MCAP Fixed Mortgage Consumer Reviews

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.

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.