MCAP Variable Mortgage Consumer Reviews

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.

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!