MCAP Mortgage reviews and complaints
The good, the bad, and the ugly - discover what customers are saying about MCAP Mortgage
Welcome to our customer reviews and complaints page for MCAP Mortgage. We understand that making informed decisions about where to invest your time and money can be challenging, which is why we've created this platform for our community to share their honest feedback about their experiences with MCAP Mortgage.
On this page, you'll find a comprehensive collection of reviews and complaints from real customers who have used MCAP Mortgage's products or services. Our reviews are authentic and unbiased, providing you with a complete picture of the company, its products or services, and their customer service.
Whether you're considering doing business with MCAP Mortgage, or you've already had an experience with them, our community's reviews and complaints will give you a valuable perspective on what to expect. Our goal is to help you make informed decisions about where to invest your time and money, and we hope that our platform will be a valuable resource for you.
Please feel free to browse our reviews and complaints and share your own experience with MCAP Mortgage. Your feedback is an important part of our community and will help others make informed decisions.
Customer services
This is the worst mortgage company ever, everyone that works at this company is rude not helping or understand. Especially Jonah dooling! A very rude man when I ask for help he had told me that this isn't his job and he isn't even suppose to do this. I don't know why my family got a mortgage from them. I guess cheap mortgage calls for less classy and I'm professional place. I would not recommend anyone to get their mortgage from here.
Service, Information access, fees
I have a mortgage from MCAP. The rate is v. low, actually the lowest available at the time by .1%. The low rate is the single, solitary positive benefit I have experienced so far in my rel'n with MCAP.
First, they gave us a HUGE hassle in putting my wife on the mortgage. They would have excluded her from teh mortgage and from the title deed of the house, except for a very competent and assiduous employee at True North Mortgage, our mortgage broker, who eventually closed the mortgage the way we had originally insisted it be closed - with my wife's name on it and on the title of the house.
Next, if you want to pay an additional amount on your principal, they have a v. awkward and strict policy. You have to "request" this ahead of time, deposit the money in your bank account, and then wait until your NEXT mortgage payment is withdrawn. This means your money is sitting in your account for as much as a month, collecting no interest. Trying to time the deposit/withdrawl accurately caused us a large hassle, and we were hit with some exorbitant fees, which we eventually ironed out, although through more hassle. As in other corporations with which I have done business, here also the front line people know very little, but are consistently obstructive. Just go above their heads as quickly as possible. Eventually you will reach someone with some discretion.
Third, there is NO ONLINE ACCESS to your MCAP account. You cannot check to see your amortization schedule online, you cannot check to see how your amortization schedule has changed after additional payment to your principal, AND THEY WANT TO CHARGE YOU $25/HOUR for secretarial work if you want the history on this! In other words, they lack the online info, and want you to pay them to calculate everything manually, as if it were the customer's fault they are in the dark ages with respect to the internet! What a farce.
Fourth, their exit fee, which you pay at the end to close the mortgage, is the highest relative to all the other lenders we researched.
Bottom line: So far, this mortgage company has been an enormous pain. Previously we had another lender that was slightly more expensive on interest, but without any of the hassles, limitations on information and payment timing, and without the extra fees we have experienced with MCAP. If I could go back, I would have stayed with our old mortgage lender.
The complaint has been investigated and resolved to the customer’s satisfaction.
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I agreed with Qq21, from the gecko when I contact Jonah Dooling 4 weeks before my closing date, he would not accept my documents until 1 week before the closing date. He made me do all the phone calls, the Email between my lawyer, my home builder, home appraiser, where it should be done by him, the broker . He was so rude and lazy. I will not renew with RMG/MCAP once it is up for renewal in 2 years.
Mcap is a mortgage lender, with mortgage agents. You are required to provide your documents, organize your legal service and appraisal. The mortgage agent simply submits the documentation to the underwriter for approval.