1-10 Year Closed Program Details

Purpose

• Purchase, Refinance/ETO, Purchase Plus Improvements: 1 - 10

year

• Standard Transfers: 3 - 5 year
• Secondary Homes: 3 -5 year
• Collateral Transfers: 5 & 10 year
• Small Rental Program: 5 year only 

Property Type

• Owner-occupied with a maximum of 4 units
• Small rental with MCAP’s Small Rental Program (5 year only)
• Secondary home (1 unit)

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)**

• 95% for 1–2 unit owner occupied properties
• 90% for 3–4 unit owner occupied properties
• 80% for 2-4 unit rental properties - insurable
• 70% for 1-4 unit rental properties - uninsurable

Amortization**

• 5 to 30 years on 1-5, 7 and 10 year terms - uninsurable
• 5 to 25 years on 1-5, 7 and 10 year terms - insured / insurable

Payment Options

Monthly, semi-monthly, bi-weekly, weekly (accelerated)

20% + 20% Prepayment Privilege

• 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: Greater of 3 months interest or Interest Rate Differential (up to 5th anniversary, 3 months interest after 5th anniversary), 10% penalty reduction if refinanced with MCAP for term longer than current mortgage
• Reinvestment Fee: $500 in Year 1, $400 in Year 2 and $300 in Year 3 of your term.

Other

• Mortgage life insurance available
• Portable and assumable upon approval

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
Privilege

·        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