MCAP
Is Part of RateShop Mortgage's Trusted Canadian Lender Network
MCAP: A Trusted Partnership for Your Mortgage Need
MCAP: A Trusted Partnership for Your Mortgage Need
History as a Mortgage Lender in Canada
MCAP (Mortgage Corporation of Canada), founded in 1981, has been a trusted name in Canadian mortgage lending for over four decades. With a strong presence in both residential and commercial mortgage markets, MCAP has grown to become one of Canada’s leading independent mortgage lenders. While it is not a bank, MCAP’s robust financial services, experienced team, and innovative mortgage solutions have positioned it as a top choice for borrowers seeking competitive rates and personalized mortgage options.
Types of Mortgage Products & Programs
MCAP offers a range of mortgage products designed to meet the needs of homebuyers and homeowners across Canada:
Residential Mortgages:
Fixed-Rate Mortgages: Lock in your mortgage rate for 1 to 10 years, offering stability and predictability for your payments.
Variable-Rate Mortgages: A flexible option for borrowers who want to benefit from lower initial rates with payments that may fluctuate based on the prime rate.
High-Ratio Mortgages: For homebuyers who have a smaller down payment (less than 20%), MCAP offers competitive rates backed by mortgage insurance.
First-Time Home Buyer Programs: MCAP partners with RateShop to provide first-time home buyers with tailored programs and incentives, including lower down payments and government-backed solutions.
Home Equity Line of Credit (HELOC): Access the equity in your home for renovations, debt consolidation, or other financial goals.
Residential Mortgages:
Fixed-Rate Mortgages: Lock in your mortgage rate for 1 to 10 years, offering stability and predictability for your payments.
Variable-Rate Mortgages: A flexible option for borrowers who want to benefit from lower initial rates with payments that may fluctuate based on the prime rate.
High-Ratio Mortgages: For homebuyers who have a smaller down payment (less than 20%), MCAP offers competitive rates backed by mortgage insurance.
First-Time Home Buyer Programs: MCAP partners with RateShop to provide first-time home buyers with tailored programs and incentives, including lower down payments and government-backed solutions.
Home Equity Line of Credit (HELOC): Access the equity in your home for renovations, debt consolidation, or other financial goals.
Commercial Mortgages:
For businesses and investors, MCAP also offers specialized commercial mortgage products:
Multi-Unit Residential Financing: Loans for apartment buildings and residential investment properties.
Commercial Property Financing: Financing solutions for office buildings, retail properties, and industrial spaces.
Construction and Development Financing: Tailored solutions for real estate developers and construction projects.
Refinancing and Debt Restructuring: MCAP helps commercial borrowers refinance their properties or restructure debt for better terms.
Commercial Mortgages:
For businesses and investors, MCAP also offers specialized commercial mortgage products:
Multi-Unit Residential Financing: Loans for apartment buildings and residential investment properties.
Commercial Property Financing: Financing solutions for office buildings, retail properties, and industrial spaces.
Construction and Development Financing: Tailored solutions for real estate developers and construction projects.
Refinancing and Debt Restructuring: MCAP helps commercial borrowers refinance their properties or restructure debt for better terms.
Minimum Credit & Income Requirements
Eligibility criteria vary based on the type of mortgage and individual circumstances. Generally, the following applies:
First-Time Home Buyers: Minimum credit score of 620, with 5% down payment required for properties under $500,000.
Salaried Employees: Stable income documentation and a maximum debt-to-income ratio of 44%.
Contract/Temporary Employees: Proof of continuous employment over the last two years, with an emphasis on contract renewals or stable work history.
Self-Employed: Must provide two years of tax returns, Notices of Assessment (NOA), and proof of business income or financial statements.
Stated Income Mortgages: For individuals with non-traditional income sources, such as freelancers or gig economy workers, these mortgages require a higher down payment and a solid credit history.
Eligibility criteria vary based on the type of mortgage and individual circumstances. Generally, the following applies:
First-Time Home Buyers: Minimum credit score of 620, with 5% down payment required for properties under $500,000.
Salaried Employees: Stable income documentation and a maximum debt-to-income ratio of 44%.
Contract/Temporary Employees: Proof of continuous employment over the last two years, with an emphasis on contract renewals or stable work history.
Self-Employed: Must provide two years of tax returns, Notices of Assessment (NOA), and proof of business income or financial statements.
Stated Income Mortgages: For individuals with non-traditional income sources, such as freelancers or gig economy workers, these mortgages require a higher down payment and a solid credit history.
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*Advertised rates may not be offered by this lender. Mortgage lender offers are aggregated by RateShop & its Brokerage Network subject to change without notice. Speak with our mortgage broker about APR and qualification requirements.
Mortgage Underwriting Criteria for Approval
MCAP uses a detailed underwriting process to ensure borrowers meet the requirements for mortgage approval. Key factors include:
Debt-to-Income Ratio (DTI): MCAP typically allows a gross debt service ratio (GDS) of up to 39% and a total debt service ratio (TDS) of 44%.
Credit Score: A minimum score of 620 is often required for standard programs, though higher scores may improve your chances of securing a better rate.
Employment History: Stability and consistency in employment are key, with preference given to borrowers with steady income streams.
Down Payment: A minimum of 5% for conventional loans, with higher amounts required for high-ratio mortgages.
Property Appraisal: MCAP requires an independent property valuation to confirm the loan-to-value (LTV) ratio and the property’s market value.
