Be very careful when dealing with MCAP mortgages. I recently sold a property and paid out an MCAP mortgage early which resulted in payout penalties. I received two payout penalty statements before I sold the property indicating a penalty of roughly three months interest or about $2500. This was to be expected and was confirmed by telephone. I even asked them why the penalty was so low and the company told me that because I was selling the property they only charged three months interest as a penalty, not the interest differential which would have been significantly higher.
Then, when I sold the condo and actually paid out the mortgage they tried to charge me $18, 000! Of course I did not pay them and they eventually brought the charges back down to a reasonable amount (more than what they had quoted me however). I have also heard that they try to add extra fees at the last minute such as charging for discharge papers. That didn't happen to me, but that is the information most mortgage agents have on this company. Their philosophy I assume would be to ask for the higher amount and see if they get is. If not, go back to the original amount.
calgary alberta t2p2j1, Alberta