|Property Type || |
- Owner-occupied only (maximum 4 units)
- Secondary Home (maximum 1 unit), please see Secondary Home fact sheet for details
- Rural properties based on exceptions basis only.
|Rate || |
- Based on MCAP Prime
- Variable with immediate rate reset when MCAP Prime changes
|Loan Amount ||$50,000 to $750,000 |
|Maximum loan size to the value of your home (LTV) || |
|Down Payment ||Must be from own resources (no gifts) |
|Payment Frequency ||Monthly |
|Accessing Funds || |
- Borrowers can access some or all of their credit by requesting funds through their lawyer at time of closing
- Borrowers can also access funds throughout their term by going online, or by contacting MCAP’s Servicing Centre to transfer funds to their
designated bank account
|Monthly Statements || |
- Detailed monthly statement will be provided
within 10 business days after the payment date
|Term || |
25 year term, fully open, principal amount can be paid back in part or in full at any time without notice or penalty
|Repayment Options || |
This graph illustrates a typical Home Account, with a 10-year interest
only period and subsequent amortizating total credit limit.
- Represents a time period when the balance can still be drawn up to the total credit limit of $100,000. Only interest payments are required on the outstanding balance.
- Represents a time period 15 years into the Home Account term. At this time the outstanding balance is $25,000 with eligibility to draw up to the available total credit limit, in this case $70,000. During this period payments consist of principal (if applicable) and interest.
- For loans with 25 year interest only periods, make minimum monthly payments of interest only for the entire term.
- For loans with 5 or 10 year interest only periods, make minimum monthly payments of interest only for the first 5 or 10 years. At the end of this period, the total credit limit will simply amortize down over the remaining life of the mortgage (15 or 20 years)
- For Home Account loans which have an interest only period of 5 or 10 years, borrowers are only obligated, during this time, to make minimum monthly interest only payments on the outstanding balance:
- Upon completion of the interest only period, the total credit limit will convert to an amortizing total credit limit. Depending on the outstanding Home Account balance, payment amounts may be adjusted to cover both principal and interest payments.
- Home Account is registered for a 25 year term. At the end of the initial 5 or 10 year interest only period, the remaining term will be amortized (e.g., at the end of the 5 year interest only period, the mortgage will have a remaining amortization of 20 years.)
- The required variable monthly payment will be deducted automatically from the designated bank account.
Home Account is fully open, and can be paid off at any time without notice or penalty.
- Additional monthly payments or lump sum payments can be made by simply calling an MCAP Customer Service Specialist.
|Set-Up Fees ||Borrowers are responsible for the:
- Appraisal fee (if applicable)
- Legal/closing fees
|Other || |
- Mortgages transferred from other institutions are not eligible
- Borrowers can review their available funds and transaction history online 24/7
- Funds may be used for any purpose except default management