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1-10 Year Closed - Fixed Rate Mortgage

Available with a variety of MCAP programs so YOU get a mortgage that suits your particular needs.

With a fixed interest rate mortgage payments are guaranteed not to change for the entire length of the term selected.

1-10 Year Closed Program Details
Purpose
  • Purchase
  • Refinance or debt consolidation
  • Purchase Plus Improvements
Property Type
  • Owner-occupied with a maximum of 4 units
  • Small rental with MCAP’s Small Rental Program (5 year only)
  • Secondary home (1 unit)
Terms available 1, 2, 3, 4, 5, 7, 10 year closed
Rate
  • Fixed, Refinances are subject to a surcharge in rate, See rate sheet for details.
  • Increase and blend — Any rate discounts or premiums will be offered on new money prior to blending
Loan Amount $50,000 to $750,000 — some exceptions apply, MCAP - approved appraisal must be sent with application for loans of $750,000 or more.
Maximum loan size to the value of your home (LTV)
  • 95% for 1–2 unit owner occupied properties (purchase)*
  • 90% for 3–4 unit owner occupied properties (purchase)*
  • 80% for 1-4 unit owner occupied properties (refinance)*
  • Greater than75% requires insurance paid by borrower (apartment/condo)
Down Payment Gifted or from own resources
Amortization*
  • 5 to 30 years on 1-5, 7 and 10 year terms if loan is 80% or less of the value of your home.
  • 5 to 25 years on 1-5, 7 and 10 year terms if your mortgage amount more than 80% of your home value.
  • A surcharge in rate applies to amortizations greater than 25 years. See rate sheet for details
  • Refinances are subject to a maximum 25 year amortization
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) each year.
  • 20% increase in payment, incremental fixed amount can be added to principal and interest payment each year.
Early Payout
  • Early Payout Premium: Greater of 3 months interest or Interest Rate Differential (up to 5th anniversary, 3 months interest after 5th anniversary), 10% penalty reduction if refinanced with MCAP for term longer than current mortgage.
  • Reinvestment Fee: $500 in Year 1, $400 in Year 2 and $300 in Year 3 of your term.
Other
  • Mortgage life insurance available
  • Portable and assumable upon approval
*Some exceptions available for transfer ins.
Subject to change without notice.
Find a mortgage broker near you to learn more about this product.