Renewing Your MCAP Mortgage
Renewal is an excellent time to reassess your borrowing needs. At MCAP we have a wide-range of fixed and variable rate mortgage products to meet your needs.
At MCAP, we make the renewal process easy. Approximately 30 days prior to your renewal date, MCAP will send a renewal agreement to you in the mail detailing your interest rate and payment options, along with our 30-day rate guarantee. Simply select the term and rate that is best for you and mail or fax the completed offer back to us.
Talk to a Renewal Specialist
The renewal of your mortgage is important. So much so that MCAP has a dedicated team of Mortgage Renewal Specialists designed specifically to look after your mortgage renewal needs. Whether you are unsure of the difference between a fixed or variable rate term or concerned about rising interest rates, our Renewal Specialists can explain it all to you in terms that are simple and easy to understand. Our Specialists are only a phone call or e-mail away. Call 1-866-514-4896 or fill out a request form to contact us.
If you do not return the signed renewal agreement by your maturity date, your mortgage will be automatically renewed for a 6-month fixed rate convertible term. This term allows you to convert into a fixed rate mortgage at a later date without penalty, however it also comes with a higher interest rate than is available on most of MCAP’s fixed and variable rate terms.
Our Mortgage Products
Fixed Rate Mortgage
MCAP offers fixed rate mortgages for terms between one and ten years. All of our fixed rate terms come with the peace of mind of knowing that the principal and interest payments are guaranteed not to change over the length of the term selected.*
Variable Rate Mortgages
MCAP offers variable rate mortgages based on the Prime Rate. Our VIP Basic and VIP M-Power mortgages allow customers to take advantage of the flexibility to lock into a fixed rate term at anytime without a fee or penalty.*
MCAP also provides a convertible mortgage. Our fixed rate 6-Month Convertible mortgage provides the flexibility of converting to a longer term fixed rate mortgage at anytime, without penalty.*
MCAP Home Account & Home Account Plus
Renewal is a great time to think about switching your mortgage into one of MCAP's secured Line of Credit products. Get access to your equity and borrow money at the MCAP Prime Rate. For additional information on the Home Account at renewal please call us at 1-800-265-2624 or see our Home Account page.*
*For further information about any of MCAP’s products click here.
Home Mortgage Protection
At renewal, you can apply for Home Mortgage Protection without completing a Statement of Health form. Simply answer some basic health questions and you can have valuable coverage that will protect your family’s asset in the event something were to happen to you.
Frequently Asked Questions
For answers to frequently asked questions regarding MCAP renewals, please click here.