|Eligible MCAP Products
- High Ratio, Insurable, Uninsurable
- Fixed Rate 3–5 Year Fixed
- Variable Interest and Payment: VIP M-Power
- Home Account® and Home Account Plus
- MCAP Value-Flex
- MCAP Fusion Mortgage (Ambassador & Ambassador Plus)
Purchase, refinances, Purchase Plus Improvements, Transfer
- Eligible properties must be owner-occupied (or occupied by a relative on a rent-free basis) up to a maximum of 1 unit
- Property must be suitable for and available for year round occupancy, properties located on an island must have a yearround bridge or ferry access, borrower’s ability to occupy the property must not be restricted or limited at any time.
- Some examples of features suitable properties typically have include:
- A permanent heat source
- Acceptable year-round water source
- A permanent primary source of electricity, please note that generators are considered a supplementary source of electricity
- Insulated for year-round occupancy
- Indoor kitchen and bathroom facilities
- Accessible year-round by a vehicle that is licensed for use on municipal, provincial and territorial roadways.
Note: Vacation properties are eligible as long as they meet all the property requirements above. Vacation properties such as timeshare interests, life leases, properties in rental pools, properties constructed for seasonal use or with seasonal access, and mobile homes are not eligible.
- $50,000 to $750,000 (Vancouver, Calgary, Toronto)
- $50,000 to $600,000 (all other regions)
|Maximum loan size to the value of your home (LTV)
- MCAP Fusion Mortgage
- Line of Credit Maximum — 65%
- Total lending Maximum LTV — 80% (including all segments)
- Fixed & Variable
- Purchase / Transfer — 95% LTV
- Refinance — 80% LTV
- Line of Credit Products
- Home Account — 65% LTV
- Home Account Plus — 70% (exception up to 80%) LTV when combined with MCAP First Mortgage (line of credit portion </= 65% LTV)
Gifted or own resources**
All high-ratio Secondary Home Mortgages must be insured through CMHC, Genworth or Canada Guaranty and approvals received prior to commitment.
Note: Borrower(s) are not to have more than two CMHC insured mortgages after the close of this mortgage transaction.
- Fixed & Variable — 600 minimum (650 - property value >= $1 million)
- Line of Credit Products — 650 minimum
- MCAP Fusion Mortgage — 650 minimum
- Refinance — 620 minimum
MCAP is responsible to ensure that the property meets the general requirements and is not seasonal.
Not eligible for pre-approvals
- 30 years on uninsurable
- 25 years on high ratio, insurable, Home Account, Home Account Plus and MCAP Fusion Mortgage.
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 Premium:
- Fixed Rate:
- 3–5 Year Greater of 3 months interest or Interest Rate Differential
- Variable Interest and Payment:
- VIP M-Power, 5 Year Term - 3 months interest
- Reinvestment Fee:
- $500 in Year 1, $400 in Year 2 and $300 in Year 3 of term
- MCAP Value-Flex:
- Full repayment before maturity can only occur if property is sold to an unrelated purchaser at fair market value or in the event the primary borrower is deceased
- Available with Home Mortgage Protection (mortgage life insurance)
- Eligible for Transfer-Ins
- Portable and assumable upon approval