MCAP Fixed Mortgage Consumer Reviews

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!

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.

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.

Thank you for making every step of the process the most complicated thing ever. I'm, actually, amazed on how absolutely useless this company actually is. I would never ever consider dealing with MCRAP EVER again. They keep asking for paper work that baffles the lawyers and Realtors. Just when you think you're almost done dealing with all of that, they ask for more forms. We were ready to close and sign for our new home and they didn't even have the money ready. Then they say on the day of CLOSING that they were missing paper work from our mortgage broker (which they are not) and need to push back the process four more days. In the meantime, my spouse and I are living in a hotel out of our suitcases. I'll never deal with these people again.

I will never deal with MCAP again. They originally promised us $1000 cashback for our first mortgage and then suddenly rescinded the offer at the last minute. We were forced to go with them because we were running out of time, but I will avoid them like the plague when it's time for refinancing.

I have been with MCAP for the past 3 years and initially signed up due to their competitive rate. Since my ex and I separated, they have done nothing but cause me trouble and headache. The documents I send are never enough, they advise me that I cannot have a co-signer that doesn't live in the house with me, therefore, my ex would have to remain on the mortgage until I can either make more money or find someone else to move in. I was told that my credit rating did not qualify for even a review of my file, so they basically opened it and closed it without even speaking to me about anything. This company is honestly the worst as far as customer service is concerned and as far as helping their customers through this difficult process. I would not recommend this to anyone I know!

Two representatives in particular don’t know their job, they pressure you and use scare tactics! When it comes to insurance claims (e.g. roof shingle replacement) they hold the funds as long as they like and use it for leverage so you renew your mortgage with them! I am so disgusted with MCAP that I will never forget what they put my wife and me through!!!