MCAP Fixed Mortgage Consumer Reviews

MCAP has some of the most ridiculous rules in the industry. No other lender uses these which causes ridiculous delays in Buying and selling homes. I've been an MCAP customer for 15+ years and looking to buy a new home and Port an existing mortgage. Everything was progressing fine till MCAP sees the new home's Agent and my Agent worked for the same company. Even though they knew we had a short closing window they stop processing the new financing and demand an Appraisal on the new property. Knowing full well that by delaying there was no hope of meeting our closing date. Even though we are putting down $500,000 on a $750,000 purchase. They knew the Appraisal would push the finance out past our closing but that did not concern them. No dealing with them. NEVER USE MCAP.

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.

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.

We were trying to refinance our mortgage, MCAP refused to do it. My mortgage agreement has zero restrictions for MCAP itself to refinance. They made up that as a rental unit they will not refinance, but they waited until the closing date to tell us. This was malicious and almost cost us a house deal and would have resulted in us potentially becoming liable for a sale falling through or my partner and our two-year-old becoming homeless. MCAP's response to all that. "We really value your business and look forward to our continued relationship". Avoid an MCAP Mortgage, they are only steps above payday lenders

I have been with MCAP for 10 years. For most of the time they were good but when my five year mortgage came up this April the MCAP representative was rude. He tried to upsell me and absolutely disregarded my wishes. When I complained I was given to someone else who gave me a dose of"kellyanne Conway" empathy. It turns out she conned me into getting a short term 6 month penalty even though she knew I wanted a new mortgage in four months time for my new house. Now she tells me there is a $2,500 penalty. MCAP is losing buisness to True North Mortgage and I have the impression they are under pressure to upsell at the customers cost. Awful, awful company who now engage in dirty tricks.