MCAP Mortgage Rates & Reviews
MCAP Background
MCAP is one of the largest mortgage finance companies in Canada with $111 billion in assets under management. The company offers a variety of services through its three lines of businesses: residential mortgages, commercial mortgages, and development finance. It employs over 900 employees in 8 offices and has 225,000 mortgage accounts in Canada.
MCAP Fixed-Rate Mortgages
MCAP Fixed Rate Mortgages reduce the risk of future interest rate fluctuations by “locking in” a specific interest rate for the term. This can create peace of mind for homeowners, which makes it a fundamentally appealing program for home buyers. If you are arranging a new mortgage for a future or current home, your fixed interest rate can be guaranteed up to 120 days before the closing date of your home. If interest rates go up during that time, you will be guaranteed the lower rate.
| Term | Rate | Monthly Payment |
|---|---|---|
1-Year Fixed | 1.84% | $1,664 |
2-Year Fixed | 1.54% | $1,607 |
3-Year Fixed | 1.54% | $1,607 |
4-Year Fixed | 1.84% | $1,664 |
5-Year Fixed | 2.34% | $1,762 |
The rates shown are for insured mortgages with a down payment of less than 20%. You may get a different rate if you have a low credit score or a conventional mortgage. Rates may change at any time.
MCAP Variable-Rate Mortgages
MCAP Variable Rate Mortgages provide you with fixed payments over the term; however, the interest rate will fluctuate with any changes in the prime interest rate. If their prime rate goes down, more of your payment will go towards paying off your principal; if our prime rate goes up, more of your payment will go towards interest costs. As a result, this can be a great financial tool for those expecting rates to fall in the upcoming year. A convertible mortgage allows you to convert to another term at any time. This feature provides security and flexibility, as it enables you to convert to a longer closed term should your variable rate mortgage no longer meet your needs.
| Term | Rate | Monthly Payment |
|---|---|---|
5-Year Variable | 1.55% | $1,609 |
The rates shown are for insured mortgages with a down payment of less than 20%. You may get a different rate if you have a low credit score or a conventional mortgage. Rates may change at any time.
MCAP Prime Rate
MCAP's Prime Rate is used as the basis for many of MCAP's lending products including variable rate mortgages, lines of credit, and HELOCs. Prime, or P, is normally combined with a spread to make up the final interest rate.
Current MCAP Prime Rate: 2.45%
MCAP Mortgage Break Penalty
| Bank or Lender | Variable Rate Mortgage | Fixed Rate Mortgage |
|---|---|---|
 | 3 Months’ Interest | Greater of 3 Months’ Interest or the IRD amount |
Difference in interest payable between your current mortgage rate and MCAP’s current posted interest rate with a comparable term.