MCAP Fixed Mortgage Consumer Reviews

I would highly advise against going with this lender.
They reach their hands out to quickly grab your money, but when it's time to help and give back, they are loan sharks. They are predators.

I am breaking my mortgage early to get a FANTASTIC rate with a top bank. MCap is charging an $8870.00 payout when 3 months interest penalty would have cost me $1400.00. They are hiding behind the fine print in their contract to charge the greater of two pay-out options.
I escalated it to higher management and the script is not only dishonest but is utterly unempathetic. MCAP are not into customer service and long term relationship building. They are not into seeing us thrive and improve financially.

I should have read the reveiws before signing. We found out about the sale only clause AFTER we had all the paperwork and the house assessed, even though they did give our broker the penalty amount for leaving early... now I am stuck with MCAP for 9 more months and I risk losing the lower interest rate, plus I am out the amount for the reassessment.

I will be leaving in 9 months for good, and for greener pastures.

Basically, they have a sale only clause for paying out your mortgage early. So if you want to pay out your mortgage or renegotiate a better rate you are out of luck! However, they will renew and refinance you with big fees into the same restrictive mortgage. And to make matters worse they will not offer their clients the publicly advertised brokerage rates i.e. the advertised rates with MCAP at the time of this writing were 1.49% with True North Mortgage but MCAP will only offer their current clients 1.89% for an early renewal + fees in the thousands (Yes, I said thousands!) making it virtually cost-prohibitive.