MCAN Financial Mortgage Rates Review 

MCAN Financial Group (formerly MCAN Mortgage Group) offers different mortgage solutions through their MCAN Home Mortgage Corporation.

The award-winning mortgage broker has been in the industry for over 40 years.

Below are their range of mortgage rates available to their partner brokers effective November 8, 2023:

MCAN Financial Standard Mortgage Rates

The following are MCAN mortgage rates for new purchases under Loan-to-Value (LTV)  >80:

5-year fixed posted5.69%
3-year fixed  posted 5.99%
5-year no frills5.64%
5-year adjustable Prime-1.00%*

*MCAN Financial’s current prime rate is 7.20% which is the same as most financial institutions.

MCAN Financial Alternative Mortgage Rates

Below are the MCAN alternative fixed mortgage rates for new/refinance mortgages:

TermRate Starts at
1-year posted7.04%
2-year posted 7.19%
3-year posted7.29%

MCAN Financial Switch Mortgage Rates

The following are MCAN Financial mortgage rates for insured switch mortgages under LTV >80:

3-year posted7.04%
5-year posted 7.19%
5-year adjustable 7.29%

——>You can download this PDF to see the complete MCAN mortgage rates.

Benefits of MCAN Financial Mortgage

  • Competitive rates: MCAN partners with different mortgage lenders to compile the best mortgage rates for your evaluation.
  • Poor-credit approval: As a mortgage broker, MCAN can help you access a mortgage with one of its partners even if you have poor credit.
  • Long amortization period: MCAN offers access to up to 35-year mortgage amortization, which is higher than the 25-year amortization offered by most lenders. Though longer amortization periods can lead to higher mortgage payments.
  • Rate hold: MCAN Financial offers up to 120 rate hold, allowing you to hold a competitive rate while comparing other mortgage options 

Drawbacks of MCAN Financial Mortgage

  • Limited information for buyers: MCAN doesn’t disclose key information for home buyers. Things include information on their mortgage rates for buyers. The above mortgage rates were tailored to mortgage brokers. In addition, the buy a home page on their website doesn’t disclose how to apply for a mortgage. 
  • Limited mortgage terms: MCAN Financial only has 1, 2, 3 and 5-year mortgage terms, limiting its accessibility.

Verdict on MCAN Financial Mortgage Rates Review 

Even though MCAN Financial offers competitive mortgage rates, it leaves a lot to be desired about its mortgage solutions.

It needs to disclose key information to potential home buyers to attract trust. 

Requiring home buyers to contact them to get a full grasp of the process could lead to easy manipulation.

Notwithstanding, you can’t go wrong with MCAN Financial Mortgage so long as it suits your needs.

Let me know your thoughts in the comments.

 Related posts: 

• MCAN Financial Corp GIC Rates Review

• How to Co-Own a Home with Ourboro or Lotly 

• Many Canadians feel pushed into the home-buying journey – Survey 

• Equitable Bank Introduces 40-Year Amortization Mortgage Product

Shinhan Bank Canada Mortgage and GIC Rates

Carsfast Review

0 Replies
Inline Feedbacks
View all replies