Repayment of loan
MCAP has flexible and adjustable repayment conditions. Clients can customize their repayment schedule according to their needs and possibilities and repay their mortgages under weekly, accelerated weekly, accelerated bi-weekly, bi-weekly, monthly, and semi-monthly schedules. In addition, they can make payments through the company’s online portal or simply set up automatic withdrawals.
Conditions of loan extension
Customers can renew their mortgages in 4 simple steps. Firstly, they will receive an introduction letter sent to them by mail or via MyMCAP approximately three months before the end of their mortgage term. Secondly, they need to contact the company’s team of Renewal Account Managers. Afterward, customers need to tell them the term and rate that’s best for them. Finally, customers will have their mortgage renewed. Customers don’t need to requalify for the mortgage renewal and don’t need to pay any extra fees. However, customers must note that if they don’t return the signed renewal agreement by the time their mortgage matures, it will be automatically renewed into a 6-month fixed rate closed convertible term. Early renewals are subject to penalties.
Early payoff
If customers want, they can pay out their mortgages before the end of the term. However, they need to note that this option is only available for open mortgages. For example, suppose customers try to repay the closed mortgage before the end of the term. In that case, they will have a prepayment penalty charged as they are only allowed to pay a certain amount regularly during the whole term, so they need to make sure that they have an open mortgage to pay it out for free.
