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Advance of Funds
British Columbia
New Brunswick
Nova Scotia

Other Frequently Asked Questions

1. How/when will I receive instructions?

Mortgage instructions will be faxed to you once MCAP has received the signed Commitment Letter from the mortgagor, the insurer's approval and/or MCAP is satisfied with the property evaluation.

2. Which mortgage title insurance providers are acceptable to MCAP?

Stewart Title, First Canadian Title Insurance and Chicago Title.

3. How do I register the frequency of payments?

For all mortgages, payments are to be registered using whatever frequency is noted on the Commitment Letter.

4. For a refinance, if an existing MCAP customer has a tax credit in their tax account, will it be transferred to the new mortgage?

Yes, the credit in the tax account will be transferred to the new mortgage.

5. How is a bridge loan to be registered?

Please refer to the bridge loan instructions and documentation which you have been / will be issued.

6. Do I have to provide the signed Commitment Letter and the pre-authorized debit banking information?

No you do not. The broker should have already provided both. If the Pre-Authorized Debit (PAD) Agreement was not completed, please ensure it is, and sent back to us.

7. What amount does MCAP require for insurance coverage?

Full replacement value.

8. What is the interest calculation period?

Semi-annually not in advance, unless the mortgage is for a line of credit, in which case it is calculated monthly.

9. For new home construction, what occupancy documentation is required?

These forms will vary from province to province.

10. Do I require a new Solicitor's Instruction Package when a closing date changes?


11. If MCAP is requesting a confirmation of a statutory declaration or spousal consent to be completed, how do I prepare?

These are not forms that are provided by MCAP, but rather prepared by the legal representative.

12. How do I register a VIP mortgage?

The mortgage is to be registered for a 5 year term at the current MCAP prime rate, as outlined on page two of the mortgage commitment under "Special Conditions Precedent to Advance".

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