MCAN Home Mortgage Corporation Review 2025
MCAN mortgages : Our quick take
MCAN is one of Canada’s biggest alternative lenders, offering a wide range of purchase, refinance and renewal mortgages.
Who is an MCAN mortgage best for?
MCAN may be a good fit for borrowers who can't meet the mortgage qualification requirements you’d find at a Big 6 bank.
Who's eligible for an MCAN mortgage?
MCAN offers multiple types of mortgages, so its eligibility requirements vary.
MCAN's Discover mortgage caters to those with credit scores as low as 475, for example, while its Elevate Prime requires a score of 680.
To get a mortgage with a lower score, you may need to come up with a higher down payment amount — up to 35% in some cases.
What type of mortgages does MCAN offer?
MCAN offers:
Convertible mortgages.
Renewals and refinances.
Investment properties and vacation homes.
Mortgages for self-employed individuals.
About MCAN mortgage rates
You can find mortgage rate information on MCAN’s website, but you have to do some digging to find them. From the home page, you'll need to select "Businesses," then scan down the menu until you see “Broker Resources.”
Because MCAN offers mortgages exclusively through brokers, rates information available isn’t formatted for a typical consumer — current interest rates are only provided as a downloadable PDF.
To get a better sense of what rates you can get, you’ll need to work with a mortgage broker. MCAN has an online tool that lets you search for local brokers with access to MCAN mortgages.
Ultimately, any rate you’re offered depends on the details of your mortgage application.
Best mortgage rates in Canada
Compare offers from Canada’s top mortgage lenders and brokers.
Review of MCAN mortgage features
NerdWallet Canada's editorial team sifted through dozens of lender websites looking for features borrowers are interested in. Then, we summarized how each lender compares to its competitors using the labels "limited," "standard" or "excellent."
To see the details that led to each summary, expand the box below each entry.
Term length options
LIMITED
MCAN advertises terms ranging from one to five years.
Why this might matter for you: Some borrowers need financing for an unusual amount of time (six months, six years or 25 years, for example).
Why this might not matter: If you intend to get a standard three- or five-year term, having access to less common terms doesn't matter as much.
Expand for details
MCAN’s website has rates for the following term lengths:
1 year fixed
1 year fixed (open)
2 year fixed
3 year fixed
5 year fixed
5 year variable
Prepayment limits
EXCELLENT
MCAN Bank’s prepayment limits are as high as 20% on some mortgage products. If you have the cash, you can make a one-time prepayment to reduce your mortgage balance. Your lender limits how much you can pay off in any year. Exceed the limit and you'll face stiff penalties.
Why this might matter for you: Paying off a mortgage early is a goal many homeowners have. The bigger your lender's lump-sum prepayment limit, the more flexibility you'll have.
Why this might not matter: If you don't expect to have funds available for prepayments, this limit is irrelevant.
What it's like to apply at MCAN
You can’t apply for a mortgage directly with MCAN. Its mortgages are only available through mortgage brokers.
About NerdWallet mortgage reviews
When the NerdWallet Canada editorial team reviews a mortgage lender, we look for the options it offers customers, transparency in advertising, ease of application and flexibility it offers mortgage-holders.
Of course, a mortgage is a highly personalized product. The offer you receive depends on the details of your financial situation. A lender may have a less-than-transparent website but offer you a great rate.
Use this review to familiarize yourself with this mortgage lender. To get the best mortgage rate, work with a mortgage broker or negotiate directly with multiple lenders.
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