MCAP Fixed Mortgage Consumer Reviews

They immediately increase their prime rate with BoC's decision but don't follow the BoC rate deduction decision. It is time to refinance and get rid-off these scam artists.

They have the right to set their own prime rate, which is totally unethical. Essentially they can choose their own rates and they do not have to follow the Bank of Canada rates. I would never borrow money from them again. I will be looking at other more ethical lenders that follow the Bank of Canada’s rate adjustments.

I called yesterday the customer service 3 days after RBC set the prime rate down 0.5 points following the bank of Canada. The attendant said they are a private bank and the rates may even go up not down.

The ONLY good thing is a competitive mortgage rate. Customer service - 1/5... waiting for 1 hour to pick a call. Support - 0/5... To get mortgage statements when you sell a property they are charging me $75 for each. NEVER will use this lender again nor will endorse it. New first time homeowners beware as the interest rate may lure you in, but good business ethic and good client support are more important.

Hi All, I have the worst experience of lending with MCAP. If your broker ever introduces MCAP to you, never do home or any kind of mortgage from them. They are the worst customer service and they never help you out. I did mortgage with them on a variable rate and they are not changing it to a fixed rate. Other providers are giving a fixed rate of 2.84, 2.79 and these people gave me a 3.49% fix rate. They will tell you on the phone that they are going to email you the offer but they will put the offer on your online account whether or not you have set your online system. I never did that none of their customer service people told me to do so. I kept calling them sending them emails and they never call me, they keep calling to my wife and start saying things she has no idea what to say. She told them to call my husband which they never did. Now I get a chance to talk to them they gave me a 3.49 fixed rate. While other mortgage providers are giving 2.84, 2.79, 2.69 fixed rate.

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.

The online portal is mediocre at best. The 'customer service', if you can call it that, is sub-par with representatives on the 1800 line that are either rude, disinterested in your issue, or unknowledgeable and guessing. When your voice raises because they are not answering your question, they threaten to hang up on you for being too aggressive. Hint: people would not be aggressive if you listened to their concern and actually answered their question or looked into their concern. I cannot wait to NOT be an MCAP customer. I'd rather pay more in an interest rate elsewhere than have this unprofessional company hold my mortgage. Obviously, the mortgage broker I went through is in MCAP's back pocket for recommending them so I consider that relationship a burned bridge now too.

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!