MCAN Mortgage
Is Part of RateShop Mortgage's Trusted Canadian Lender Network
MCAN Mortgage: A Reliable Mortgage Lender in Canada
History as a Mortgage Lender in Canada
Founded in 1997, MCAN Mortgage Corporation is a publicly traded financial institution listed on the Toronto Stock Exchange (TSE: MKP). With over two decades of experience, MCAN Mortgage has built a strong reputation for delivering flexible mortgage solutions and assisting Canadians with their home financing needs. MCAN has expanded its services over the years and currently has a robust presence across Canada.
Types of Mortgage Products & Programs
MCAN offers a wide range of mortgage products, both for residential and commercial properties. Their mortgage solutions are designed to suit various borrower profiles, from first-time homebuyers to real estate investors.
Residential Mortgages: MCAN provides traditional and alternative residential mortgage products, including:
Fixed-rate Mortgages: Locked-in interest rates for predictable monthly payments.
Variable-rate Mortgages: Flexible rates that can change based on market conditions.
High-ratio Mortgages: For buyers who have a smaller down payment.
First-Time Homebuyer Programs: MCAN offers specialized programs to help first-time buyers get into the market with competitive terms.
Commercial Mortgages: MCAN extends commercial mortgage options for small business owners and real estate investors. These include:
Commercial Property Financing: Tailored to help businesses acquire office spaces, retail properties, and multi-unit buildings.
Rental Property Financing: For investors looking to finance residential rental properties.
Minimum Credit & Income Requirements
MCAN Mortgage offers flexibility in its lending criteria. While it does evaluate credit and income, it is known to work with a wide range of clients, including those with non-traditional financial backgrounds. Below are the minimum requirements typically expected:
Credit Score: MCAN may consider applicants with a lower credit score, especially for non-traditional or alternative lending products.
Income Requirements: MCAN supports salaried employees, contract workers, self-employed individuals, and those with stated income. While salaried employees face standard income verification, self-employed individuals can often qualify with documentation that reflects their business income.
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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
The underwriting process at MCAN Mortgage evaluates several factors to determine loan eligibility:
Creditworthiness: While a traditional credit score is important, MCAN is more flexible than major banks, often approving clients with past credit issues, such as collections or missed payments, depending on the overall financial health.
Income Verification: MCAN typically requires proof of income, including pay stubs, business statements, or tax returns for self-employed applicants.
Down Payment: A minimum down payment is required, which can vary depending on the type of mortgage (e.g., 5% for first-time homebuyers).
Debt Service Ratios: MCAN will also assess your ability to repay the mortgage by evaluating your debt-to-income ratio and overall financial situation.
Locations Serviced and Branch Presence in Canada
MCAN Mortgage operates mainly through partnerships with brokers, providing mortgage products to Canadians across the country. Unlike traditional banks, they do not have a widespread network of physical branches, but their online presence and network of brokers ensure that Canadians can access their mortgage services anywhere in the country.
Mortgage Application Checklist
To apply for a mortgage with MCAN Mortgage, the following documents are typically required:
Proof of Income (pay stubs, T4, tax returns, or business financial statements for self-employed applicants).
Proof of Identity (government-issued ID, such as a passport or driver's license).
Proof of Down Payment (bank statements or gift letter for down payment funds).
Credit Report (either provided by the applicant or MCAN can assist with this).
Property Information (for those purchasing, refinancing, or renewing, including property tax details and listing information).
How to Start a Mortgage Pre-Approval
To begin the pre-approval process with MCAN, follow these steps:
Contact a Mortgage Broker: Since MCAN works with brokers, you’ll need to consult with one of their licensed mortgage professionals.
Submit Documents: Provide all necessary documentation, including income verification, credit history, and any property details (if applicable).
Review Terms: Once the broker submits your application to MCAN, you will receive a pre-approval letter outlining the loan amount, interest rate, and other terms.
How to Get Mortgage Rates
MCAN Mortgage offers competitive mortgage rates, which can vary depending on your financial profile. To get the best mortgage rates:
Work with a Broker: Brokers can help you secure the most competitive rate available by shopping across various lenders, including MCAN.
Understand Your Financial Situation: MCAN’s rates may be influenced by your credit score, down payment, and income. The stronger your financial profile, the more likely you are to receive the best available rate.
Monitor Rate Trends: Rates can change based on the market. Staying informed on current interest rate trends will help you lock in the best possible rate.specific period.
Mortgage Pre-Payment Options
MCAN Mortgage provides flexible prepayment options to help clients pay off their mortgage faster:
Extra Payments: You can make lump sum payments toward your mortgage principal, either periodically or annually.
Increase Payments: You may increase your monthly mortgage payment, allowing you to pay off the mortgage faster and reduce overall interest.
Annual Prepayment: Certain programs allow a set percentage of the mortgage balance to be paid off annually without penalties.
MCAN Mortgage provides flexible mortgage solutions designed to meet the needs of a wide range of borrowers, including first-time homebuyers, self-employed individuals, and real estate investors. With competitive rates, a range of mortgage products, and a commitment to alternative lending, MCAN is an excellent option for Canadians seeking tailored mortgage solutions.
For more information or to get started with the mortgage application process, connect with a licensed mortgage broker who works with MCAN Mortgage.
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Contact Information
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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