Independent Mortgages Consumer Reviews

MCAP Fixed Mortgage Consumer Reviews

(30 reviews)
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(2.9 out of 5 stars)
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MCRAP RANT

 
(1.0 out of 5 stars)
by jessica Jul 02, 2019
Thank you for making every step of the process the most complicated thing ever. I'm, actually, amazed on how absolutely useless this company actually is. I would never ever consider dealing with MCRAP EVER again. They keep asking for paper work that baffles the lawyers and Realtors. Just when you think you're almost done dealing with all of that, they ask for more forms. We were ready to close and sign for our new home and they didn't even have the money ready. Then they say on the day of CLOSING that they were missing paper work from our mortgage broker (which they are not) and need to push back the process four more days. In the meantime, my spouse and I are living in a hotel out of our suitcases. I'll never deal with these people again.
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Horrible

 
(1.0 out of 5 stars)
by TorRes Jun 17, 2019
They are terrible with returning calls or emails. They contradicted what they said when we first applied to refinance. We have been with them for 12 years, never missed a payment and have had two separate horrible experiences so far! Refused to give us a better rate because we were already existing clients. Sent us through hoops for over one month. We will be looking for another mortgage. Will be worth the $3000 penalty we'll be facing to move away from them. Never again!
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Terrible to reason with.

 
(1.0 out of 5 stars)
by Disappointed. Avoid MCAP Mar 31, 2019
MCAP provides terrible customer service when it comes to returning your calls. The house we purchased was kilometres away from any river but prior to approval, they required an engineer to write a report to say that our house was not in a flood zone. When you look at the provincial website, you can see where both the house is and the river that is kilometres away. It was a very expensive printout of google maps from the engineer/assessor to prove this. Then comes life/disability coverage. MCAP does not provide good coverage. If you have had a sleep apnea test, they will not provide disability insurance despite being in great physical shape with no other health concerns.
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MCAP is spiteful and will lie

 
(1.0 out of 5 stars)
by Reid Dec 06, 2018
We were trying to refinance our mortgage, MCAP refused to do it. My mortgage agreement has zero restrictions for MCAP itself to refinance. They made up that as a rental unit they will not refinance, but they waited until the closing date to tell us. This was malicious and almost cost us a house deal and would have resulted in us potentially becoming liable for a sale falling through or my partner and our two-year-old becoming homeless. MCAP's response to all that. "We really value your business and look forward to our continued relationship". Avoid an MCAP Mortgage, they are only steps above payday lenders
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MCAP is unprofessional

 
(1.5 out of 5 stars)
by Harvey R Oct 11, 2018
I will never deal with MCAP again. They originally promised us $1000 cashback for our first mortgage and then suddenly rescinded the offer at the last minute. We were forced to go with them because we were running out of time, but I will avoid them like the plague when it's time for refinancing.
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Great experience so far!

 
(5.0 out of 5 stars)
by J. Moore Aug 25, 2018
I have been happy so far with the service, we have had a positive experience with this company. Their rates are very competitive and fair. I would recommend them to friends and family.
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The worst Possible experience

 
(1.0 out of 5 stars)
by unhappy home owner Aug 22, 2018
I have been with MCAP for the past 3 years and initially signed up due to their competitive rate. Since my ex and I separated, they have done nothing but cause me trouble and headache. The documents I send are never enough, they advise me that I cannot have a co-signer that doesn't live in the house with me, therefore, my ex would have to remain on the mortgage until I can either make more money or find someone else to move in. I was told that my credit rating did not qualify for even a review of my file, so they basically opened it and closed it without even speaking to me about anything. This company is honestly the worst as far as customer service is concerned and as far as helping their customers through this difficult process. I would not recommend this to anyone I know!
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Horrible Customer Service

 
(1.0 out of 5 stars)
by TGenua Aug 13, 2018
Two representatives in particular don’t know their job, they pressure you and use scare tactics! When it comes to insurance claims (e.g. roof shingle replacement) they hold the funds as long as they like and use it for leverage so you renew your mortgage with them! I am so disgusted with MCAP that I will never forget what they put my wife and me through!!!
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Early buy out fiasco

 
(2.0 out of 5 stars)
by Webwraith Jul 10, 2018
I wanted to buy out my mortgage early, so I contacted MCAP. I was given the information on how to request and I followed the directions. I was told that I would receive confirmation of my request in 48 hours. But because of one word my request was denied and neglected to inform me of this. An e-mail was sent...no response, so I had to contact them. I was told that my request was denied because it didn't meet their format. It wasn't until I got angry several days later that a manager informed me about the one word. My plans have been pushed back 60 days...I informed them to make it work because the bank has been directed to release no more funds to MCAP. I feel they are purposely drawing this out to get as much interest payments they can out of me. Stay away from MCAP!!!
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Would not recommend them

 
(1.0 out of 5 stars)
by MCAP May 14, 2018
I have had a terrible experience and would absolutely not recommend them to anyone. Just awful with being prompt. This process for my mortgage has been going on for two months... utterly ridiculous.
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HIDDE FEES!!!

