MCAP Fixed Mortgage Consumer Reviews

MCAP only started our process 2 days before the closing date. And they asked for odd and uncommon requests from both sellers and buyers They extended our closing knowing sellers already moved out and we are supposed to leave our present place. They have no respect to your needs. I think all the stress they are causing because of their incompetence is not worth the low rates they give.

MCAP was great when I took a fixed-term mortgage for $180,000 back in 2006. I never missed a payment and paid more than what was required each month in an effort to pay it down. Flash forward to 2019 when I was downsizing and only needed $40,000. I was porting my term and agreed to take their minimum $50,000 mortgage "for ease and to maintain consistency". Their main lines have been "experiencing a high call volume" for close to a year. It took a week to get a return phone call, by which time I had forgotten why I called in the first place. As much as the personnel that I dealt with were pleasant, the overwhelming paper burden that was attached to the porting of my mortgage, along with the impossible demands for documents that didn't exist, made this an impossible situation. A week before my sale and purchase closed, and after 2 1/2 months of providing every possible document that was within my power to provide to MCAP, a friend pointed out that it was possible that MCAP no longer wished to give me a mortgage as the amount I needed was so low....hmmm...food for thought. I pulled my mortgage application and went with a major banking institution who was able to help me secure funding. A year ago I would have recommended MCAP, not now though :(

They signed us up for additional (optional) insurance without our consent. After contacting them, it took a week for them to get back to us and they called every number they had on file for us even though I clearly specified to contact us by email. Then they chastised us for their mistakes. We will be switching providers as soon as our term is up because of course, the fees to switch now are over five figures. Highly recommend staying away from MCAP.

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.

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!

I wanted to buy out my mortgage early, so I contacted MCAP. I was given the information on how to request and I followed the directions. I was told that I would receive confirmation of my request in 48 hours. But because of one word my request was denied and neglected to inform me of this. An e-mail was sent...no response, so I had to contact them. I was told that my request was denied because it didn't meet their format. It wasn't until I got angry several days later that a manager informed me about the one word. My plans have been pushed back 60 days...I informed them to make it work because the bank has been directed to release no more funds to MCAP. I feel they are purposely drawing this out to get as much interest payments they can out of me. Stay away from MCAP!!!

Would never recommend these specialists to anyone.
Our mortgage has been assumed by MCAP
We were told over and over it was portable. The specialist, Jonah, who we dealt with was so slow to get back to us. One week to closing and still no manager has returned our calls/requests for assistance.
RUNAWAY