MCAP Fixed Mortgage Consumer Reviews

MCAP has been our lender since 2007, and I would not recommend this company to my worst enemy.

1. Would not give me a HELOC, ever. Have a million-dollar house and owe 294K and no HELOC. How do I repair anything?
2. Cannot get third-party HELOC. Read your fine print.
3. Very high fees for anything.
4. Unless your beacon score is 850 or above, high renewal rates, which they will not budge on. So high, had to go variable, which is still 2 percent higher than the chartered bank advertised 5-year fixed at the time(2017).
5. Condescending, non-helpful, and uncaring customer service.

I finally changed lenders. Owed $294K (@ 4.490% variable rate) 3 months of interest payout penalty would be $3300.48. My payout date was June 13, 2022, and my maturity was Aug 30, 2022.

MCAP charged me $4037.36 of interest due, accrued interest, and payout penalties! I had 78 days to maturity.

This was my real-world experience.

D.E. Mission, BC

Have fun!

They had no problem giving me the mortgage, but the renewal screwed me raising it so high it put a huge strain. Covid got me after and they don't understand to stop putting payments through when the money isn't there. They just keep doing it every week or so to get you further behind they take your house without a thought. Homeless after giving it all I had. I'm sick.

We are transferred into MCAP by IA financial six months before our mortgage expired without any our permission and choice. They will charge extra mortgage interests plus daily interests even we pay out on the exact expired day. Also the closing charged is super expensive $380. The renew rate is very high so there is no way stay with them. Then you will be charged a lot if you switch out.

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!

When it came time to resign my mortgage rate, the rate was inflated substantially in a time where people are struggling. I never missed one payment and was late once in five years and that was an accident and corrected in 2 days. For all my upstanding timely payments, because I suffered a credit drop they decided that helping someone already having difficulty. Once my credit score goes back up I will be doing whatever possible to get away from these crooks. I thought paying on time and not missing payments should be rewarded but I must be the crazy one!

MCAP only started our process 2 days before the closing date. And they asked for odd and uncommon requests from both sellers and buyers They extended our closing knowing sellers already moved out and we are supposed to leave our present place. They have no respect to your needs. I think all the stress they are causing because of their incompetence is not worth the low rates they give.

Pay attention to the early payout provisions: only available to payout end of term, sale of the property, flip into another Mcap mortgage or death. Renewal: if you don't renew or payout, you automatically renew into a 6th-month term at 5.95% interest, you have the option to resign with them without penalty. If you wish to payout at the end of 6 months you are subject to penalty and a reinvestment fee. I received my renewal letter, which wasn't a great rate but, the renewal agent convinced my rates would drop and they didn't at least with MCAP. I called my renewal manager 2 days ago still haven't heard back from him. I have pretty much run out of time to renew with another lender. Their game, stretch it out as long as they can and lying. Their rates are not competitive but, make you believe they are working to get a better rate. Make certain you know your mortgage if you decide to go with them. There are better rates and lenders out there.