MCAP uses a detailed underwriting process to ensure borrowers meet the requirements for mortgage approval. Key factors include:
Debt-to-Income Ratio (DTI): MCAP typically allows a gross debt service ratio (GDS) of up to 39% and a total debt service ratio (TDS) of 44%.
Credit Score: A minimum score of 620 is often required for standard programs, though higher scores may improve your chances of securing a better rate.
Employment History: Stability and consistency in employment are key, with preference given to borrowers with steady income streams.
Down Payment: A minimum of 5% for conventional loans, with higher amounts required for high-ratio mortgages.
Property Appraisal: MCAP requires an independent property valuation to confirm the loan-to-value (LTV) ratio and the property’s market value.
Locations Serviced and Branch Presence in Canada
MCAP is a national mortgage lender offering services across Canada. While MCAP does not have physical retail branches, its national network of partners, including RateShop Mortgages, ensures that their products and services are accessible to customers from coast to coast. Customers can easily access MCAP’s mortgage products through RateShop brokers and digital tools, offering convenience and flexibility.
Mortgage Application Checklist
To streamline the application process, ensure you have the following documents:
Government-issued ID (driver’s license or passport).
Proof of income (pay stubs, NOA, or tax returns).
Employment verification letter or self-employment documents.
Bank statements and savings records (to verify down payment).
Credit report and scores.
Property details (for refinancing or purchasing).
To streamline the application process, ensure you have the following documents:
Government-issued ID (driver’s license or passport).
Proof of income (pay stubs, NOA, or tax returns).
Employment verification letter or self-employment documents.
Bank statements and savings records (to verify down payment).
Credit report and scores.
Property details (for refinancing or purchasing).
How to Start a Mortgage Pre-Approval
Consult a RateShop Broker: Get expert advice and assistance in navigating the mortgage application process.
Submit Financial Information: Provide necessary documentation such as income, credit score, and down payment.
Receive Pre-Approval from MCAP: Your mortgage broker will submit your information to MCAP, which will review it and offer a pre-approval letter valid for 60–120 days.
Lock in Your Rate: Ensure the pre-approved rate is locked in for the term that suits your financial goals.
Consult a RateShop Broker: Get expert advice and assistance in navigating the mortgage application process.
Submit Financial Information: Provide necessary documentation such as income, credit score, and down payment.
Receive Pre-Approval from MCAP: Your mortgage broker will submit your information to MCAP, which will review it and offer a pre-approval letter valid for 60–120 days.
Lock in Your Rate: Ensure the pre-approved rate is locked in for the term that suits your financial goals.
How to Get Mortgage Rates
Online Comparison Tools: Use RateShop’s comparison tools to view live mortgage rates from MCAP and other lenders.
Talk to a Broker: A RateShop broker will work with you to secure the best possible rate from MCAP based on your financial profile.
Monitor Rate Changes: Keep track of interest rate trends and be
ready to lock in your rate when market conditions are favorable.
Online Comparison Tools: Use RateShop’s comparison tools to view live mortgage rates from MCAP and other lenders.
Talk to a Broker: A RateShop broker will work with you to secure the best possible rate from MCAP based on your financial profile.
Monitor Rate Changes: Keep track of interest rate trends and be
ready to lock in your rate when market conditions are favorable.
Mortgage Pre-Payment Options
MCAP provides flexible pre-payment options to help you pay down your mortgage faster and reduce interest costs:
Annual Lump Sum Payments: Pay up to 20% of your original mortgage amount per year, with no penalty.
Increased Payments: Increase your regular payments by up to 100% of your initial monthly payment.
Accelerated Payments: Pay bi-weekly or weekly instead of monthly, helping reduce the principal balance more quickly.
Portability: Transfer your mortgage to a new home without penalties, if you move before the term ends.
MCAP provides flexible pre-payment options to help you pay down your mortgage faster and reduce interest costs:
Annual Lump Sum Payments: Pay up to 20% of your original mortgage amount per year, with no penalty.
Increased Payments: Increase your regular payments by up to 100% of your initial monthly payment.
Accelerated Payments: Pay bi-weekly or weekly instead of monthly, helping reduce the principal balance more quickly.
Portability: Transfer your mortgage to a new home without penalties, if you move before the term ends.
RateShop Mortgages, in partnership with MCAP, provides Canadian borrowers with access to a wide range of mortgage products, competitive rates, and expert advice. MCAP’s long history in the Canadian mortgage industry, combined with RateShop’s personalized service, ensures a seamless experience whether you’re buying your first home, refinancing, or investing in real estate.
Start your mortgage application with RateShop Mortgages and MCAP today, and discover the best solutions for your financial goals!
RateShop Mortgages, in partnership with MCAP, provides Canadian borrowers with access to a wide range of mortgage products, competitive rates, and expert advice. MCAP’s long history in the Canadian mortgage industry, combined with RateShop’s personalized service, ensures a seamless experience whether you’re buying your first home, refinancing, or investing in real estate.
Start your mortgage application with RateShop Mortgages and MCAP today, and discover the best solutions for your financial goals!
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6 Indell Lane, Brampton ON L6T 3Y3, Canada
Local: 416-827-2626
Toll: 800-725-9946
RateShop Inc. is a Mortgage Brokerage offering lowest mortgage rates to Canadians. We are provincially licensed in the following provinces: Mortgage Brokerage Ontario FSRA #12733, British Columbia BCFSA #MB600776, Alberta RECA #00523056P, Saskatchewan FCAA #00511126, PEI #160622, New Brunswick FCNB #88426, Newfoundland/Labrador. Our Quebec Mortgage Transactions are serviced by Orbis Mortgage Group AMF# 181136.
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