MCAP Fixed Mortgage Consumer Reviews

I tried taking a loan from my home equity. It was torture. They ask for many irrelevant documents like investment proof. Last time I had taken from another bank. Got it within a week, and without hassle. I returned the loan taken before time too.
Never declared bankruptcy, always paid money before time.

I am very disappointed with this mortgage company as I won’t qualify for the HELOC even my household income is over 100k. According to them apparently having 2 part-time jobs is better than having a full-time job. I don’t have other loans, my credit rating is pretty good and my house is over $1m with only about 30 pct balance to pay. The underwriter keeps declining my loan with lame excuses. I can’t even get out because of my mortgage type is value flex which is thanks to butler mortgage.

I recently had to close the account my mortgage payments more coming out of and had to open a new bank account. I mistakenly missed typed a number on the pre-authorized form and missed a payment. Once I spoke with the bank and realized my mistake I called MCAP right away. They said that they could possibly wave one of the THREE NSF fees that they were going to charge me because they are "very sticky" on their fees! After 9 years of being with a company you would think that there would be SOME kind of forgiveness in a situation like this over ONE missed payment....and I mean it has been 10 days and apparently I now have a total of $675 worth of NSF fees. The lack of compassion or understanding in these times is absolutely unbelievable! I will NEVER come back to, nor recommend, this company to anyone in the future!!
P.S. Michael R was great. The only thing good I have to say about this company.

I recently switched mortgage companies to MCAP in order to get a better rate. We opted out of paying the property taxes with our bi-weekly payment. When our first payment came out, it was the wrong amount and when I called to have the problem fixed I waited on hold for almost 2 hours. The representative said it would be fixed and my next payment would be significantly less. The next payment that came out was exactly the same overpayment as they had previously taken.
All in all, not a good way to start a new customer service relationship. DO NOT choose this company.

We are transferred into MCAP by IA financial six months before our mortgage expired without any our permission and choice. They will charge extra mortgage interests plus daily interests even we pay out on the exact expired day. Also the closing charged is super expensive $380. The renew rate is very high so there is no way stay with them. Then you will be charged a lot if you switch out.

I would highly advise against going with this lender.
They reach their hands out to quickly grab your money, but when it's time to help and give back, they are loan sharks. They are predators.

I am breaking my mortgage early to get a FANTASTIC rate with a top bank. MCap is charging an $8870.00 payout when 3 months interest penalty would have cost me $1400.00. They are hiding behind the fine print in their contract to charge the greater of two pay-out options.
I escalated it to higher management and the script is not only dishonest but is utterly unempathetic. MCAP are not into customer service and long term relationship building. They are not into seeing us thrive and improve financially.

I should have read the reveiws before signing. We found out about the sale only clause AFTER we had all the paperwork and the house assessed, even though they did give our broker the penalty amount for leaving early... now I am stuck with MCAP for 9 more months and I risk losing the lower interest rate, plus I am out the amount for the reassessment.

I will be leaving in 9 months for good, and for greener pastures.

Basically, they have a sale only clause for paying out your mortgage early. So if you want to pay out your mortgage or renegotiate a better rate you are out of luck! However, they will renew and refinance you with big fees into the same restrictive mortgage. And to make matters worse they will not offer their clients the publicly advertised brokerage rates i.e. the advertised rates with MCAP at the time of this writing were 1.49% with True North Mortgage but MCAP will only offer their current clients 1.89% for an early renewal + fees in the thousands (Yes, I said thousands!) making it virtually cost-prohibitive.

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