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MillerTime GFG · 04-06-2017, 10:09 AM

MCAP Releases New Conventional Lending Program:

Conventional lending (< 20% equity/down payment) has become quite a bit more expensive than high ratio (>20%) since the government-imposed changes late last year, so lenders have been scrambling to adjust their solutions. MCAP has released a very cool new product, and are the first to do so.

Essentially they're offering very low interest rates on 5-year fixed, but are charging a 1% fee (of the mortgage balance) that is added on top of the balance. Using a $400,000 mortgage amount, the savings came in at over $2,500 over a 5-year term (including the 1% fee) when compared to a standard 5-year fixed rate with other lenders.

These savings will actually increase as the equity increases, as the rates drop accordingly to the LTV (loan to value).

Really cool and exciting program. Important to note this is a full featured mortgage, so no restrictions on porting/increased penalties etc. There are some terms and conditions, so please feel free to inquire with any questions in here or via PM.

Thanks,
Greg

04-06-2017, 10:09 AM	#188
MillerTime GFG First Line Centre Join Date: Feb 2010 Location: Mckenzie Towne Exp:	Exciting Product Launch! MCAP Releases New Conventional Lending Program: Conventional lending (< 20% equity/down payment) has become quite a bit more expensive than high ratio (>20%) since the government-imposed changes late last year, so lenders have been scrambling to adjust their solutions. MCAP has released a very cool new product, and are the first to do so. Essentially they're offering very low interest rates on 5-year fixed, but are charging a 1% fee (of the mortgage balance) that is added on top of the balance. Using a $400,000 mortgage amount, the savings came in at over $2,500 over a 5-year term (including the 1% fee) when compared to a standard 5-year fixed rate with other lenders. These savings will actually increase as the equity increases, as the rates drop accordingly to the LTV (loan to value). Really cool and exciting program. Important to note this is a full featured mortgage, so no restrictions on porting/increased penalties etc. There are some terms and conditions, so please feel free to inquire with any questions in here or via PM. Thanks, Greg Last edited by MillerTime GFG; 04-06-2017 at 10:30 AM.