Skip to main content

Covid-19 – We're Here to Help!

Currently we are experiencing high call volumes and our response times are delayed. We ask for your patience as our staff are doing their very best to assist our homeowners.

Residential Homeowners Skip-A-Payment Program  |   Prime Rate Update

VIP M-Power - Variable Interest & Payment

Get a low variable rate and our best features 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 insured / insurable
  • VIP M-Power is also eligible for these MCAP loan programs:
    • Secondary Home
    • Small Rentals
    • Transfers
VIP M-Power Product Details
Purpose
  • Insured, 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)
Term

5 year closed

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

Gifted or from own resources

Amortization*

15 to 30 years - Uninsurable
15 to 25 years - Insured / 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: 3 months interest penalty based on the greater of
    the contract rate or MCAP Prime
  • Reinvestment fee: $500 in Yr 1, $400 in Yr 2 or $300 in Yr 3
Other
  • Available with Home Mortgage Protection (mortgage life insurance)
  • Portable and assumable upon approval
Conversion
  • 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.

Mortgage Calculators
Go to top