Reviewed by Micky Khaneka, licensed mortgage broker
A Vaughan consolidation is a new mortgage sized to clear named debts, not a blank increase in the balance.
MKG Mortgages prices the penalty and the new payment against the bills that would actually stop, including on Woodbridge houses where the balances are often larger.
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.
Illustrated Woodbridge value: $1,400,000. Mortgage: $760,000. Cards and a line: $42,000. The new mortgage in this sketch is about $802,000 before the penalty. These figures are illustrative. They are not a quote, an approval, or a client result. The extra payment is the cost of clearing $42,000.
These are the kinds of debt consolidation files we structure in Vaughan.
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.
Woodbridge and Maple are where most of these requests start. Vellore towns sometimes carry fees that belong in the budget. Kleinburg prices make the same dollar of debt a smaller slice of the equity, which does not skip the income test.
Woodbridge and Maple are where most of these requests start. Vellore towns sometimes carry fees that belong in the budget. Kleinburg prices make the same dollar of debt a smaller slice of the equity, which does not skip the income test. Thornhill and Concord include more condos.
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.
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People ask how debt consolidation works on a Vaughan property, and what documents come first. The short answers below stay on this page. The lender still decides, and the office is in North York. The lender still decides. Any example figure is illustrative.
Only what the appraisal, the existing mortgage, and your income support. The neighbourhood does not set a dollar amount.
If the only win is a slightly lower payment and the penalty is large, wait. If the card interest is the problem, the penalty is part of the cost of fixing it.
We can, and we show the interest you may pay by moving a short car loan onto a long mortgage.
The payout amounts are specific. Leaving the cards open for new spending undoes the file.
The other services in this list each have a Vaughan page. Open the one that matches the file, whether that is a purchase, a refinance, a renewal, a consolidation, self-employed income, or a private mortgage. The lender still decides. The lender still decides.
The Vaughan hub names the neighbourhoods, the housing that shows up, and a local example. It links back to these service pages. The office that handles the file is in North York, and the lender still decides. The lender still decides.
Vaughan area hubDebt Consolidation is written for each city MKG serves, not only Vaughan. The local page changes the neighbourhoods and the example. The rules of the product stay the same, and the lender still decides. The lender still decides. Any example figure is illustrative.
Send the agreement or the mortgage statement for the Vaughan property, or book a call. The first conversation is free. It is a review of this file, not an approval, and the office that handles it is in North York.
Sources. FCAC — mortgages Published rules change. Read the current page, and confirm tax with your lawyer, before you rely on a figure.
Any rate or payment mentioned is illustrative and on approved credit (OAC). It is not a quote, a commitment, or a current offer.