Mortgage Renewal Process Checklist

1. Meet Your Renewals Specialist

As we approach your renewal date, a renewal specialist will be assigned to your mortgage. This specialist will be your partner in reviewing your renewal options and helping find the appropriate solution for your renewal.

Keep a look out on MyMCAP or in the mail for their introduction letter which will include their contact information.

2. Review Your Renewal Options

As your mortgage renewal date approaches, MCAP will send you a renewal offer package through MyMCAP or by mail. Your renewal package will contain the following information:

• Your current mortgage details as of the renewal date
• The interest rate and terms offered
• Detailed information about our offerings

3. Evaluate Your Mortgage Needs

The end of your mortgage term is a great time to review your mortgage needs and make sure you have the best option to suit your current situation. After all, it may have been several years since you chose your last mortgage and things may have changed since then.

This is a good time to ask yourself the following questions:

Will my budget allow me to increase my payments to pay off my mortgage sooner and save on interest?
Take a look at our Mortgage Payment Calculator to see the impact your regular payment amount can have on the life of your mortgage.

Does my payment frequency currently align to my income schedule?
The Mortgage Payment Calculator can also show you how your payment frequency can make a difference to your amortization and interest costs.

Do I have higher-interest-rate debts that I can consolidate into my mortgage?
While consolidating debt into your mortgage would increase your mortgage amount, you would benefit from lower interest costs and a single, simplified payment.

Have my life, critical illness, disability or employment insurance needs to be changed?
See how Mortgage Life & Disability Insurance can help you prepare for the unexpected.

4. Understand The Benefits of Renewing with MCAP

There are several benefits that come with renewing your mortgage with MCAP. For example, you do not need to requalify to renew your mortgage with us, and there are no costs involved in renewing.

Watch our video to learn more: 5 reasons to renew your mortgage with MCAP

5. Start The Renewal Process

Remember, renewing your mortgage with MCAP is fast and easy, and involves just a few simple steps.

If you know how you’d like to proceed:

1. When you receive your renewal notice, select the product and term of your new mortgage
2. Sign the notice, and return it by email or fax
3. MCAP will update your mortgage and send you a confirmation

If you would like further guidance:

• Your MCAP Renewal Specialist is available to help with your mortgage renewal. They are happy to walk you through the renewal process, your mortgage options and help you find the right solution for you. You can find their contact information in the introduction letter that was sent to you via MyMCAP or mail.
• Not yet approaching your renewal date but still have questions? Call us at 1­-800­-265­-2624 or fill out a request form and someone will contact you.