MCAP Fixed Mortgage Consumer Reviews

I tried taking a loan from my home equity. It was torture. They ask for many irrelevant documents like investment proof. Last time I had taken from another bank. Got it within a week, and without hassle. I returned the loan taken before time too.
Never declared bankruptcy, always paid money before time.

I am very disappointed with this mortgage company as I won’t qualify for the HELOC even my household income is over 100k. According to them apparently having 2 part-time jobs is better than having a full-time job. I don’t have other loans, my credit rating is pretty good and my house is over $1m with only about 30 pct balance to pay. The underwriter keeps declining my loan with lame excuses. I can’t even get out because of my mortgage type is value flex which is thanks to butler mortgage.

Beware of using this company. My wife and I tried to get a line of credit from our house equity and were denied. But another bank had no issue giving us one of we had our mortgage with them. When we tried to leave MCAP they told them we are locked in and they will not let us pay any penalties or fines to leave MCAP, so we can fix our leaky basement that is causing damage and mold in our house. So MCAP is forcing us to get credit at 18% interest when we can move our mortgage to another bank and only pay 2.9% or continue to have our house damage and live with mold. We have been with them for 7 years and never missed a payment or been late. They care nothing about your debt versus income ratio, only your credit score. And one of our scores is fine. Beware of MCAP. Your house is not considered an asset unless it is with a big bank. So you can't even borrow against your house with other lenders if you are with them.

We have been with Mcap from last 6 years. Their Account Managers are the worst people to deal with. You keep calling them and leave messages and emails and they never get back to you. We provided them with all our documents on the first day of our refinance application where we clearly communicated that we needed to know if we're approved or not and asked a simple question about the rate they will charge if approved. We needed to know since we had put an offer on a property so time was of the essence. Even on the 9th day after our application, the account manager contacted us (after leaving her several voice messages) to let us know that they were looking at our application. So they had still not decided on our case. At that time, we denied to even waste our time with Mcap and went with someone else. Definitely will not recommend to anyone.

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.

Beware, they do not disclose all fees, and after you will see fees deducted EACH year in your mortgage statement.