MCAP - No Income Documents on Mortgage Transfers

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If you currently have a mortgage and are looking to take advantage of today's low interest rates, but don't want the hassle of going through a refinance, you should consider a transfer. MCAP, one of our preferred lending partners, has a transfer program that allows you to switch your mortgage over to them without even providing income documents. Here are some of the details:

MCAP No Income Transfer Requirements

  • Loan to Value is High Ratio & Insurance reference # provided
  • Minimum 650 Beacon Score
  • Income type is Salaried (excludes hourly & commission employees)
  • Minimum 2 years employment with current employer
  • Employer matches entry on Credit Bureau

I have clients who used the MCAP no-income transfer program, it was very slick - worked great! Jenn Huynh

Prepayment Penalties

Now one of the biggest problems with transferring your mortgage is that generally there is a penalty charged by your current institution for breaking your current term. Although you may be able to save money over the next term by transferring your mortgage, having to pay the penalty out of pocket can be tough. MCAP will actually allow you to add up to $2k for High Ratio mortgages (above 80% LTV) and up to $5k on Conventional Ratio mortgages (below 80% LTV).

If you want to discuss this or any other product that could lower your mortgage interest rate, please Contact Us anytime. We would love to work with you!


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