MCAP Prime Rate Update
Effective April 2, 2020 MCAP Prime Rate is 2.45%.
When the MCAP Prime rate changes, you will receive a letter indicating the new prime rate and its effective date. You can also see the impact to your payments by logging on to MyMCAP and viewing your mortgage details.
How do changes to Prime Rate impact my mortgage payments?
If you have a variable rate mortgage, a change to the MCAP Prime Rate will impact your mortgage payments.
If a change to the prime rate occurs during a payment cycle, the payment amount will not change until the following mortgage payment date, however the amounts applied to principal vs. interest will be adjusted based on the new rate.
Do changes to the Prime Rate impact my mortgage payments if I’m in a fixed rate product?
If you have a fixed rate mortgage, a change to the MCAP Prime rate will not impact your mortgage payments.
Need to know more?
At this time, we are experiencing very high call volume, however, every Homeowner will be helped. If you would like to contact us via email we can be reached at email@example.com or by telephone, at 1-800-265-2624.
Thank you for your patience and understanding.