MCAP Fixed Mortgage Consumer Reviews

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 They originally promised us $1000 cashback for our first mortgage and then suddenly rescinded the offer at the last minute.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

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.