Mortgage innovation never stops. MCAP's new FlexStar product is case in point.
FlexStar is a 5-year variable-rate mortgage that's totally readvanceable (you can re-borrow the money that you pay back).
FlexStar boasts several unique features:
- It offers a line of credit at a discount to prime (most lenders don't discount their credit lines).
- You get a debit card to use any way you like. Purchases are simply added to your mortgage at a low interest rate.
- If you need to save money, you can make interest-only payments any time you like.
- You can pre-pay up to 50% of the original mortgage within 5 years--with no penalty!
- In some cases, you only need 5% down. That makes it the highest loan-to-value readvanceable mortgage on the market.
- You can convert it to a fixed-rate mortgage any time.
This product is by far the most innovative we've seen in recent memory. It plays right into one of the hottest trends in the industry--readvanceable mortgages. People absolutely love the ability to re-borrow their equity without having to reapply or get a line of credit.
It also offers the lowest down payment (5%) of any interest-only mortgage in Canada. You'll need to get mortgage insurance if you put down less than 20%, however.
For more information, contact us or your favorite mortgage planner.