 
(1.0 out of 5 stars)
by RJ Jan 25, 2018
Beware, they do not disclose all fees, and after you will see fees deducted EACH year in your mortgage statement.
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MCAP Steer Clear of these guys

 
(1.5 out of 5 stars)
by Johnny Dec 28, 2017
I couldn't rank them any lower than a 1. I would highly recommend you stay away from MCAP. We have been dealing with them for the 8 years. Once they have their hooks in you, they are not great to deal with. Their mortgages contain a clause that will not allow you to deal with anyone else if you are trying to refinance or make any changes. We have been dealing with a broker and were refinancing in order to draw out equity in order to support an investment and purchase additional assets. We were immediately approved by TD with a great rate but the transaction was blocked by MCAP due to this clause. We then decided that it was our fault for not realizing the clause was there. We then proceeded with an application to refinance with MCAP. They took weeks to get back to us and then proposed an absolutely horrible rate based on what the market had to offer. They also did not provide what we had requested. The process with MCAP has taken almost 10 weeks and we are still 'working through' things with them. They are slow to respond, make tons of mistakes in their documents. Lose track of information and will not commit to any sort of timeline. We have never ever missed a payment and have never been a burden to MCAP. We are on the brink of losing our ability to purchase the asset due to MCAP's inability to get things done and get back to you in a timely and respectful manner. We are handcuffed and have no choice at this point unless we choose to sell our home to get away from MCAP. I am willing and wanting to do this but my other half does not support that. MCAP has absolutely been the worst experience I have ever had with any financial institution. Be careful if you choose to deal with them and make sure you read the fine print. They themselves do not fully understand their own T's & C's. I took one of their legal reviewers to point out the clause. The person handling the application was completely unaware. As a professional that manages a business, I would never deal with anyone the way MCAP has. Stay clear of these people. There are many other lenders that offer the same if not better rates and will provide the support you need when working through the process. MCAP will not base on our 10-week nightmare.
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Upselling

 
(1.0 out of 5 stars)
by May 30, 2017
I have been with MCAP for 10 years. For most of the time they were good but when my five year mortgage came up this April the MCAP representative was rude. He tried to upsell me and absolutely disregarded my wishes. When I complained I was given to someone else who gave me a dose of"kellyanne Conway" empathy. It turns out she conned me into getting a short term 6 month penalty even though she knew I wanted a new mortgage in four months time for my new house. Now she tells me there is a $2,500 penalty. MCAP is losing buisness to True North Mortgage and I have the impression they are under pressure to upsell at the customers cost. Awful, awful company who now engage in dirty tricks.
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N/A

 
(4.5 out of 5 stars)
by Joan L. Nov 18, 2016
Excellent fixed rate. Very prompt and courteous customer service. The process was very easy and all questions answered quickly and with easy explanations
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N/A

 
(4.5 out of 5 stars)
by Casey J. Nov 13, 2016
I have never had any issues. Customer service the few times I have had to call were pleasant. Everything was smooth and easy.
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N/A

 
(4.5 out of 5 stars)
by Susan J. Oct 26, 2016
Obtained through a broker. All aspects went well. Online access available but not used. Specific withdrawal date accepted without hassle.
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N/A

 
(4.5 out of 5 stars)
by Juan N. Oct 05, 2016
We were given an excellent rate and the process was quick easy and well explained I have the option to check my mortgage online bit have not yet done so
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N/A

 
(4.0 out of 5 stars)
by Dana E. Sep 19, 2016
home visit with a knowledgeable rep who goes out of his way to help and answer any questions we ma have
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N/A

 
(3.8 out of 5 stars)
by Laurence R. Aug 25, 2016
We have only had them since April - too early to give the a higher rating, see how it goes in the future.
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N/A

 
(4.0 out of 5 stars)
by Penny M. Jul 20, 2016
I have nothing but good things to say about MCAP always had easy renewals and good support in the last 14 years
1 of 2 people found this review helpful. Did you?
 

N/A

 
(4.2 out of 5 stars)
by Vicky M. Jul 13, 2016
I've moved twice since first time buyer. Stayed with MCAP. No issues. Always made it easy. When there was an issue it was resolved
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N/A

 
(4.0 out of 5 stars)
by Amber F. Jun 06, 2016
They explained it very well and we're very professional it took some getting use to paying it every month but once we got the hang of the whole process it all made sense
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N/A

 
(3.0 out of 5 stars)
by Willie R. May 15, 2016
MCAP people refuse to talk to customers; one must have one's broker contact them on the customer's behalf and that's all the words i have for them
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N/A

 
(3.0 out of 5 stars)
by Brent G. May 05, 2016
We have not yet set up online mortgage banking but plan to. Phone contact with customer service has been positive.
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N/A

 
(5.0 out of 5 stars)
by Mable G. Apr 15, 2016
I have been through financial changes - both up and down - since obtaining my mortgage 10 years ago. They have been exceptional in working with me and my financial situation
1 of 1 people found this review helpful. Did you?
 

N/A

 
(3.2 out of 5 stars)
by Debbie W. Apr 09, 2016
I like that I can see my mortgage online. I don't like that I have to pay a fee if I want to make a change
1 of 2 people found this review helpful. Did you?
 

N/A

 
(4.5 out of 5 stars)
by Joshua W. Mar 28, 2016
They keep it most time the same cost, never have any problem with them at all. I will keep going back till the house is payed off.
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(4.2 out of 5 stars)
by Garrett D. Mar 27, 2016
Easy to deal with recieved a lower rate due to remortgaging. Always availavle when needed to call with questions. No need to 'shop around'
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N/A

 
(3.5 out of 5 stars)
by Carole N. Jan 29, 2016
I used a broker and it was the best rate at the time so I have very little contact with them.
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N/A

 
(2.2 out of 5 stars)
by Alexandra S. Jan 04, 2016
Good interest rates and approval but not at all flexible for making any changes (ie: skipping a payment or changing payment frequency)
1 of 1 people found this review helpful. Did you?
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MCAP Fixed Mortgage
30 reviews
5 Darkstar
(7)
4 Darkstar
(7)
3 Darkstar
(3)
2 Darkstar
(4)
1 Darkstar
(9)
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