MCAP Fixed Mortgage Consumer Reviews

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!!!

When it came time to resign my mortgage rate, the rate was inflated substantially in a time where people are struggling. I never missed one payment and was late once in five years and that was an accident and corrected in 2 days. For all my upstanding timely payments, because I suffered a credit drop they decided that helping someone already having difficulty. Once my credit score goes back up I will be doing whatever possible to get away from these crooks. I thought paying on time and not missing payments should be rewarded but I must be the crazy one!

They have the right to set their own prime rate, which is totally unethical. Essentially they can choose their own rates and they do not have to follow the Bank of Canada rates. I would never borrow money from them again. I will be looking at other more ethical lenders that follow the Bank of Canada’s rate adjustments.

I called yesterday the customer service 3 days after RBC set the prime rate down 0.5 points following the bank of Canada. The attendant said they are a private bank and the rates may even go up not down.

Good interest rates and approval but not at all flexible for making any changes (ie: skipping a payment or changing payment frequency)