MCAP Variable Mortgage Consumer Reviews

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.