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.
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