MCAP is Canada's second-largest non-bank mortgage lender after First National. Like First National, it operates exclusively through brokers and does not offer cross-sell products.
How MCAP delivers your renewal offer
MCAP sends the renewal offer 60–90 days before maturity by mail and email, and posts it in the MyMCAP customer portal. The offer shows several term options at MCAP's current renewal rate sheet — which is typically 15–30 bps above MCAP's new-money rate. That gap is why re-shopping the file is almost always worth 15 minutes of a broker's time.
Standard-charge advantage
MCAP mortgages are standard charges. Switching at renewal is cheap — $300–$500, usually covered by the receiving lender's switch program. No collateral discharge, no readvanceable unwind.
How to approach the MCAP renewal
The best play: accept the MCAP renewal offer as your floor, then have a broker requote MCAP as a new file. MCAP's new-money desk and renewal desk are separate — the new-money rate is usually better than the renewal rate on the same balance. If it isn't, the broker will find something better at First National, Strive, RFA, or Community Trust.
Jay Klair — FSRA Level 2 mortgage agent — will personally review your offer for free. One business day reply.
Where to find your MCAP mortgage details
MyMCAP at mcap.com. Dashboard shows balance, maturity, rate, amortization, and prepayments used. Payout statements are requestable in-portal.
Real example
London (ON) homeowner, $286,000 balance, MCAP 5-year fixed maturing August 2026. MCAP renewal offer: 4.54%. Broker requoted MCAP as new money — came back at 4.34%. Broker also shopped Strive at 4.29%. Homeowner stayed at MCAP at the better new-money rate — no legal fees, no work, 0.20% saved.
Official MCAP renewal resources
MyMCAP is at mcap.com. Customer service is at 1-800-265-2624.
Frequently asked
Why is MCAP's renewal rate higher than its new-money rate?
Because most customers accept the renewal without shopping. It's an information-asymmetry price. Ask a broker to requote as new money — MCAP will often honour it internally rather than lose the file.