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, please see appropriate fact sheet for details on loan programs listed below:

Closed Fixed Rate Term	Eligible MCAP Loan Program(s)
1–5 year	Pre-approval / rate hold (not underwritten) Pre-approvals must qualify on the Benchmark rate, ratios of 39% (GDS)/44% (TDS) and 25 year amortization
5 year	Small Rental* 2-4 units insurable 1-4 units uninsurable
3, 4 and 5 year	Transfers and Secondary Homes

Closed Fixed Rate Term

Eligible MCAP Loan Program(s)

1–5 year

Pre-approval / rate hold (not underwritten)
Pre-approvals must qualify on the Benchmark rate, ratios of 39% (GDS)/44% (TDS) and 25 year amortization

5 year

Small Rental*

2-4 units insurable
1-4 units uninsurable

3, 4 and 5 year

Transfers and Secondary Homes

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	High Ratio, Insurable, Uninsurable Purchase, Refinance, Purchase Plus Improvements & Transfers
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 1-4 unit owner occupied properties
Down Payment	Gifted or from own resources
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 high ratio / insurable Refinances are subject to a maximum 30 year amortization (uninsurable)
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
Please see product fact sheet for details. **Some exceptions available for transfer ins. See Transfer Program fact sheet for details. Subject to change without notice.

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