Adjustable Rate Mortgage
Enjoy our lowest rate and best features.
Our Adjustable Rate Mortgage offers the potential to save money over the life of your mortgage
With an MCAP adjustable rate mortgage, your mortgage rate – and regular mortgage payments – will be adjusted any time the MCAP Prime Rate goes up or down, which may provide the opportunity to save money on interest costs and enjoy significant savings over time. You also have the option to convert your mortgage to MCAP’s current fixed rates at any time without penalty (providing your new mortgage term is at least five years).
The amortization on our adjustable rate mortgages can be extended up to 30 years (25 years on insured/ insurable mortgages), resulting in a lower regular mortgage payment amount and extra cash flow. Alternatively, you have the option to increase payments by 20% - or prepay up to 20% of the original principal amount – should you wish to pay off your mortgage faster.