| Eligible MCAP Products |
Insurable loans maximum 2-4 units
Uninsurable loans maximum 1-4 units
- Standard 5 year Fixed Rate
- VIP M-Power (5 year closed)
|
| Purpose |
- Purchase, refinance, port / replacements, Purchase Plus Improvements, transfer
|
| Property Type |
- Non-owner occupied condo, single family, duplex, triplex and fourplex rentals
- Maximum 4 rental properties per borrower. Maximum 2 with MCAP
- Contact MCAP for details on fire code requirements (retrofit), applicable in Ontario only
- Located within 30 kms from markets with populations exceeding 25,000
- Insurable minimum 750 sqft, condo 500 sqft
- Uninsurable minimum 850 sqft, condo 500 sqft
- Excludes:
- Condo Conversions
- Properties in Chatham and Brampton ON
- Condo that is part of any type of condo hotel and/or legally tied to a rental pool agreement
- Manufactured/mobile homes
- Zoned Agricultural or Land reserve
- Restrictions: Quebec restricted to the following areas:
- Greater Montreal Metropolitan Area
- Greater Quebec City
- Greater Sherbrooke
- Greater Hull-Gatineau Area
- Greater Trois-Rivieres Area
|
| Rate |
- 120 day rate hold with 5 Year Fixed and Variable (no pre-approvals)
- All loans are subject to a surcharge in rate. See rate sheet for details
|
| Loan Amount |
Insurable and Uninsurable:
- Minimum $50,000
- Maximum $600,000 (exceptions available for GVA/GTA)
|
| Maximum LTV |
- 80% — uninsurable
- 80% — insurable (client paid insurance premium)
- 70.01 — 80% LTV — minimum net worth of $100,000 required
|
| Down Payment |
From own resources (no gifts) |
| Amortization* |
- Minimum 5 years (15 years VIP M-Power)
- Maximum 25 years — insurable
- Maximum 30 years — uninsurable
|
| Payment Options |
- Monthly, semi-monthly, bi-weekly, weekly (accelerated)
- Flexible payments and payment day
|
| Early Payout |
- Early Payout Premium
- Greater of 3 months interest or IRD for Fixed Rate 5 Year Closed
- 3 months interest for VIP M-Power
- Reinvestment Fee: $500 in Yr 1, $400 in Yr 2 and $300 in Yr 3 of your term
|
| 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
|
| Other |
- Maximum 2 rental properties with MCAP per borrower, some exceptions may apply
- Maximum 4 rental properties (including those held at other financial institutions) per borrower
- Available with Home Mortgage Protection (mortgage life insurance)
- Portable, assumable and transferable upon approval
- Uninsurable loans — maximum $200,000 equity take out
|
