Alt-A / B-lenders

MCAN Mortgage mortgage review — a broker's perspective

Active in both A-lender and alt-A markets. Strong on uninsured A-lender purchases via their broker channel plus a flexible alt-A program for BFS and complex-income files.

Founded: Founded 1986
Headquarters: Toronto, ON
Products: 4 product types
Tier: Alt-A / B-lenders
Broker licence: FSRA #13737 broker

Start Pre-Approval See live rates 4.9 ★★★★★ Google MCAN Mortgage website

Reviewed by Mortgage Squad Advisors Editorial Team · Licensed Mortgage Advisors · Reviewed by the Principal Broker

FSRA Brokerage #13737 · 15+ years · Last reviewed May 13, 2026

Where MCAN Mortgage stands out

Who is MCAN Mortgage good for?

MCAN Mortgage suits self-employed with 1-2 years of incorporation and bruised credit (500-680 Beacon) with a clear story. It is strongest on: Uninsured A-lender, Alt-A BFS files, Investment property, Fair-IRD penalties.

Strong fit for

Self-employed with 1-2 years of incorporation
Bruised credit (500-680 Beacon) with a clear story
Stated-income BFS files A-lenders decline
Borrowers exiting a power-of-sale or consumer proposal

Probably not the right fit if

Clean salaried files (better priced at an A-lender)
Beacons under 500 (usually private territory)
Files needing 90%+ LTV (alt-A typically caps 75-80%)

Not sure where your file fits? Start a free pre-qualification and we’ll check your fit across 99+ lenders — no credit check to begin.

Overview

What kind of lender is MCAN Mortgage?

MCAN Mortgage sits within the alt-a / b-lenders tier of Canada's mortgage market. For files A-lenders decline: BFS, bruised credit, complex income. Rates typically run about 0.5–1.5 percentage points above A-lender rates. We map the A-lender exit.

Working across 99+ Canadian lenders, our brokerage knows MCAN Mortgage's underwriting appetite — what they say yes to, what they push back on, and what file structure gets a clean approval the first time. MCAN Mortgage fills the gap between A-lender bank decline and private-mortgage territory — competitive pricing on files that don't fit clean bank boxes.

Live · updated Oct 24, 2026

How does MCAN Mortgage price its mortgages today?

These are MCAN Mortgage's lowest current rates across 73 broker-channel products in our live feed. Your exact rate depends on your file, term, down payment and insurance.

5-yr fixed

4.34%

5-yr variable

3.70%

3-yr fixed

4.34%

1-yr fixed

4.69%

Full live rate board Get your exact rate

Product menu

What mortgages does MCAN Mortgage offer?

MCAN Mortgage funds 4 mortgage types. We can access its full broker-channel menu.

Purchase
Refinance
Investment
Self-employed

First-time buyer Refinance Investment property Self-employed

Bank direct vs broker channel

Should you go to MCAN Mortgage directly or use a broker?

MCAN Mortgage sells only through brokers, so a licensed brokerage like ours is the way in. We’re not employees of MCAN Mortgage. We’re an independent FSRA-licensed brokerage that sends your file to MCAN Mortgage when it’s the best fit — and to a different lender when it’s not.

Going direct to MCAN Mortgage vs. through us

Aspect	Direct with MCAN Mortgage	Through Mortgage Squad Advisors
Rate sheet	Broker-channel only — no direct retail access	Direct broker-channel access — our day-one cost
Lenders shopped	Just MCAN Mortgage	99+ lenders incl. MCAN Mortgage
If declined	Application ends; reapply elsewhere	Re-route to next-best lender same day
Cost to borrower	$0 — bank pays its own staff	Disclosed up front (private/alt files only)
Underwriting strategy	MCAN Mortgage's lens only	We structure your file to MCAN Mortgage's preferences before submission
Renewal benchmarking	MCAN Mortgage sends a single offer; you accept or counter	We benchmark across 99+ lenders 120 days before renewal

Same MCAN Mortgage loan documents. Different shopping power. Start a pre-qualification to see what your file looks like across 99+ lenders.

How we work with MCAN Mortgage

Discovery
A 5-minute call about your income, credit, down payment, home and timeline. No credit check to start.
Match
We compare your file with 99+ lenders, not just MCAN Mortgage. If MCAN Mortgage fits best, we go there.
Submit
We send a full package to MCAN Mortgage's broker desk, set up the way their underwriters like it.
Funding
Approval, conditions, lawyer, funding. We manage every step.

Alternatives

Other alt-a / b-lenders we shop alongside MCAN Mortgage

Same tier, often similar rates. We compare MCAN Mortgage with these every time.

Indi Mortgage

BFS + self-employed

Home Trust

Bruised credit (500+ Beacon)

Equitable Bank

BFS + self-employed alt-A

Haventree Bank

1-year BFS history accepted

Community Trust

High-LTV equity take-out

CMI Financial

Alt-A residential

By city

MCAN Mortgage mortgage broker — major Canadian cities

We place MCAN Mortgage files across Canada. Pick your city for local market context.

Toronto Vaughan Mississauga Brampton Markham Oakville Richmond Hill Burlington

Don’t see your city? Browse all Canadian markets — we lend nationally.

FAQ

MCAN Mortgage — common questions

Don’t see yours? Ask Maya.

