Lender
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

MCAP

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About lender

MCAP is an independent Canadian mortgage finance company that has been operating across the whole country for more than 35 years. It was founded in 1985, and now it manages more than $150 billion in assets and serves more than 400,000 homeowners across Canada. The company’s specialization is mortgaging, and what’s more, it does not only offer classical residential mortgages but also it provides commercial mortgages and development financing. As it partners with different mortgage brokers, the whole mortgage process may be much easier for customers.

Products and services

MCAP has an exhaustive list of different mortgage solutions. First, they provide clients with customizable residential mortgages that can be used for different goals, such as buying the first home, buying the next home, mortgage refinancing, and buying another property. These solutions are: 

Open mortgages

Customers can enjoy more flexibility if they apply for an open mortgage, as this type allows them to pay it off at any time. In addition, customers will not incur any prepayment penalties with an open mortgage. However, they should note that usually, an open mortgage goes with a higher interest rate than a closed one. 

Closed mortgages

If customers need a lower interest rate, they can apply for a closed mortgage, but it doesn’t give them such flexibility as an open one. In addition, if customers try to repay it before the end of the term, they will have a prepayment penalty as they are only allowed to pay a certain amount regularly during the term. 

Conventional mortgages

Customers who decide to purchase a new home will have to make a downpayment, and if they make it more or equal to 20% of the purchase price, their mortgage becomes conventional. 

High Ratio mortgages

This type of mortgage is the opposite of the previous one. If a customer makes a downpayment of less than 20% of their home purchase price, their mortgage becomes a high ratio mortgage. The main difference is that with a high ratio mortgage, lenders require borrowers to have mortgage default insurance.

Fixed Rate mortgage

With this mortgage, customers can forget about the Prime Rate and be calm if it falls or rises as they will make regular payments only according to their rate, which won’t change. Also, flexible payment options like lump sum prepayment or payment increases can help them become mortgage free faster. 

Variable Rate mortgage

A variable rate means that every time customers make payments, an amount will differ as their variable rate entirely depends on the Prime Rate. If it increases, customers will have to make larger payments. However, if it falls, their payments will also be lower, and what’s more, usually, variable rates are initially lower than fixed ones. 

Convertible mortgage

These are usually short-term mortgages that give customers the most flexible conditions. For example, they can switch from the variable rate to the fixed one and back without having any penalties charged. Also, it allows customers to lock in either a fixed or variable rate when they first get their mortgage. 

Mortgage life and disability insurance

Customers can apply for the mortgage life and disability insurance coverage provided by MCAP to protect their families from unexpected conditions such as illness, disability, or death. 

Finally, the company offers customers two more services: mortgage renewals and switching. Customers can renew their mortgage with MCAP without requalifying for the mortgage or switch their mortgage from another financial institution to MCAP. 

Features

The company not only specializes in residential mortgage solutions but also commercial products. MCAP provides various conventional and insured financial solutions to Canadian business people and entrepreneurs. Also, the company offers to finance to various developer, construction, and investor clients across the country. 

The company partners with many independent mortgage brokers to make customers’ mortgage application process simpler and faster. If customers don’t have a broker, they can find them on the company’s website. They need to visit the “Residential Mortgage” webpage and click the “Find a Broker” button at the bottom of that page. 

However, the company has no pre-approval programs, so customers can have difficulties preparing themselves for a mortgage. On the other hand, they have a free online mortgage payment calculator on their website. Customers can use it to count how much they will have to pay according to their needs and their possibilities.   

Moreover, the company doesn’t provide any special products to newcomers to Canada who needs mortgages, so they will be unable to use the products and services provided by MCAP.  

Customers can apply for fixed rate and variable rate mortgages. However, these rates are unclear as they depend on customers’ eligibility, Prime Rate, and other factors. Nevertheless, for example, the fixed rate for a five-year mortgage will be about 4,79%. 

MCAP has designed a special online portal called MyMCAP for customers to manage and track their mortgages, withdraw funds from their lines of credit, change their payment schedule, pay outstanding arrears, and many others online.

Pros and cons

Pros

  • MCAP provides customers with many different residential mortgage solutions;

  • The company also offers several commercial financial products;

  • The company deals with independent mortgage brokers;

  • The application is relatively simple;

  • All financial products have flexible conditions;

  • Customers can manage their mortgages and make payments online;

  • Customers can find a mortgage broker on the company’s website.

On the other hand, the company has some drawbacks that must be noted.  

Cons

  • There are no programs for newcomers to Canada;

  • The company doesn’t have a pre-approval;

  • Bad reviews on the internet;

  • The company’s rates are relatively high. 

Loan conditions

To apply for a mortgage by MCAP, customers must prepare all the required documentation and contact a company’s Mortgage Solutions Centre representative. From there, the MCAP mortgage expert gathers essential information about customers’ mortgages. However, as the company works with many brokers, conditions and requirements can differ. However, customers still must be over the age of majority, be Canadian citizens, have an appropriate credit score, and provide the required documentation such as ID, Income Documentation, Down Payment Documentation, and Property Valuation Documentation. Also, customers need to enter their down payment, mortgage amount, and personal information like address, employment status, and financial details. 

All mortgage conditions are flexible and adjustable. The company provides many types of mortgages with different rates, terms, and borrowable amounts. Customers can apply for fixed and variable rates, but most conditions will depend on brokers the company partners with. The Prime Rate of MCAP today is 5,45%. 

Methods of loan funding

Methods of funding and application requirements depend on brokers that the company partners with.

MCAP

FAQ

What is MCAP?

MCAP is a Canadian mortgage financing company that provides Canadians with different mortgage solutions. The company has a variety of residential and commercial mortgage products and provides development financing. In addition, they partner with many mortgage brokers, simplifying the application process for customers and giving them more flexibility.

Who owns MCAP?

MCAP Financial Corp is a subsidiary of MCAP Commercial LP.

How do you qualify for MCAP?

The company works through independent mortgage brokers, so qualifying requirements depend on them. For example, customers must still be over the majority, be Canadian citizens, have an appropriate credit score, and provide the required documentation such as ID, Income Documentation, Down Payment Documentation, and Property Valuation Documentation.

How much can you borrow from MCAP?

The limits of borrowable amounts depend on customers’ eligibility and the company's mortgage brokers.

Is it a legitimate company?

This is a legitimate company. MCAP Commercial LP is listed on OPENGOVCA. Its Quebec Business Number is 3360054434.

Company documents

Legal
Privacy Policy
Licences

We provide market-leading funding solutions providing superior value for our borrowers and investors.

© MCAP
Financial products
MCAP
Mortgage
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
Term
i

Loan term for the financial product

up to 25 years
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Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
up to $10.000
Coast Capital Savings
Personal Loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
$500-$50,000
Rate
i

Effective interest rate on the product

7.5%
Term
i

Loan term for the financial product

60 months
Mogo
Personal Loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
$500-$15,000
Rate
i

Effective interest rate on the product

up to 46.96%
Term
i

Loan term for the financial product

up to 60 months
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
1000.00 – 15000.00 C$
Term
i

Loan term for the financial product

6 months – 60 months
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
500.00 – 1500.00 C$
Rate
i

Effective interest rate on the product

to 18.99 %
Term
i

Loan term for the financial product

3 months – 6 months
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