Lowest interest rates!
by JPaquette on Sep 25, 2019
5 out of 5 stars
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!
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 They originally promised us $1000 cashback for our first mortgage and then suddenly rescinded the offer at the last minute.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.
Beware, they do not disclose all fees, and after you will see fees deducted EACH year in your mortgage statement.
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I went through a mortgage broker and he recommended MCAP due to the low-interest rates. I like to do my research so I compared them to several other banks and my broker compared interest costs over the 5-year term, and I couldn't resist the savings! I was approved and signed with them in 2 days and the mortgage details made it to my lawyer quickly. Once my term is up I can shop around again for a different lender if they offer a better rate but because of how simple my experience has been I think I will stay put. Honestly, my broker did all the communication, MCAP just takes the payment directly from my bank account and I don't need to contact them for much other than making extra payments, which I do online and haven't had any issues. 5-Stars!