What are MCAN Mortgage's current mortgage rates in Canada?

MCAN Mortgage's rates change daily and are channel-specific — branch rates differ from broker-channel rates. As a brokerage we access MCAN Mortgage's broker-channel sheet, typically 15-30 bps below their walk-in rate. Our live rate board (last reviewed May 13, 2026) shows current best-in-network across 99+ lenders. See our live rate board.

How do I qualify for a mortgage with MCAN Mortgage?

Standard Canadian qualifying: 5%+ down (under 20% requires CMHC/Sagen/Canada Guaranty default insurance), OSFI B-20 stress test at the higher of contract rate + 2% or 5.25%, GDS ≤ 39% and TDS ≤ 44%. MCAN Mortgage's underwriting has specific preferences we know from working with them — we'll tell you whether your file is a strong fit before submitting.

Is MCAN Mortgage a good mortgage lender?

MCAN Mortgage is genuinely strong on: Uninsured A-lender, Alt-A BFS files, Investment property. As your broker we evaluate MCAN Mortgage against 99+ other Canadian lenders for your specific file — sometimes they're the best fit, sometimes a different lender is. The honest answer depends on your file profile, not the lender's marketing.

Can I switch to MCAN Mortgage at renewal?

Yes, if your file qualifies. A transfer-in at renewal typically costs you $0 — MCAN Mortgage covers the discharge fee from your old lender and the appraisal as a transfer incentive. We benchmark MCAN Mortgage's offer against your existing lender's renewal rate and the broader market 6 months before renewal so the switch (or stay) is timed properly.

Does MCAN Mortgage work with self-employed borrowers?

Yes — MCAN Mortgage has specific BFS / self-employed programs we route those files to. See our self-employed mortgages.

How long does MCAN Mortgage take to approve a mortgage?

MCAN Mortgage's commitment turnaround on a clean broker-channel file is typically 24-72 hours from submission. Complex files (BFS, foreign income, atypical down payment) can take 5-10 business days. Conditional approval to funding is usually 14-30 days depending on appraisal, lawyer, and conditions.

What's the difference between MCAN Mortgage branch rates and broker rates?

MCAN Mortgage is broker-channel only — they do not sell mortgages direct to the public, so there is no retail rate to compare against. Their entire pricing comes through licensed brokers.

Does MCAN Mortgage offer pre-approvals?

Yes — MCAN Mortgage, like all major Canadian lenders, offers rate holds (typically 90-120 days) for pre-approved borrowers. We can submit your file to MCAN Mortgage for a real underwritten pre-approval, not just a soft rate-hold. This means if rates rise you're locked, and if they fall most lenders honour the lower rate. Start your pre-approval here.

What prepayment privileges does MCAN Mortgage offer?

Most major Canadian lenders including MCAN Mortgage offer 15-20% annual lump-sum prepayment plus 15-20% payment-increase privileges per anniversary year. The exact privilege depends on the specific product family (insured/insurable/conventional) and term selected. We disclose the privileges and IRD calculation method up front so you know your exit cost before you sign.

What if MCAN Mortgage declines my mortgage application?

As a broker we don't single-submit — if MCAN Mortgage declines, we have 98+ other lender options across A-tier, alt-A, MIC, and private. We'll diagnose the decline reason (credit, income, LTV, property type, beacon), fix what's fixable, and re-strategize. A bank decline ends your bank application; with us, it's one route taken off the map and we pivot.

Pillar guides relevant to MCAN Mortgage files

The First-Time Buyer Roadmap

Our most comprehensive first-time-buyer guide. Pre-approval to closing day, the FHSA + RRSP Home Buyers' Plan stack, 30-year insured amortization for first-time buyers, the stress test in plain English, and closing-day costs.

The Refinance Decision Framework

Refinancing isn't always a win. This guide gives you the break-even method we use: penalty + fees vs. monthly savings, with three illustrative scenarios (rate drop, debt consolidation, equity take-out).

Building a Real Estate Portfolio in Canada

The mortgage-side guide for Canadian real estate investors. Rental income offset vs. add-back, CMHC MLI Select, BRRRR-friendly lenders, portfolio limits, DSCR-style products, and how to keep your file qualifying as you scale.

Related lenders

Same broker. Different lender appetite.

Computershare Trust Co.Olympia Trust Trez Capital KingSett Capital

Browse other lender tiers

Big-6 banks Other banks & direct lenders A-lender monolines Credit unions Trust companies MICs + institutional private Reverse-mortgage lenders Private lenders Mortgage default insurers

Editorial commitment

This page is an editorial profile written from our brokerage’s perspective. We are not employed by MCAN Mortgage and receive no payment from MCAN Mortgage for this content. We compensate-disclose: on A-lender files the lender pays our brokerage compensation, and we earn the same regardless of which A-lender funds your file — so our recommendations are rate-agnostic. Rates and program details are reviewed quarterly; last reviewed May 13, 2026.

Get the best-fit lender for your file.

A 5-minute pre-qualification. No credit check to begin. We compare 99+ lenders — including MCAN Mortgage — and recommend the right one.

Questions first? Chat with Maya, our AI assistant, or call us.

Pre-qualify free Ask Maya Call Maya (AI)