Find a mortgage broker near you to learn more about this product.

VIP M-Power - Variable Interest & Payment

Get the lowest rate and the most features including between 15 to 30 year amortization with MCAP’s VIP M-Power.

  • Benefit immediately from a lower rate if MCAP Prime decreases – rate changes whenever MCAP Prime changes (effective one business day after a change in MCAP Prime)
  • Convert to MCAP’s best rate at any time without penalty provided that the new closed fixed rate term plus the time elapsed on the original VIP M-Power mortgage is greater than or equal to 5 years
  • Enjoy more affordable mortgage payments with extended loan amortization periods of up to 30 years if your mortgagee is less than 80% of the value of your home and up to 25 years if your mortgagee is more than 80% of the current value of your home
VIP M-Power Product Details
Purpose
  • Purchase
  • Refinance
  • Purchase Plus Improvements
  • Secondary Home
  • Transfer
Property Type
  • Owner-occupied (maximum 4 units)
  • Small rental with MCAP’s Small Rental Program (maximum 4 units)
Term 5 year closed
Rate
  • Variable with immediate rate reset
  • Based on MCAP Prime
  • Semi-annual compounding
  • No rate hold during commitment period
  • Refinances are subject to a surcharge in rate, See rate sheet for details
Loan Amount Minimum $50,000
Maximum loan size to the value of your home (LTV):
  • 95% for property with 1 to 2 units (purchase)
  • 90% for property with 3 to 4 units (purchase)
  • 80% for property with 1 to 4 units (refinance)
  • Or greater than 75% requires insurance paid by borrower for apartment and condos
Down Payment Gifted or from own resources
Amortization Between 15 to 30 years if your mortgage is less than 80% of the value of your home/up to 25 years if your mortgage is more than 80% of the current value of your home. 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: 3 months interest
  • Reinvestment fee: $500 in Yr 1, $400 in Yr 2 or $300 in Yr 3
Other
  • Available with Home Mortgage Protection (mortgage life insurance)
  • Portable and assumable upon approval
Conversion
  • From another mortgage product to VIP M-Power:
    M-Power is available to all existing customers wishing to convert at time of refinancing or renewal
  • To a fixed rate mortgage product:
    No penalty provided the new term plus the elapsed term is greater than 5 years
Subject to change without notice.
Find a mortgage broker near you to learn more about this product.