MCAP Fixed Mortgage Consumer Reviews

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.

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!

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!

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.

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.