I bought my primary residency 21 months ago. I was financed through MCAP at a 4.29% fixed. I bank with CIBC and they have offered to get us in at 3.65 to get our business. I phoned MCAP to see what the penalty would be and they said the mortgage can't be paid out in the first 3 years. I went through a mortgage broker that didn't notice this clause in the contract. Does anyone have any experience with this? Do I have any options? Any help would be much appreciated.
Help me with my mortgage!!!
- Thread starter superdave
- Start date
- Joined
- Jan 26, 2010
- Messages
- 218
Do some calculations to make sure it is worth it anyway. If it is a 3 year term, you only have 15 months left, and the difference is about 3/4 of a percent. With the 3 month interest penalty, it might not make much sense depending on the size of the mortgage. How about ask MCAP if they will convert your mortgage to one of their variable rates? You might save more going that route.
Nik
Nik
- Joined
- Oct 16, 2007
- Messages
- 758
Hi Dave,
If you'd like to give me a call directly I can look into this for you. I have some experience with MCAP and can try to work out some options for you.
MCAP went through a period when all their mortgages were closed. They have since changed that clause.
Rob
778-686-8326
If you'd like to give me a call directly I can look into this for you. I have some experience with MCAP and can try to work out some options for you.
MCAP went through a period when all their mortgages were closed. They have since changed that clause.
Rob
778-686-8326