1-10 Year Closed - Fixed Rate Mortgage

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

• 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 

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

1, 2, 3, 4, 5, 7, 10 year closed

$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)

• 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

• 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

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

• 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: 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.

• Mortgage life insurance available
• Portable and assumable upon approval