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.

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.

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!

Please, learn from our costly mistake - even if the rate is a bit better than others, I strongly recommend not doing business with this lender. Immediately upon signing and getting our documents in the mail, I knew this was a big mistake. Guy came to our home to sign documents in which he advised we could make changes to increase bi-weekly payments as long as we initialled. This was not the case - any changes we made to payment frequency and amount were unable to be made. We wanted to have higher payments to pay off sooner but they would not let us change this even though the broker told us this change could be made. Then tried to borrow $50,000 more of the $750,000 equity we had in our property. Not able to do this without charging us a $5500 change fee. Okay... Now trying to get out early and it is again a disaster. We get a different answer from specialists each time we call. I will happily pay the penalty to get away from this lender. We are losing money to get out of this mess but I don’t care. Moving on to a real financial institution that doesn’t need to play games, be dishonest and not honour the words of their employees. Goodbye!

Pay attention to the early payout provisions: only available to payout end of term, sale of the property, flip into another Mcap mortgage or death. Renewal: if you don't renew or payout, you automatically renew into a 6th-month term at 5.95% interest, you have the option to resign with them without penalty. If you wish to payout at the end of 6 months you are subject to penalty and a reinvestment fee. I received my renewal letter, which wasn't a great rate but, the renewal agent convinced my rates would drop and they didn't at least with MCAP. I called my renewal manager 2 days ago still haven't heard back from him. I have pretty much run out of time to renew with another lender. Their game, stretch it out as long as they can and lying. Their rates are not competitive but, make you believe they are working to get a better rate. Make certain you know your mortgage if you decide to go with them. There are better rates and lenders out there.

They immediately increase their prime rate with BoC's decision but don't follow the BoC rate deduction decision. It is time to refinance and get rid-off these scam artists.

The ONLY good thing is a competitive mortgage rate. Customer service - 1/5... waiting for 1 hour to pick a call. Support - 0/5... To get mortgage statements when you sell a property they are charging me $75 for each. NEVER will use this lender again nor will endorse it. New first time homeowners beware as the interest rate may lure you in, but good business ethic and good client support are more important.

Hi All, I have the worst experience of lending with MCAP. If your broker ever introduces MCAP to you, never do home or any kind of mortgage from them. They are the worst customer service and they never help you out. I did mortgage with them on a variable rate and they are not changing it to a fixed rate. Other providers are giving a fixed rate of 2.84, 2.79 and these people gave me a 3.49% fix rate. They will tell you on the phone that they are going to email you the offer but they will put the offer on your online account whether or not you have set your online system. I never did that none of their customer service people told me to do so. I kept calling them sending them emails and they never call me, they keep calling to my wife and start saying things she has no idea what to say. She told them to call my husband which they never did. Now I get a chance to talk to them they gave me a 3.49 fixed rate. While other mortgage providers are giving 2.84, 2.79, 2.69 fixed rate.

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.