MCAP Fixed Mortgage Consumer Reviews

Beware of using this company. My wife and I tried to get a line of credit from our house equity and were denied. But another bank had no issue giving us one of we had our mortgage with them. When we tried to leave MCAP they told them we are locked in and they will not let us pay any penalties or fines to leave MCAP, so we can fix our leaky basement that is causing damage and mold in our house. So MCAP is forcing us to get credit at 18% interest when we can move our mortgage to another bank and only pay 2.9% or continue to have our house damage and live with mold. We have been with them for 7 years and never missed a payment or been late. They care nothing about your debt versus income ratio, only your credit score. And one of our scores is fine. Beware of MCAP. Your house is not considered an asset unless it is with a big bank. So you can't even borrow against your house with other lenders if you are with them.

Hopefully, you can work with a mortgage broker who will take care of you because MCAP's customer service team will not. We have been a customer for over 12 years and have held both $300K and now over a $600K mortgage with them and the first time an issue came up they would not help. We wanted a refund for the sudden appearance of a "Home System Service Plan" that we did not sign up for and was never on our monthly invoice but they tell you that it was "carried over" and you were always paying for it before, which is simply untrue. They had no issues with cancelling the plan but would not refund me the monthly amount they initially charged. Beware of these money grabs - they are trying to offer you 'free services' that they don't explain clearly that will only be free for so long in your fine print and then start charging you hoping that they will at least get these extra fees from people who are not paying attention. I will share this across as many sites as I can.

We have been with Mcap from last 6 years. Their Account Managers are the worst people to deal with. You keep calling them and leave messages and emails and they never get back to you. We provided them with all our documents on the first day of our refinance application where we clearly communicated that we needed to know if we're approved or not and asked a simple question about the rate they will charge if approved. We needed to know since we had put an offer on a property so time was of the essence. Even on the 9th day after our application, the account manager contacted us (after leaving her several voice messages) to let us know that they were looking at our application. So they had still not decided on our case. At that time, we denied to even waste our time with Mcap and went with someone else. Definitely will not recommend to anyone.

The online portal is mediocre at best. The 'customer service', if you can call it that, is sub-par with representatives on the 1800 line that are either rude, disinterested in your issue, or unknowledgeable and guessing. When your voice raises because they are not answering your question, they threaten to hang up on you for being too aggressive. Hint: people would not be aggressive if you listened to their concern and actually answered their question or looked into their concern. I cannot wait to NOT be an MCAP customer. I'd rather pay more in an interest rate elsewhere than have this unprofessional company hold my mortgage. Obviously, the mortgage broker I went through is in MCAP's back pocket for recommending them so I consider that relationship a burned bridge now too.

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.

They are terrible with returning calls or emails. They contradicted what they said when we first applied to refinance. We have been with them for 12 years, never missed a payment and have had two separate horrible experiences so far! Refused to give us a better rate because we were already existing clients. Sent us through hoops for over one month. We will be looking for another mortgage. Will be worth the $3000 penalty we'll be facing to move away from them. Never again!

MCAP provides terrible customer service when it comes to returning your calls. The house we purchased was kilometres away from any river but prior to approval, they required an engineer to write a report to say that our house was not in a flood zone. When you look at the provincial website, you can see where both the house is and the river that is kilometres away. It was a very expensive printout of google maps from the engineer/assessor to prove this. Then comes life/disability coverage. MCAP does not provide good coverage. If you have had a sleep apnea test, they will not provide disability insurance despite being in great physical shape with no other health concerns.

We were trying to refinance our mortgage, MCAP refused to do it. My mortgage agreement has zero restrictions for MCAP itself to refinance. They made up that as a rental unit they will not refinance, but they waited until the closing date to tell us. This was malicious and almost cost us a house deal and would have resulted in us potentially becoming liable for a sale falling through or my partner and our two-year-old becoming homeless. MCAP's response to all that. "We really value your business and look forward to our continued relationship". Avoid an MCAP Mortgage, they are only steps above payday lenders

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.