The VIP ( Variable Interest & Payment ) Mortgage is a variable rate 5 year term mortgage
where the interest rate and payment are set every 3 months at Bank Prime Minus 0.40 %
Up to 95 % financing
20 % prepayment privilege annually, + 20 % overpayment privileges
Flexible monthly payment date - you set the date you want your payments to come out.
2 month interest penalty for first 3 years, fully open in years 4 and 5.
Owner-occupied properties only, maximum 4 units.
Must qualify at posted 3 year fixed rate.
Convertible to any term, at no cost, provided that the new term plus the elapsed time on
the VIP term is equal to or greater than 3 years.
The conversion rate is set a MCAP's best published DISCOUNTED rate, excluding any
specials or promotions at the time.
See " Return to Rates" for current introductory rate for first 3 months.
MCAP Mortgage Corp. VIP Mortgage
Highlights