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!

I would highly advise against going with this lender.
They reach their hands out to quickly grab your money, but when it's time to help and give back, they are loan sharks. They are predators.

I am breaking my mortgage early to get a FANTASTIC rate with a top bank. MCap is charging an $8870.00 payout when 3 months interest penalty would have cost me $1400.00. They are hiding behind the fine print in their contract to charge the greater of two pay-out options.
I escalated it to higher management and the script is not only dishonest but is utterly unempathetic. MCAP are not into customer service and long term relationship building. They are not into seeing us thrive and improve financially.

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.