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  • Prime Rate Change Notification Letter Sat Jul 15 2023

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    M.A.F.
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    The document is a payment change notice from MCAP Mortgage informing Marc and Laura Fantauzzi that due to an increase in the prime interest rate, their bi-weekly mortgage installment amount is increasing to $1,196.58 effective July 28, 2023. It explains that when the prime rate changes, their payment amount will usually change accordingly to reflect the new interest rate on their variable rate mortgage. However, for loans with only small payments remaining, the regular payment amount may not change and any difference will be adjusted in the final payment.

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    The document is a payment change notice from MCAP Mortgage informing Marc and Laura Fantauzzi that due to an increase in the prime interest rate, their bi-weekly mortgage installment amount is increasing to $1,196.58 effective July 28, 2023. It explains that when the prime rate changes, their payment amount will usually change accordingly to reflect the new interest rate on their variable rate mortgage. However, for loans with only small payments remaining, the regular payment amount may not change and any difference will be adjusted in the final payment.

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    © All Rights Reserved
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    6 views2 pages

    Prime Rate Change Notification Letter Sat Jul 15 2023

    Uploaded by

    M.A.F.
    The document is a payment change notice from MCAP Mortgage informing Marc and Laura Fantauzzi that due to an increase in the prime interest rate, their bi-weekly mortgage installment amount is increasing to $1,196.58 effective July 28, 2023. It explains that when the prime rate changes, their payment amount will usually change accordingly to reflect the new interest rate on their variable rate mortgage. However, for loans with only small payments remaining, the regular payment amount may not change and any difference will be adjusted in the final payment.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 2

    July 17, 2023

    00001
    Marc Fantauzzi
    Laura Fantauzzi
    39 Berry Trail
    Woodbridge ON L4H 1Y5

    RE: Mortgage 9497856.7


    39 Berry Trail Woodbridge ON

    PAYMENT CHANGE NOTICE


    Due to the recent change of 0.250% in the MCAP Prime rate, the Prime interest rate moved from 6.950% to
    7.200%. Your Bi-weekly mortgage instalment amount will be updated as follows:
    July 28, 2023
    Instalment

    Principal and Interest Portion $1,196.58


    Tax Portion $0.00
    Home Mortgage Protection No Coverage

    Total Instalment $1,196.58***


    ***There are a few situations where your payment amount will not change. Please see the
    next page for further details.
    Please note that this payment change notice only refers to the Variable portion of your MCAP Fusion Mortgage.

    If you would like to learn more about how this change will impact your mortgage, please login to or register for
    MyMCAP at www.mcap.com/mymcap.

    Mortgage Servicing Centre, P.O. Box 351 STN C, Kitchener, ON N2G 3Y9
    English Toll Free: 1 800 265 2624 · French Toll Free: 1 888 811 2529
    Fax Toll Free: 1 800 922 0220 · Email: service@mcap.com · Web Site: www.mcap.com
    Licence Numbers: Ontario Mortgage Brokerage #10515 · Ontario Mortgage Administrator #11692
    In many situations, when our Prime rate changes, your payment amount will change (either up or down) to reflect
    the new interest rate you are paying on your mortgage.

    There are a few rare situations when your payment amount will not change. For example, an interest rate change
    will have less impact on loans with minimal payments remaining (since only a small portion of the payment
    amount is interest), it is possible the regular payment amount will not change. Instead, only the final payment of
    the loan will increase or decrease slightly.

    PRIME RATE
    CHANGE
    (UP or DOWN)

    Did your payment change?

    YES NO
    An adjustment was made to ensure that Your existing payment amount is still
    you continue to have your mortgage paid sufficient to continue to pay off your
    off in the same amount of time as was in mortgage in the same amount of time.
    effect prior to the rate change So no payment change was made.

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