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
Purpose	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)
Term	5 year closed
Rate	Variable with immediate rate reset Based on MCAP Prime; See Professor Rate Table 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
Amortization*	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
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. See Transfer Program fact sheet for details. Subject to change without notice.

Mortgage Calculators