MCAP Mortgage Review 2024
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Discover the methodologyMCAP Mortgage is a leading Canadian lender offering competitive rates and flexible mortgage options. With over 35 years of experience, MCAP has earned a reputation for reliability, helping over 400,000 homeowners.
In this review, we’ll dive into MCAP’s mortgage rates, services, benefits, and why it’s a top choice for both residential and commercial borrowers. If you’re looking for a trusted mortgage provider, MCAP’s tailored solutions may be just what you need.
MCAP Mortgage: 4 Key Takeaways
- Current MCAP Mortgage rates are known to be very competitive and flexible.
- It provides personalized services to all customers.
- MCAP offers extensive online tools including:
- MCAP Mortgage online calculator
- MCAP Mortgage login portal for members
- It offers both commercial and residential mortgage products and programs.
- There are also first-time homebuyer programs and mortgage refinancing options.
Our MCAP Mortgage Review
MCAP Mortgage is Canada's largest independent mortgage finance company, with over 35 years of experience providing exceptional service to Canadians. Regardless of whether you’re in the commercial sector or looking for residential renewal rates, you can trust MCAP Mortgage to guide you through any processes, find the best rates and help you achieve your property investment goals.
This is because our research and analysis of online MCAP Mortgage reviews showed that the majority of actual users provided positive feedback on the company. Additionally, MCAP Mortgage rates were found to be consistently lower than their competitors and their flexibility frequently helped secure better rates when compared to traditional banks.
Individuals looking for a residential mortgage can feel especially safe in MCAP Mortgage’s hands. The following list offers a few key highlights of the company and the services it provides.
- MCAP Mortgage has helped over 400,000 homeowners throughout Canada
- The company has over 1,400 employees in offices across the country
- MCAP Mortgage offers 4 different types of mortgages
- They have two mortgage options for investment properties
- Flexible payment options will fit payments to your lifestyle
- Online access exists through the MyMCAP online portal
Expert advice
As evidenced by the list above, MCAP Mortgage is highly recommended for anyone that values flexibility and competitive rates. It is also suitable for those wanting to work with a lender at the forefront of the industry who values online access to their mortgage details and simplified online customer support.
Of course, experiences may vary. However, since mortgages are based on the simple transaction between a lender and a borrower, one of the most important factors to consider should be the mortgage rates. You can use HelloSafe’s free online mortgage comparison tool below to review options from multiple lenders. Our tool is free to use, online, and gives quick results.
Compare mortgage rates now
What are MCAP Mortgage rates in 2024?
The current MCAP Mortgage rate for their variable-rate mortgage product is is 6.45% (effective September 5, 2024). This is the annual interest rate that is used by all major banks and mortgage lenders throughout the country and is set by the Bank of Canada.
It is worth noting that this MCAP Mortgage rate is applicable to its MCAP adjustable rate mortgage product and as Canada's current prime rate changes, so too will the MCAP Prime Rate.
MCAP Mortgage rates will, however, vary. Whether you want the predictability of a fixed rate or the potential savings offered by an adjustable mortgage, one mortgage rate will never be the same as the other.
MCAP Mortgage Renewal Rates
MCAP Mortgage renewal rates also vary depending on when you plan to renew your mortgage and the type of mortgage your borrowing needs necessitate. There is no set rate since the options are endless.
However, if you are planning on renewing your MCAP Mortgage, their dedicated team of Renewal Account Managers can help facilitate the process. Below are a few key aspects of MCAP Mortgage renewals.
- You do not need to requalify when renewing your MCAP Mortgage
- There is no fee when renewing your mortgage
- You can choose any MCAP Mortgage at renewal
- If you miss your renewal date, your MCAP Mortgage will automatically renewed as a 6-month fixed-rate mortgage
How Does a Mortgage Renewal Work in 2024?
A mortgage renewal is when you renew your current mortgage with either your existing lender or a new one, usually a bank or other regulated institution. In Canada, this happens when your mortgage term expires, but the balance remains unpaid. We've put together a guide on how mortgage renewal works to help you understand and navigate renewals, whether you're nearing the end of your term or just learning the basics.
MCAP Mortgage calculator
Need help to figure out how much your monthly mortgage payment will be?
MCAP Mortgage’s calculator can help you identify exactly how much your monthly payment will be. The only information you have to provide is the:
- Mortgage amount you intend to borrow
- Amortization period (how long you will repay the mortgage)
- Payment Frequency
- Interest rate
Good to know
You can also use our free HelloSafe Mortgage Calculator for instant results. The mortgage payment calculator cannot account for rate rises set by the lender. Note that in times of inflation, banks may raise mortgage rates.
