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Published May 31, 2024
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7 minutes

MCAN Home Mortgage Corporation Review 2024

MCAN Home provides mortgages to a wider range of borrowers, some of whom may not qualify for mortgages with traditional lenders.

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MCAN Home at a glance

MCAN Home Mortgage Corporation offers mortgages to a wide range of borrowers, including those with lower credit scores.

    • Provides mortgage financing across Canada. 
    • Funds mortgages worth up to $2 million CAD.
    • Offers refinance, renewal and purchase options for primary residences, rental properties and vacation homes.
    • Works with over 3,000 mortgage brokers.
    • Standard fixed- and variable-rate mortgages.
    • Insured and uninsured mortgages.
    • Mortgages for self-employed borrowers and those with non-traditional income.
    • Mortgages for borrowers with sub-optimal credit.
    • Mortgages for real estate investors.
    • Mortgages for self-employed professionals (dentists, pharmacists, lawyers, etc.).

    Pros:

    • Offers products for borrowers with low credit scores.
    • Allows for GDS and TDS ratios that go beyond typical limits.
    • Lends to self-employed borrowers.

    Cons:

    • 1% lender fee charged on certain mortgage products.
    • Relatively low prepayment limits in some instances.
    • Minimum down payment requirement — 20% in many cases — could disqualify some borrowers.

    MCAN Home Mortgage Corporation review

    MCAN Home Mortgage Corporation, also called MCAN Home or MCAN Mortgage Corporation, is the residential lending arm of MCAN Financial, a loan company and mortgage investment corporation that has been a publicly traded company since 1992. Prior to a rebrand in 2022, MCAN Home was known as XMC Mortgage Corporation.  

    MCAN Home is an alternative lender, but it is governed by the Office of the Superintendent of Financial Institutions, the same body that regulates Canada’s chartered banks. This level of assurance could be partially responsible for how much business MCAN Home generates. The company originated almost $1 billion in mortgages in 2022.

    MCAN Home differs from the Big Six banks in a significant way: by providing mortgages to a wider range of borrowers, some of whom may not qualify for mortgages with traditional lenders. In addition to assisting first-time buyers, investors and downsizers, MCAN Home also offers mortgages for the self-employed and individuals with damaged credit. 

    MCAN Home’s mortgage offerings include renewals, refinances and an interesting selection of purchase options, including products for multi-generational families and certain designated professionals and a unique variable-rate mortgage where the amount paid toward the principal does not fluctuate. 

    Who is MCAN Home Mortgage Corporation best for?

    MCAN Home may be a fit for borrowers looking for more flexible lending criteria, such as those with lower credit scores, the self-employed and multi-unit real estate investors. 

    Because MCAN Home is not a chartered bank, it can be more lenient with its credit score and debt service ratio guidelines. Depending on your credit profile, income and assets, qualifying for a mortgage at MCAN may be easier than at a Big Six bank like RBC or BMO.

    MCAN Home Mortgage Corporation feature overview

    Mortgage variety

    MCAN offers a modest array of mortgage options, including:

    Ease of application

    MCAN works exclusively with mortgage brokers, so applying for a mortgage with the company happens after you’ve chosen a broker to help you out.

    Once you’re an MCAN Home client, you can manage your mortgage through the MCAN site. 

    Mortgage rate transparency

    MCAN makes some of its mortgage rates available online under “Broker Resources,” a set of product sheets for the company’s broker partners.

    Other details

    Customer satisfaction ratings

    It’s difficult to gauge how satisfied Canadians are with MCAN as a mortgage provider. Customer review websites can be helpful, but keep in mind that the reviews aren’t verified and may not accurately reflect the average option of MCAN customers; for example, unhappy customers may be overrepresented or their experience may not be mortgage-related. Nevertheless, these sites are one way to learn about possible downsides to consider.  

    • MCAN Home had a 4.3 out of a possible 5-star rating on Google at the time of this writing. The ratings typically fall into two categories: wonderful and bad, with the major complaints typically involving poor customer service.
    • MCAN Home is not accredited by the Better Business Bureau. It has no customer ratings on the BBB site, but has an A+ rating from the BBB itself.
    • The company had not received any Trustpilot reviews or a Customer Service Scoreboard rating at the time of this writing.

    Estimate your monthly mortgage payment.

    Use our mortgage payment calculator to compare different borrowing scenarios.

    MCAN Home eligibility requirements

    MCAN Home mortgages are available to a wide range of borrowers, including those with low credit scores. In fact, you may be considered for certain alternative mortgage products if your Beacon score is below 500, although the loan-to-value (LTV) ratio for these mortgages tops out at 65%.

    To be approved for a mortgage with a higher LTV, you’ll typically need a credit score of 600 or more.  

    Eligibility for certain MCAN Home loans will also depend on how you plan to use the property. Some loans are only intended for owner-occupiers. Others can be used to fund the purchase of rental properties. 

    Nerdy Tip: Use a mortgage affordability calculator to determine how much you can afford to pay for a home. If you have a unique situation or need additional information about the eligibility requirements, it’s best to speak directly with a mortgage specialist.

    How to apply for a mortgage with MCAN Home

    MCAN works exclusively with mortgage brokers. You won’t be able to apply for a mortgage through the company’s website. but you can connect with nearby brokers that work with MCAN.

    After navigating to the MCAN Financial homepage, hover over “Businesses.”

    Under “MCAN Home,” click “Find A Broker.”

    Enter your postal code into the field provided. The map below will show MCAN-affiliated brokers near you.

    You don’t necessarily need to use the form to find a broker that works with MCAN. As an established lender, most experienced brokers in your area will likely have a relationship with the company. 

    Alternatives to an MCAN Home Mortgage Corporation loan

    True North MortgageRBC MortgageFirst National Financial
    Lender typeMortgage brokerageBig Bank lenderNon-bank lender
    Service areaNationalNationalNational
    In-person service?YesYesYes
    Ease of applicationEasy (online, phone, in-person)Easy (online, phone, in-person)Difficult (online, phone, in-person)
    Mortgage varietyAbove averageAverageAbove average

    Frequently asked questions about MCAN Home Mortgage Corporation

    Is MCAN an A lender or B lender?

    MCAN provides both A and B lending services. Its Precision Prime mortgages, intended for borrowers with credit scores of at least 650, would fall on the A side. Its Discover Alternative mortgages, available to borrowers with credit scores below 500, are B lending products.

    Are there any advantages to getting a mortgage from MCAN?

    If you’re having trouble qualifying for a mortgage at a Big Six bank, MCAN’s willingness to loan money to borrowers with low credit scores and debt service ratios that exceed CMHC limits can be a definite advantage.

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