MCAP is one of Canada's largest independent mortgage financing companies, with over $66 billion in assets under administration. Comprised of 700 employees in 8 offices, MCAP originates, securitizes, trades and services residential and commercial mortgages & development financing loans with some of Canada’s largest financial institutions.
With a fixed interest rate mortgage payments are guaranteed not to change for the entire length of the term selected.
1-10 Year Closed Program Details |
|
Purpose |
year
|
Property Type |
|
Term |
1, 2, 3, 4, 5, 7, 10 year closed PLEASE REVIEW APPLICABLE PROGRAM SHEET FOR ALL AVAILABLE PRODUCTS & TERMS |
Rate Hold |
120 day rate
hold period |
Loan Amount |
$50,000 to $950,000 (Max $500,000 - 7 year and 10 year) MCAP - approved
appraisal must be sent with application for loans with property values over
$1 Million (refer to BDM for exceptions) |
Maximum (LTV)** |
|
Amortization** |
|
Payment Options |
Monthly, semi-monthly, bi-weekly, weekly (accelerated) |
20% + 20% Prepayment Privilege |
|
Early Payout |
|
Other |
|
6 Month Convertible Product Details
6 Month Convertible Loan Details |
|
Purpose |
Purchase,
refinance or debt consolidation, Purchase Plus Improvements |
Property Type |
Owner-occupied (maximum 2 units) |
Term |
6 month convertible |
Rate |
See rate sheet for details |
Loan Amount |
$50,000 to $500,000 |
Maximum LTV |
·
95% for purchases ·
80% for refinances |
Down Payment |
Gifted or from own
resources |
Amortization |
·
Minimum 5 years ·
Maximum 25 years |
Payment Options |
Monthly,
semi-monthly, bi-weekly, weekly (accelerated) |
20% + 20%
Prepayment |
·
Lump sum up to 20%
of the original principal amount (minimum $100) ·
20% increase in
payment, incremental fixed amount can be added to principal and interest
payment |
Early Payout |
·
Early Payout
Premium: Greater of 3 months interest or Interest Rate Differential ·
Reinvestment Fee:
$500 ·
Can be converted to
a longer closed term (greater than 6 months) at any time without penalty |
Other |
·
Available with Home
Mortgage Protection (mortgage life insurance) ·
Portable and
assumable upon approval |
All other mortgage products can be found on their website by clicking here.
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