Advance of Funds
British Columbia
New Brunswick
Nova Scotia

Frequently Asked Questions

1. Who has to request the payout on the existing MCAP mortgage and how is it done?

If the mortgage is a straight refinance or equity take-out then MCAP will order it and automatically deduct from the advance.
If the mortgage is being transferred, or ported over to a new property, the solicitor/notary will be responsible for ordering the payout statement via fax at 1-866-633-5926. Payout statements will be prepared no earlier than 3 business days prior to closing.
We request that you refrain from sending in multiple requests.

2. How long is an MCAP payout statement valid?

Payout statements are valid up to 3 business days after the effective date of payout. If the payout funds are not received by the 3rd business day, the loan will be reinstated. If the closing is delayed, we will require a new payout statement request.

3. Where do I send a cheque to payout an MCAP loan?

Your cheque should be couriered or mailed to one of the appropriate addresses below:

Address for courier:
MCAP Service Corporation
101 Frederick Street, Suite 600
Kitchener, ON
N2H 6R2

Address for mail:
MCAP Service Corporation
101 Frederick St. Suite 600
PO Box 351 STN C
Kitchener, ON
N2G 3Y9  

4. When will I receive the Discharge documents?

When we receive the payout funds, we should also receive a letter of direction telling us where to send the discharge documents. The discharge documents will be forwarded to the party mentioned in the Letter of Direction within 60 days after the loan is paid out in full (within 30 days in Alberta and British Columbia).

5. How do I register a VIP mortgage?

The mortgage is to be registered for a 5 year term at "Prime Rate [plus or minus] the applicable percentage", as shown in the Commitment Letter.

6. How do I register a Home Account / Home Account Plus mortgage?

The mortgage is to be registered with an Interest Rate of “Prime Rate [plus or minus] the applicable percentage” as shown in the Loan Agreement and with payments as “Payable on demand”.

7. What is the "net advance"?

The net advance will be communicated to you within our Closing Instructions letter which is usually issued 2 days prior to funding.

8. Deal is closing today but I have not received the funds in my account?

If funds are not received by noon on the day of closing, please contact us.

9. What schedule do I attach to the registered mortgage?

The appropriate schedule (known as "Additional Provisions") is enclosed within the Solicitor Instruction Package that we sent to you. These Additional Provisions are also available on our website:

10. What level of detail is required when filling in the ID Verification forms?

The legal representative is required to fill in ALL fields on the form.

11. Why are there 2 interest rates on the Cost of Borrowing Disclosure? Which rate is used for the mortgage registration?

As per disclosure requirements, we are required to indicate both the interest rate and the annual percentage rate (APR). The rate used for mortgage registration purposes is found on the Commitment Letter.

12. Other Frequently Asked Questions

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