‘Effective immediately, MCAP will qualify Insurable Switches/Transfers originally closed prior to November 30, 2016 as follows:
-Using the Contract Rate for 5 year Fixed term mortgages
-Using the greater of Contract Rate or Benchmark for Variable mortgages or Fixed mortgages with a term of less than 5 years’
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This means if you originally closed your mortgage before November 30 2016 you can now transfer it to MCAP and they will not be using a stress test to qualify for a fixed rate mortgage.
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