Commonly Asked Questions: MCAP Fusion Mortgage
How is the Fusion Mortgage different from a Home Equity Line of Credit (HELOC)?
The MCAP Fusion Mortgage is a combination of a mortgage and a line of credit. As the mortgage balance pays down, the HELOC credit limit automatically increases, allowing you access to the equity you build over time.
What happens when your interest only period ends on your Line of Credit?
The interest only period is 25 years; once this is over, the line of credit balance (if any) will be required to be paid out.
Why did my Line of Credit fund with a balance?
If the HELOC funds with a balance, this is because your lawyer requested these funds. Please speak with your lawyer if you require further clarification as to why funds were advanced.
How do I access my Line of Credit?
The HELOC funds can be accessed through your lawyer at the time of funding/closing. You can also access these funds throughout the term by registering, and going online to MyMCAP for withdrawals of $10,000 or less, or by calling us at 1-800-265-2624.
How much Loan-to-Value (LTV) can be used?
The maximum LTV for both portions combined is 80%. However, the HELOC portion cannot exceed 65% of the appraised value of the home.