MCAP Fixed Mortgage Consumer Reviews

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.

I have never worked with a more incompetent company in my life. The amount of time I spent jumping thru hoops that made no sense and having things put on hold and not working was incredible.

We book to call us at 10 am but never call us back. If this happens again. I will find another mortgage company. Your time is important, and so do I. So please do not ignore us.

MCAP has some of the most ridiculous rules in the industry. No other lender uses these which causes ridiculous delays in Buying and selling homes. I've been an MCAP customer for 15+ years and looking to buy a new home and Port an existing mortgage. Everything was progressing fine till MCAP sees the new home's Agent and my Agent worked for the same company. Even though they knew we had a short closing window they stop processing the new financing and demand an Appraisal on the new property. Knowing full well that by delaying there was no hope of meeting our closing date. Even though we are putting down $500,000 on a $750,000 purchase. They knew the Appraisal would push the finance out past our closing but that did not concern them. No dealing with them. NEVER USE MCAP.

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 have my mortgage through MCAP recently I wanted to purchase a new house and needed a larger mortgage to do so. I have been a solid customer with MCAP for 6 plus years. Due to COVID, I had to take unemployment for a few months since hospitality jobs were locked down and you can't work remotely in most hospitality businesses. I have been back to working full-time for a year and a half. That doesn't matter since I took unemployment they will not give me a mortgage, because they won't take into account that COVID happened and many people had to take unemployment. So now I have to pay penalties for breaking my mortgage and go somewhere else.

They had no problem giving me the mortgage, but the renewal screwed me raising it so high it put a huge strain. Covid got me after and they don't understand to stop putting payments through when the money isn't there. They just keep doing it every week or so to get you further behind they take your house without a thought. Homeless after giving it all I had. I'm sick.