MCAP Fixed Mortgage Consumer Reviews

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!

I have a mortgage and Line of Credit with MACP. They were easy to contact until 2019 then they were impossible to get through to, and always a long delay from emailing them to someone calling back (usually an unknown number with a 604 area code). Anyway. I have set up weekly payments to chip away at paying down my LOC from my bank account, which is also the bank account they sent money to from the LOC when needed. I have had 4 payments "reversed" with no notification from MCAP totalling $8700 I contacted them and today talked to someone who sounded like I hade woke them up and asked they wondered where I was sending the money from. Remember, most payments go to them OK and from my only bank account they have for me. When a 5500, and 2000 payment was reversed recently did I notice this issue. Surely if they thought there was an odd activity someone would call? They said they did, but never before I have contacted them. This $8700 has never been sent back to my bank so while they may have reversed it, it was never sent back to me, so the money is where? They have now escalated it and will be in touch within 48 hours. Stay away

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.

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.