MKG Mortgages · GTA
Reviewed by Micky Khaneka, licensed mortgage broker
Debt consolidation rolls named balances into the mortgage so there is one payment. It is worth doing when the equity is real, the penalty is known, and the new payment replaces bills you will actually stop.
A lower month stretched over a longer amortization can cost more interest. MKG Mortgages shows both, for homeowners across the GTA.
Micky Khaneka, licensed mortgage broker, M21002608, FLOW Lending Group, Brokerage #12864
It helps when the debts being cleared are named, the accounts will not stay open for the same spending, and the penalty is smaller than the problem you are solving. MKG shows the monthly payment and the interest over the new amortization.
An illustrative example lists the mortgage balance, the cards or the car loan, and the penalty to break the term. The new mortgage is those amounts, not a blank increase. If the penalty is the larger number, the sketch is a reason to wait.
Illustrative example
The challenge. The card payments were the strain, and the house had equity.
How MKG structured it. We refinanced to include those named balances and set up one mortgage payment in their place.
Illustrative example
The challenge. They wanted the payments gone, not a larger mortgage with the same bills still open.
How MKG structured it. We listed the accounts to be paid out from the advance and built the mortgage around that list.
Illustrative example
The challenge. Renewal and consolidation could happen together.
How MKG structured it. We used the maturity date so the consolidation did not need a penalty on top.
The equity, the penalty if any, and the new payment are written down before the debts are added.
Bring the mortgage statement and the statements for the debts you want gone. MKG checks equity before an appraisal is ordered. The payout amounts are specific. Leaving the cards open undoes the reason for the new mortgage. The lender still decides.
01
Cards, lines, and loans are priced separately so we can see what a single payment would replace.
02
Consolidation only works if the property can support the new mortgage and you still qualify.
03
If we proceed, the debts being cleared are named. The point is fewer payments, not a larger balance with the same cards left open.
Small balances you can clear in a few months should stay outside. So should any account you intend to keep using. A short car loan moved onto a long mortgage can cost more over time. That comparison is part of the first conversation.
One mortgage payment may cost less. We compare the interest over the life of the loan, not just this month.
Consolidation is a structure, not a reset of the underlying spending. We say that plainly.
A decline at one place is about that lender's box. Other programs may still fit, including alternative lending where a fee applies.
| Path | Best fit | Watch for |
|---|---|---|
| Refinance | Enough equity and a penalty you accept | A longer amortization |
| HELOC | Debts you may pay down and redraw | A revolving limit that stays open |
| Second mortgage | A good first mortgage you should not break | A higher cost and a short term |
Sources. FCAC — mortgages Published rules change. Read the current page, and confirm tax with your lawyer, before you rely on a figure.
Each of the seven city hubs has a debt-consolidation page, from North York to Milton. A newer house often has less room than an older one because the mortgage is still close to the purchase price. The test uses your statement, not a city average.
The note below is paraphrased from a public Google review. It is one client's experience, not a promise that the next file ends the same way. A rate in a client's words is not an offer from MKG. The lender still decides.
A homeowner combining payments wrote that the trade-off between a lower monthly payment and a longer mortgage was explained before they decided.
Paraphrased from a public Google review of MKG Mortgages. Names and identifying details are left out.
Micky Khaneka is a licensed mortgage broker, FSRA M21002608, at FLOW Lending Group, Brokerage #12864. Canadian Mortgage Professional named him to the CMP Top 75 for 2026, at number 15 in Canada. The lender still decides. The lender still decides.
Micky Khaneka, licensed mortgage broker, M21002608, FLOW Lending Group, Brokerage #12864
The firm serves clients in English, Hindi, Punjabi and Bengali.
Elite Hall of Fame
CMP Top 75 Broker 2026
President's Platinum Club – Top 1%
Pinnacle Club – Top 0.5%
These are the questions that show up before a file is opened. The short answer sits under each one in the page, so you can read it without opening a box. The lender still decides, and a figure in an example is not an offered rate.
Not always. A lower monthly payment stretched over a longer amortization can cost more interest overall. We show both numbers before you decide.
Then a mortgage consolidation is not the tool. We will tell you that and talk about what else is realistic.
Book a time or send the statement, the agreement, or the assessments you already have. The first call is free. It is a review of the file, not a promise of approval, and any rate talk stays illustrative and on approved credit.
Any rate or payment mentioned is illustrative and on approved credit (OAC). It is not a quote, a commitment, or a current offer.