MCAP Variable Mortgage Consumer Reviews

I have had a mortgage with MCAP for over 7 years, I suffered a stroke. They have been 0 help and continue to take payments out even though I sent them doctors letters and documents proving I was taking home 75% less income because of the stroke. 2 mths in and they are still processing if they can help. They amount of stress may cause me to have another stroke. I have never dealt with suck poor customer service or even just subhuman behaviour. Mehdi the case manager needs to be fired and should never deal with people. STAY AWAY FROM MCAP. Keep this has a record, because there handling may actually kill me.

Not competitive products, horrible customer service, excruciating fees please do yourself a favor and do not, DO NOT give your business to this company.

Avoid like the plague. Mortgage increased from $3,400 during the signing, became $3,700 in the first month, then $3,900 a second month and $4,500 the third month. They made it soooo hard to apply for the mortgage, always asking for new documents only to trap us in this mess. Thieves!

Make sure you comb through your contract with a fine-tooth comb. I was told I needed a co-signor, so I found one. When we went to sign documents 3 days before possession, my co-signor was on the title. It was not too late for me to run and find a new lender, so now my co-signor is on the title. To remove them after a certain amount of time is costly, about $2000-3000.
I also looked at refinancing and going back to the bank, but too bad for me, I was put into an arms-length agreement which you can not get out of unless you sell your home, and not to the family. This was also never explained to me upon applying for the mortgage. Be careful if taking a mortgage here!!!!

MCAP has charged me twice outside my regular mortgage payments without notifying me during my mortgage with them. The first time it took me 2 different emails to 2 different representatives, where I got 2 different answers. When they admitted their error, they advised they would correct it on the following payment date. However what they did was they reduced my payment by the amount of the error, and this amount was not reduced off my Principal. Not only had they charged me in error, but they also did not reduce my Principal by the amount of their error, therefore making me incur additional interest for successive mortgage payments based on their mistake. The second time was charged and I have yet to hear a response to why I was changed. My mortgage is over with them now and they have not refunded me my money and have not replied back to me. Also, one of their renewal account managers was the agent assigned to my renewal process. He provided me inconsistent information from 2 months prior to my renewal date, and when I requested for a new renewal account manager through MCAP's general inquiry email, he was notified and followed up with me with a very defensive tone that only he was able to help me with the renewal process. When I finally decided not to renew with MCAP and requested a discharge letter, he phoned me asking why I would prefer to pay legal fees to renew my mortgage with another lender? (Legal Fees? why would I need to pay legal fees to renew with another lender) It was a tactic he was using to scare me which was completely false! He then asked why I was choosing to leave MCAP, and I had advised him that I was getting inconsistent information during the renewal process, and then he got extremely defensive. Given my experience with other mortgages in my lifetime, I've never had such an immature representative provide me with service. Never have I had a renewal agent ever use scare tactics against me. This one seems uneducated and unprofessional. Given that MCAP doesn't provide alternate representatives upon request is also a major gap in their customer service. On top of that, not getting a response to my inquiry on unknown charges and not refunding it is just theft. Don't use MCAP, it's just not worth your time and sanity.

We sold our house and asked if we can port our mortgage to the new house (to keep our low rate). MCAP said sure we can do that if XYZ is met. We met their conditions. We made an offer, conditional on inspection and financing, and had two weeks to meet conditions. Our broker got in touch with MCAP the next day and provided all the documents. We were instantly conditionally approved and all MCAP had to do was send a valuator to the property. They waited until the LAST DAY to fulfil the conditions to send a valuator to see the property. The valuator went out Friday and did not provide the valuation until Tuesday! We had to amend the purchase offer TWICE to accommodate their incompetent planning. The seller was getting fed up with the delays and said he would not sign the third amendment and that we should get a real bank to finance the mortgage. This easily avoidable problem should never have arrived. I also talked to a few MCAP agents during this process and received conflicting information as to the porting conditions from each one! So if you want a mortgage provider that is disorganized, disinterested, and completely dismissive of your needs/concerns, but that gives you a lower rate than the banks, go with MCAP. We regret staying with them but will leave as soon as the term is up.

I have a variable mortgage with MCAP and they didn’t decrease their prime rate when Bank of Canada reduced prime rates. I never recommend this to anybody. They have done many restrictions on Mortgage. Never take Mortgage from MCP.

I paid extra for the insurance covering major fixtures and appliances. After having my A/C unit break down in the middle of summer my first year I contacted MCAP. They charged me over $100 to have their tech come look at it, and it took a FULL YEAR to get a response from them which was "unit was too old, will not cover" I am furious, and I will definitely NOT be resigning with MCAP in 5 years. Do not recommend this company to anyone.

They sell you on only having to pay a 3-month interest penalty if you break the contract. What they don't tell you is that it's calculated not on your contract rate but on the prime rate. Then they add on transfer fees and reinvestment fees (whatever those are) so you're easily looking at almost double the penalty!

Received a pretty good rate at the time. 2 Years later called to refinance the mortgage or go to a different lender mortgage. Spoke with the most rude customer service rep I have ever had. It was pretty much a one-way conversation stating that I should have known what I was signing 2 years ago and should stop wasting his time as there is a clause that does not allow refinancing of a mortgage. That information never came up during contract signing or at any other time of negotiations. Unfortunately, I didn't read the contract carefully enough in the 15 minutes that I had to review the 30 pages of it. Stay away.