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Residential Mortgages / Customers / Products / 1-10 Year Closed

1-10 Year Closed - Fixed Rate Mortgage

Eligible for a variety of MCAP loan programs so YOU get a mortgage suited to your particular needs.

Man and woman happily embracing in front of a home.

Eligibility for MCAP loan programs will vary depending on the term selected.

Closed Fixed Rate Term Pre-approval / Rate Hold
1–5 year
  • Pre-approval / rate hold (not underwritten)
  • Pre-approvals must qualify on ratios of 39% (GDS)/44% (TDS) and 25 year amortization

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
  • 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
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
**Some exceptions available for transfer ins. Subject to change without notice.

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