|Eligible MCAP Products*
- High Ratio, Insurable, Uninsurable
- Fixed Rate 3–5 Year Fixed
- Variable Interest and Payment: VIP M-Power
- Home Account® and Home Account Plus
- MCAP Value-Flex
- MCAP Fusion Mortgage (Ambassador & Ambassador Plus)
- Purchase, refinances, Purchase Plus Improvements, Transfer
- Eligible properties must be owner-occupied (or occupied by a relative on a rent-free basis) up to a maximum of 1 unit
- Property must be suitable for and available for year round occupancy, properties located on an island must have a year-round bridge or ferry access, borrower’s ability to occupy the property must not be restricted or limited at any time.
- Some examples of features suitable properties typically have include:
- A permanent heat source
- Acceptable year-round water source
- A permanent primary source of electricity, please note that generators are considered a supplementary source of electricity
- Insulated for year-round occupancy
- Indoor kitchen and bathroom facilities
- Accessible year-round by a vehicle that is licensed for use on municipal, provincial and territorial roadways.
- Note: Vacation properties are eligible as long as they meet all the property requirements above. Vacation properties such as time-share interests, life leases, properties in rental pools, properties constructed for seasonal use or with seasonal access, and mobile homes are not eligible.
- $50,000 to $750,000 (Vancouver, Calgary, Toronto)
- $50,000 to $600,000 (all other regions)
|Maximum loan size to the value of your home (LTV)
- MCAP Fusion Mortgage
- Line of Credit Maximum — 65%
- Total lending Maximum LTV — 80% (including all segments)
- Fixed and Variable
- Purchase / Transfer — 95% LTV
- Refinance — 80% LTV
- Line of Credit Products
- Home Account — 65% LTV
- Home Account Plus — 70% (exception up to 80%) LTV when combined with MCAP First Mortgage (line of credit portion </= 65% LTV)
- Gifted or own resources**
- All high-ratio Secondary Home Mortgages must be insured through CMHC, Genworth or Canada Guaranty and approvals received prior to commitment.
Note: Borrower(s) are not to have more than two CMHC insured mortgages after the close of this mortgage transaction.
- Fixed & Variable — 600 minimum (650 - property value >= $1 million)
- Line of Credit Products — 650 minimum
- MCAP Fusion Mortgage — 650 minimum
- Refinance — 620 minimum
- MCAP is responsible to ensure that the property meets the general requirements and is not seasonal.
- Not eligible for pre-approvals
- 30 years on uninsurable
- 25 years on high ratio, insurable, Home Account, Home Account Plus and MCAP Fusion Mortgage.
- 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 Premium:
- Fixed Rate:
- 3–5 Year Greater of 3 months interest or Interest Rate Differential
- Variable Interest and Payment:
- VIP M-Power, 5 Year Term - 3 months interest
- Reinvestment Fee:
- $500 in Year 1, $400 in Year 2 and $300 in Year 3 of term
- MCAP Value-Flex:
- Full repayment before maturity can only occur if property is sold to an unrelated purchaser at fair market value or in the event the primary borrower is deceased
- Available with Home Mortgage Protection (mortgage life insurance)
- Eligible for Transfer-Ins
- Portable and assumable upon approval