Canadian Mortgage Rates
| Term | Rate |
| Prime Rate (P) | 3.00% |
| Line of Credit (LOC) | 3.50% |
| 5 Year Closed Variable | P -0.15% |
| 5 Year Open Variable | P +0.75% |
| 6 Month Closed | 2.89% |
| 1 Year Closed | 2.79% |
| 2 Year Closed | 2.89% |
| 3 Year Closed | 2.89% |
| 4 Year Closed | 2.99% |
| 5 Year Closed | 3.19% |
| 7 Year Closed | 3.89% |
| 10 Year Closed | 3.89% |
YOUR CANADIAN MORTGAGE BROKER
February 1, 2010
MCAP - IMPORTANT CHANGES - Removal of Sales Only Clause!
MCAP is happy to announce the removal of the Sales Only Clause!!!
As always we are committed to moving forward with your needs in mind. January 21st MCAP confirmed the removal of the Sales Only Clause.
What does this mean to you?
Based on the announcement dated January 21st, MCAP will no longer have a Sales Only clause attached to our regular fixed rate and variable rate mortgages funded after the announcement date.
We have removed from our commitment letters and our various Standard Charge Terms across Canada.
OPTIONS for MCAP mortgages currently subject to the Sales Only clause:
Please note this information applies to ONLY mortgages funded from MARCH 31, 2008 to JANUARY 25, 2010
As always, MCAP will continue to offer rate blends, term extensions, porting and assumption options that will satisfy most re-financing needs. In the event that a borrower wishes to pursue any of these options, MCAP must be given the first right to satisfy their changing borrowing needs.
Mortgage Process
In Other Languages
.
Breaking News
More News
December 2, 2011; MCAP has announced an agreement to acquire the residential mortgage operations and certain related assets of ResMor Trust Company (ResMor). The transaction is expected to be completed in the first quarter of 2012 and is subject to regulatory approval and other customary closing conditions. [ Read more... ]
October 25, 2011; The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1 per cent. The Bank Rate is correspondingly 1 1/4 per cent and the deposit rate is 3/4 per cent. [ Read more... ]
October 19, 2011; Since 2008 the government of Canada has made mandatory changes to reduce the maximum amortization period from 40 years down to 35 and now down to 30 years for any insured mortgages.
Insured mortgages (also known as high ratio mortgages) are mortgages that require less than 20% of the value of the home for the down payment or for refinancing, less than 20% in equity. The government backs these mortgages for the protection of the lenders. Currently with these mortgages the maximum amortization period is 30 years.
The media has covered how the amortization has been reduced to 30 years in depth, but they have failed to mention that this is not the case with other mortgage options. Mortgages that are often referred to as conventional or uninsured mortgages, which entail a 20% or greater down payment or equity, still offer amortization periods of up to 40 years. [ Read more... ]
February 1, 2010
MCAP - IMPORTANT CHANGES - Removal of Sales Only Clause!
MCAP is happy to announce the removal of the Sales Only Clause!!!
As always we are committed to moving forward with your needs in mind. January 21st MCAP confirmed the removal of the Sales Only Clause.What does this mean to you?
Based on the announcement dated January 21st, MCAP will no longer have a Sales Only clause attached to our regular fixed rate and variable rate mortgages funded after the announcement date.We have removed from our commitment letters and our various Standard Charge Terms across Canada.
OPTIONS for MCAP mortgages currently subject to the Sales Only clause:
Please note this information applies to ONLY mortgages funded from MARCH 31, 2008 to JANUARY 25, 2010As always, MCAP will continue to offer rate blends, term extensions, porting and assumption options that will satisfy most re-financing needs. In the event that a borrower wishes to pursue any of these options, MCAP must be given the first right to satisfy their changing borrowing needs.
Mortgage Process
In Other Languages
.
Breaking News
More News
December 2, 2011; MCAP has announced an agreement to acquire the residential mortgage operations and certain related assets of ResMor Trust Company (ResMor). The transaction is expected to be completed in the first quarter of 2012 and is subject to regulatory approval and other customary closing conditions. [ Read more... ]
October 25, 2011; The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1 per cent. The Bank Rate is correspondingly 1 1/4 per cent and the deposit rate is 3/4 per cent. [ Read more... ]
October 19, 2011; Since 2008 the government of Canada has made mandatory changes to reduce the maximum amortization period from 40 years down to 35 and now down to 30 years for any insured mortgages.
Insured mortgages (also known as high ratio mortgages) are mortgages that require less than 20% of the value of the home for the down payment or for refinancing, less than 20% in equity. The government backs these mortgages for the protection of the lenders. Currently with these mortgages the maximum amortization period is 30 years.
The media has covered how the amortization has been reduced to 30 years in depth, but they have failed to mention that this is not the case with other mortgage options. Mortgages that are often referred to as conventional or uninsured mortgages, which entail a 20% or greater down payment or equity, still offer amortization periods of up to 40 years. [ Read more... ]
Insured mortgages (also known as high ratio mortgages) are mortgages that require less than 20% of the value of the home for the down payment or for refinancing, less than 20% in equity. The government backs these mortgages for the protection of the lenders. Currently with these mortgages the maximum amortization period is 30 years.
The media has covered how the amortization has been reduced to 30 years in depth, but they have failed to mention that this is not the case with other mortgage options. Mortgages that are often referred to as conventional or uninsured mortgages, which entail a 20% or greater down payment or equity, still offer amortization periods of up to 40 years. [ Read more... ]