MCAP Fixed Mortgage Consumer Reviews

I recently switched mortgage companies to MCAP in order to get a better rate. We opted out of paying the property taxes with our bi-weekly payment. When our first payment came out, it was the wrong amount and when I called to have the problem fixed I waited on hold for almost 2 hours. The representative said it would be fixed and my next payment would be significantly less. The next payment that came out was exactly the same overpayment as they had previously taken.
All in all, not a good way to start a new customer service relationship. DO NOT choose this company.

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.

Please, learn from our costly mistake - even if the rate is a bit better than others, I strongly recommend not doing business with this lender. Immediately upon signing and getting our documents in the mail, I knew this was a big mistake. Guy came to our home to sign documents in which he advised we could make changes to increase bi-weekly payments as long as we initialled. This was not the case - any changes we made to payment frequency and amount were unable to be made. We wanted to have higher payments to pay off sooner but they would not let us change this even though the broker told us this change could be made. Then tried to borrow $50,000 more of the $750,000 equity we had in our property. Not able to do this without charging us a $5500 change fee. Okay... Now trying to get out early and it is again a disaster. We get a different answer from specialists each time we call. I will happily pay the penalty to get away from this lender. We are losing money to get out of this mess but I don’t care. Moving on to a real financial institution that doesn’t need to play games, be dishonest and not honour the words of their employees. Goodbye!

They charge $90 to change payment frequency. Online or if you call in. The call center is in the Philippines. Can't understand anything yet you need to pay extra for service. I'm only with these guys because the property was taken over in an Estate, or else I would NEVER EVER deal with them. Stay away!

I have a mortgage and Line of Credit with MACP. They were easy to contact until 2019 then they were impossible to get through to, and always a long delay from emailing them to someone calling back (usually an unknown number with a 604 area code). Anyway. I have set up weekly payments to chip away at paying down my LOC from my bank account, which is also the bank account they sent money to from the LOC when needed. I have had 4 payments "reversed" with no notification from MCAP totalling $8700 I contacted them and today talked to someone who sounded like I hade woke them up and asked they wondered where I was sending the money from. Remember, most payments go to them OK and from my only bank account they have for me. When a 5500, and 2000 payment was reversed recently did I notice this issue. Surely if they thought there was an odd activity someone would call? They said they did, but never before I have contacted them. This $8700 has never been sent back to my bank so while they may have reversed it, it was never sent back to me, so the money is where? They have now escalated it and will be in touch within 48 hours. Stay away

MCAP was great when I took a fixed-term mortgage for $180,000 back in 2006. I never missed a payment and paid more than what was required each month in an effort to pay it down. Flash forward to 2019 when I was downsizing and only needed $40,000. I was porting my term and agreed to take their minimum $50,000 mortgage "for ease and to maintain consistency". Their main lines have been "experiencing a high call volume" for close to a year. It took a week to get a return phone call, by which time I had forgotten why I called in the first place. As much as the personnel that I dealt with were pleasant, the overwhelming paper burden that was attached to the porting of my mortgage, along with the impossible demands for documents that didn't exist, made this an impossible situation. A week before my sale and purchase closed, and after 2 1/2 months of providing every possible document that was within my power to provide to MCAP, a friend pointed out that it was possible that MCAP no longer wished to give me a mortgage as the amount I needed was so low....hmmm...food for thought. I pulled my mortgage application and went with a major banking institution who was able to help me secure funding. A year ago I would have recommended MCAP, not now though :(

Hopefully, you can work with a mortgage broker who will take care of you because MCAP's customer service team will not. We have been a customer for over 12 years and have held both $300K and now over a $600K mortgage with them and the first time an issue came up they would not help. We wanted a refund for the sudden appearance of a "Home System Service Plan" that we did not sign up for and was never on our monthly invoice but they tell you that it was "carried over" and you were always paying for it before, which is simply untrue. They had no issues with cancelling the plan but would not refund me the monthly amount they initially charged. Beware of these money grabs - they are trying to offer you 'free services' that they don't explain clearly that will only be free for so long in your fine print and then start charging you hoping that they will at least get these extra fees from people who are not paying attention. I will share this across as many sites as I can.

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!