MCAP Payment Assistance

We know hard times sometimes fall on homeowners. MCAP Payment Assistance can help you get through them.

Breadcrumb longer link / Breadcrumb longer link / Breadcrumb longer link

Flexible options to help you make your mortgage payments

MCAP offers short-term assistance to help our homeowners weather challenging financial times. There is no expectation to pay back funds provided by MCAP for payment assistance immediately and payment assistance won't affect your credit score. Different situations require different solutions. That’s why we’ve come up with various assistance options to suit your needs.

Please note the below options are subject to qualification and approval.

Interest Only Payments

Reduce your payments by paying just the interest portion of your mortgage payment along with any tax, Home Warranty or Mortgage Life/ Disability insurance amounts.

Things to keep in mind:

You will not be paying down the principal portion of your mortgage
As such, the amortization period remaining on your mortgage will increase

Increased Amortization

The amortization of your mortgage is the length of time it will take you pay off your mortgage in full. By increasing it, the principal portion of your mortgage decreases accordingly, reducing your mortgage payments over a certain period of time.

Things to keep in mind:

By increasing the amortization period remaining on your mortgage, you will be increasing your timeline to pay it off in full

Mortgage Deferral

A mortgage deferral is when you opt to defer the principal and interest portion of your regular mortgage payment. Any property taxes and payments for other products would still be collected.

Things to keep in mind:

The interest you would have paid during the deferral period will be added to your outstanding mortgage balance
The principal amount of your outstanding balance remains the same

Common Questions About Payment Assistance

Payment assistance may or may not be right for you. Before requesting payment assistance, consider whether you can eliminate or decrease spending in other areas of your budget. It’s also important to make a list of your current debts, understand what you’re expecting to receive in the near future, and make your minimum payments on outstanding debt as you evaluate your options.

Whether the reason to obtain assistance was due to employment status change, reduced work hours or you just elected to defer your mortgage payment, refinancing at a later date will be dependent on your unique circumstances at the time of refinancing. If the deferral was approved by MCAP and your situation has changed, MCAP may consider a refinance based on individual qualifications.

Login to MyMCAP to request assistance.

Related Links

Programs and Resources for First-Time Homebuyers

Homeownership can seem difficult for first-time homebuyers, but programs and incentives can make it easier. Read our list to find the right resources for you.

Saving for A Down Payment

As you prepare to purchase a home, one integral aspect of your home buying journey will be your down payment. In this article, we’ll look at what a down payment is, how much you’ll need, and tips on how to save.

Paying your property taxes with MCAP

What are property taxes? What is MCAP's property tax service? How does it make life easier for you? Watch this video to discover the answers to these questions and more.

How to pay down your mortgage faster

Is being mortgage-free faster a top priority? If this is an important financial goal for you, this video offers up some valuable tips that can help you pay down your mortgage sooner and enjoy the financial flexibility that comes with a mortgage-free lifestyle.