars on Trustpilot, with the majority of the 5-star reviews expressing thanks to a specific CSR for their helpfulness and efficiency.
The cons of Meridian Closed Fixed Mortgage
However, we also have thoughts on a few areas where the Meridian Closed Fixed Mortgage needs improvement.
Cons
Only available in Ontario
Meridian is Ontario-based and has yet to expand outside, which means you can only get a Meridian Closed Fixed Mortgage if you live within the province. It is, in fact, Ontario's largest credit union, which likely makes it even more convenient for Ontarians, but the rest of Canada misses out. And this is especially disappointing as it means missing out on Meridian's fantastic mortgage rates.
Some details are tricky to find online
While there is plenty of information there, finding specific details about the Meridian Closed Fixed Mortgage on the website can be difficult. For instance, it's clear that clients are able to make prepayments on their mortgage, but we couldn't find anywhere that specified the number of annual prepayments allowed. We also couldn't determine whether it's possible to increase your payment amounts in order to save money on your mortgage.
Meridian Closed Fixed Mortgage alternatives
Still wondering where the Meridian Closed Fixed Mortgage stands among its competitors? Take a look at this table that compares these mortgage providers side-by-side.
 |  |  |  | |
|---|---|---|---|---|
| Account | Meridian Closed Fixed Mortgage | Neo Mortgage | nesto | BMO Open Variable Mortgage |
| Genius Rating | ||||
| Why You Want It | Get up to 5% cash back + Competitive rates and excellent customer service. | Better rates than the big banks + Apply and get pre-approved in under 5 minutes. |  $350 GeniusCash + Get the lowest rate guaranteed + 150 day rate lock
| Convert to fixed mortgage at any time + Flexible prepayment options. |
| Mortgage Rates | Fixed Closed
| Fixed Closed
| Fixed Closed
| Variable Open
|
| Rate Type | Fixed Closed | Fixed Closed | Fixed Closed | Variable Open |
| Pre-approval | | | | |
| Rate Guarantee (days) | 120 | 120 | 150 | 130 |
| Bank Prime Rate | 4.45% | 4.45% | 4.45% | 4.45% |
| # Of Prepayments Allowed Per Year | Unlimited | 1 | See Issuer for Details | See Issuer for Details |
Show More | ||||
| See rates & details See more Meridian Credit Union products Compare | See rates & details See more Neo Financial products Compare | I Want This Deal See more nesto products Compare | Learn More See more BMO products Compare |
FAQ
What are the Meridian mortgage rates?
The majority of Meridian's rates for its closed mortgages are are between 6.7% and 7.7%, but they do vary by term length. You can find the specific rates for individual terms here in our features table.
Is Meridian a good mortgage company?
Meridian has excellent reviews as a mortgage company. At the time of writing, it has 285 reviews on Trustpilot and 4.8 stars. The majority of other review pages we found are also positive, with most of them specifically mentioning its top-notch customer service.
Is it easier to get a mortgage at a credit union than a bank?
It is often easier to get a mortgage through a credit union rather than through a bank. One reason is that credit unions have the ability to lend to members without passing the mortgage stress test. Credit unions often serve a much smaller geography than bigger banks, which can mean they understand your financial needs a bit better. This can also create problems, though, as serving a smaller area often means the credit union has fewer and less accessible branch locations.
Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
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