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Written By Joel Kranc

Updated November 15, 2023

About MCAP

MCAP is one of Canada's largest independent mortgage financing companies, originating, securitizing, trading and servicing residential and commercial mortgages and development financing loans with some of Canada's largest financial institutions. It’s considered both an A and B lender.

The company has more than $150 billion in assets under management and transacts $18B annually. It is 75% owned by Quebec's pension fund, CDPQ, and works with more than 30 other institutional investors. 

Unlike a bank, MCAP only deals in mortgages and no other financial services products. They also don't sell directly to consumers. MCAP works through brokers or sites like RATESDOTCA to find customers.

MCAP’s mortgage products 

Although MCAP is a mortgage financing company and not a bank, its mortgage products work like a traditional bank's. The exception is that MCAP is a B lender, which means it will work with clients who can't secure financing from one of the big banks. 

Fixed-rate mortgages from MCAP 

The fixed-rate mortgage from MCAP works much like other fixed-rate mortgages across the country. Peace of mind comes with fixed-rate mortgages, as homeowners can rest assured that during the mortgage term, their monthly payments will not fluctuate at any sign of economic disturbance – as has been the case with higher inflation. 

Locking into a fixed-rate five-year mortgage still offers flexibility. MCAP allows for 20% lump-sum pre-payment options plus increased payment privileges.  

Variable-rate mortgages from MCAP 

While interest rates (and inflation) remained low for many years, many Canadians opted for variable-rate mortgages. MCAP offers a type of variable-rate mortgage called an adjustable-rate mortgage. 

Interest rates on these mortgages aren't fixed, but your monthly payment will change with MCAP's prime rate. Your charges will shrink if the Bank of Canada is in an interest rate-cutting mood. Inflation, however, has shown that as much as rates can come down, they can certainly go up. 

That's why you should discuss whether a variable-rate mortgage is right for you with a professional. An assessment of your finances should be done to gauge your ability to weather increases. 

If needed, MCAP's variable-rate mortgage allows you to convert to a fixed-rate mortgage without penalty at whatever the current posted rate is on a fixed-rate mortgage. You can also pay down your mortgage faster with 20% lump sum pre-payment and payment increase privileges. 

Frequently asked questions about MCAP mortgage in Canada

Have more questions about MCAP mortgages? We’ll answer them here. 

How do I apply for a mortgage from MCAP?

MCAP does not sell directly to the public. You have to go through a broker to access MCAP’s products. RATESDOTCA’s digital marketplace hosts brokers who work with MCAP. Start a quote to compare rates from MCAP along with other mortgage providers and see who can offer you the lowest rate.

Is MCAP an A or B lender in Canada?

MCAP is considered both and A and B lender in Canada.  They provide loans to people who may not otherwise qualify for financing from traditional banks or credit unions but also offer A lending services for people who are less of a risk and have a high credit score.

How do I compare the MCAP mortgage rates against rates from other lenders?

There are a few ways to compare MCAP mortgage rates against other lenders.  

The first and most time-consuming way is to DIY-it: call around and record the rates lenders offer on a spreadsheet or other format to identify who has the best rate to meet your needs. 

A more efficient way to compare MCAP mortgage rates with other lenders is to visit RATESDOTCA and look up the available rates immediately. It takes a few minutes, and our service is free to use. 

Are MCAP mortgage rates lower than the rates offered by the big banks? 

Not necessarily. But comparing rates on sites like RATESDOTCA will help assess which financing institution can offer you the cheapest rates. MCAP's rates are influenced by how much risk you personally present, the home you are buying, the size of your down payment, and the Bank of Canada's current overnight lending rate. 

Only assume a lender has the cheapest rates once you compare multiple companies. It only takes a few minutes, and you will receive a list of the cheapest rates from the top lenders in your area. 

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