What does MCAP Mortgage offer?
MCAP Mortgage helps clients choose the type of mortgage that suits them and their financial situation best. Whether that is the known cost of a fixed-rate mortgage, or the possibility of saving money on an MCAP variable-rate mortgage, it is up to you.
MCAP Fixed Rate Mortgage
MCAP Mortgage’s fixed rate mortgage range guarantees that your monthly payments remain fixed throughout the term of your mortgage. Unfortunately, MCAP fixed mortgage rates aren’t available online, but will be provided by speaking to their mortgage advisors.
The benefits of this include:
- Financial security through fixed payments
- Flexible payment options, including weekly, bi-weekly, semi-monthly and monthly payment plans
- Option to pay off mortgage faster with a 20% lump sum pre-payment
How much mortgage can I afford?
Knowing how much mortgage you can afford helps you focus on homes within your budget and make informed decisions. Our mortgage affordability calculator saves you time by handling the calculations for you, ensuring you have the financial clarity to move forward.
MCAP Variable Rate Mortgage
With the MCAP adjustable rate mortgage, also known as the MCAP variable rate mortgage, your payments will increase or decrease any time the MCAP Prime Rate is adjusted. This provides variable-rate mortgage holders with the potential to save money on interest costs when they decline, whereas the interest payments for fixed rate mortgages would always remain the same.
MCAP variable rate mortgage benefits include:
- Potential to save money if the MCAP Prime Rate decreases
- Ability to convert from a variable rate to MCAP fixed rate mortgage without any penalties
- Faster payment option with a 20% lump sum pre-payment
MCAP Fusion Mortgage
The MCAP Fusion Mortgage is a Combined Loan Plan (CLP). This means that the mortgage is combined with a line of credit, allowing for optimal finance flexibility and allows for quick access to your home equity.
It works by increasing your line of credit as you pay down your mortgage and allows you to borrow against the credit whenever you need to instead of refinancing to release equity.
For example, if you want to renovate your property or simply make expensive repairs, you can use the MCAP Fusion Mortgage line of credit which is already secured against the property, to free up low-rate capital.
Advantages of MCAP Fusion Mortgage:
- Line of credit increases as you pay your mortgage
- Ability to leverage home equity to free up capital without having to refinance or requalify
- Option of a fixed rate or variable rate MCAP mortgage to combine with the line of credit
- The line of credit can increase up to 65% of the property value
MCAP Safeguard Mortgage
The MCAP Safeguard Mortgage is an innovative solution offered by MCAP Mortgage that allows individuals to secure a second mortgage without breaking any current mortgage contract.
An ideal product for anyone wanting to release home equity for any life goals, the MCAP Safeguard Mortgage leaves your current mortgage intact, does not require refinancing and comes with zero fees. With all these benefits, it is only available on existing MCAP mortgages.
- Simple second mortgage solution without affecting current mortgage contracts
- Provides easy access to home equity
- Helps avoid early mortgage payout penalties and refinancing
If you're looking for the best mortgage provider, why not compare options side to side using our online mortgage comparison tool below? Get personalized quotes and find the best deals on mortgages in Canada using our free tool.
Compare mortgage rates now
Does MCAP Mortgage Insurance exist?
Mortgage insurance is a great way to secure your financial stability. If something happens that would affect your ability to pay your mortgage, mortgage insurance would step in and cover your costs, up to certain limits.
MCAP provides mortgage insurance through their Home Mortgage Protection Life & Disability Insurance policy. The protection is two-fold. It provides:
- Mortgage life insurance
- Mortgage disability insurance
The mortgage life insurance aspect of the policy can help pay off the outstanding mortgage balance if the listed homeowner passes away. With a limit of up to $750,000, this benefit will help loved ones stay in the property at a time when uncertainty is not needed.
Mortgage disability insurance will allow the insured to focus on recovery from a disability, injury or illness, without having to worry about monthly mortgage payments. Upon a successful claim, the insurance benefit will cover up to $4,000 per month of the mortgage principal, interest and tax payments for up to 24 months.
How to contact MCAP Mortgage?
MCAP customer service is readily available through the contact details below.
| Means of Contact | MCAP Mortgage Contact Details |
|---|---|
| Phone | English: 1-800-265-2624 French: 1-888-811-2529 Toll-free 8am-8pm, Monday to Friday |
| [email protected] | |
| MCAP Mortgage Login | https://www.mcap.com/mymcap/login?lang=en |
| P.O. Box 351 STN C Kitchener, ON N2G 3Y9 Courier Address: Mortgage Servicing Centre 451 Phillip Street, Suite 100 Waterloo, ON N2L 3X2 |
