MCAP Fixed Mortgage Consumer Reviews

I recently had to close the account my mortgage payments more coming out of and had to open a new bank account. I mistakenly missed typed a number on the pre-authorized form and missed a payment. Once I spoke with the bank and realized my mistake I called MCAP right away. They said that they could possibly wave one of the THREE NSF fees that they were going to charge me because they are "very sticky" on their fees! After 9 years of being with a company you would think that there would be SOME kind of forgiveness in a situation like this over ONE missed payment....and I mean it has been 10 days and apparently I now have a total of $675 worth of NSF fees. The lack of compassion or understanding in these times is absolutely unbelievable! I will NEVER come back to, nor recommend, this company to anyone in the future!!
P.S. Michael R was great. The only thing good I have to say about this company.

I recently switched mortgage companies to MCAP in order to get a better rate. We opted out of paying the property taxes with our bi-weekly payment. When our first payment came out, it was the wrong amount and when I called to have the problem fixed I waited on hold for almost 2 hours. The representative said it would be fixed and my next payment would be significantly less. The next payment that came out was exactly the same overpayment as they had previously taken.
All in all, not a good way to start a new customer service relationship. DO NOT choose this company.

Would never recommend these specialists to anyone.
Our mortgage has been assumed by MCAP
We were told over and over it was portable. The specialist, Jonah, who we dealt with was so slow to get back to us. One week to closing and still no manager has returned our calls/requests for assistance.
RUNAWAY

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 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.

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!

They charge $90 to change payment frequency. Online or if you call in. The call center is in the Philippines. Can't understand anything yet you need to pay extra for service. I'm only with these guys because the property was taken over in an Estate, or else I would NEVER EVER deal with them. Stay away!

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!