MCAP offers competitive rates through mortgage brokers with flexible products including the Eclipse variable and Fusion fixed
A major Canadian monoline lender. Operating as a monoline lender, MCAP focuses on originating mortgages through Canada's broker channel rather than direct-to-consumer sales. This model allows MCAP to keep overhead low and pass savings to borrowers in the form of competitive rates and flexible products.
To access MCAP's products, you work with a licensed mortgage broker who submits your application on your behalf. MCAP underwrites the mortgage and services it after closing. Your day-to-day payment experience is virtually identical to a bank mortgage — you make payments, receive statements, and contact MCAP for account management. The key differences are the rate (typically lower) and the penalty structure (typically simpler and cheaper).
This is one of the most important reasons borrowers choose MCAP over the big banks. Unlike the Big Six banks' complex IRD calculations based on posted rates (which can produce penalties of $15,000–$30,000+), MCAP's penalty approach is more straightforward and predictable. This matters enormously if life changes require you to break your mortgage before the term ends.
MCAP is an excellent choice for borrowers who want to minimize their total mortgage cost, are comfortable working digitally, and have a straightforward property purchase or refinance. First-time buyers, repeat buyers upgrading homes, and existing homeowners renewing their mortgage are all strong candidates. If you're purchasing a unique property (rural acreage, mixed-use, etc.) or have highly complex income, some products may have limitations.
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Get KOHO Free — Code 45ET55JSYALast updated: March 2026. Ratings are editorial opinions. Rates indicative. Not financial advice.