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VIP M-Power - Variable Interest & Payment

Get the lowest rate and the most features including between 15 to 30 year amortization with MCAP’s VIP M-POWER.

Graph showing an upward trend followed by a steep decline to signify variable interest and payment.
  • Benefit immediately from a lower rate if MCAP Prime decreases — rate changes whenever MCAP Prime changes (effective one business day after a change in MCAP Prime)
  • Convert to MCAP’s best rate at any time without penalty provided that the new closed fixed rate term plus the time elapsed on the original VIP M-Power mortgage is greater than or equal to 5 years
  • Enjoy more affordable mortgage payments with extended loan amortization periods of up to 30 years on uninsurable and up to 25 years on (high ratio / insurable)
  • VIP M-Power is also eligible for these MCAP loan programs:
    • Secondary Home
    • Small Rentals
    • Transfers
VIP M-Power Product Details
  • High Ratio, Insurable, Uninsurable
  • Purchase, Refinance, Purchase Plus Improvements
  • Second Home
  • Transfer
Property Type
  • Owner-occupied (maximum 4 units)
  • Small rental with MCAP’s Small Rental Program (maximum 4 units)

5 year closed

  • Variable with immediate rate reset
  • Based on MCAP Prime
  • Semi-annual compounding
Loan Amount
  • Minimum $50,000
  • Maximum $924,999.99 - high ratio
  • Maximum $950,000.00 - uninsurable
Maximum (LTV)
  • 95% for property with 1 to 2 units
  • 90% for property with 3 to 4 units
  • 80% for property with 1 to 4 units
Down Payment

Gifted or from own resources


Between 15 to 30 years on uninsurable. 15 to 25 years on high ratio / insurable

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 Premium: 3 months interest
  • Reinvestment fee: $500 in Yr 1, $400 in Yr 2 or $300 in Yr 3
  • Available with Home Mortgage Protection (mortgage life insurance)
  • Portable and assumable upon approval
  • From another mortgage product to VIP M-Power:
    M-Power is available to all existing customers wishing to convert at time of refinancing or renewal
  • To a fixed rate mortgage product:
    No penalty provided the new term plus the elapsed term is equal or greater than 5 years
*Some exceptions available for transfer ins.
Subject to change without notice.

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