MCAP Fixed Mortgage Consumer Reviews

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 They originally promised us $1000 cashback for our first mortgage and then suddenly rescinded the offer at the last minute.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!!!

I have had a terrible experience and would absolutely not recommend them to anyone. Just awful with being prompt. This process for my mortgage has been going on for two months... utterly ridiculous.

Beware, they do not disclose all fees, and after you will see fees deducted EACH year in your mortgage statement.

I couldn't rank them any lower than a 1. I would highly recommend you stay away from MCAP. We have been dealing with them for the 8 years. Once they have their hooks in you, they are not great to deal with. Their mortgages contain a clause that will not allow you to deal with anyone else if you are trying to refinance or make any changes. We have been dealing with a broker and were refinancing in order to draw out equity in order to support an investment and purchase additional assets. We were immediately approved by TD with a great rate but the transaction was blocked by MCAP due to this clause. We then decided that it was our fault for not realizing the clause was there. We then proceeded with an application to refinance with MCAP. They took weeks to get back to us and then proposed an absolutely horrible rate based on what the market had to offer. They also did not provide what we had requested. The process with MCAP has taken almost 10 weeks and we are still 'working through' things with them. They are slow to respond, make tons of mistakes in their documents. Lose track of information and will not commit to any sort of timeline. We have never ever missed a payment and have never been a burden to MCAP. We are on the brink of losing our ability to purchase the asset due to MCAP's inability to get things done and get back to you in a timely and respectful manner. We are handcuffed and have no choice at this point unless we choose to sell our home to get away from MCAP. I am willing and wanting to do this but my other half does not support that. MCAP has absolutely been the worst experience I have ever had with any financial institution. Be careful if you choose to deal with them and make sure you read the fine print. They themselves do not fully understand their own T's & C's. I took one of their legal reviewers to point out the clause. The person handling the application was completely unaware. As a professional that manages a business, I would never deal with anyone the way MCAP has. Stay clear of these people. There are many other lenders that offer the same if not better rates and will provide the support you need when working through the process. MCAP will not base on our 10-week nightmare.

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.

Good interest rates and approval but not at all flexible for making any changes (ie: skipping a payment or changing payment frequency)