MKG Mortgages · GTA
Reviewed by Micky Khaneka, licensed mortgage broker
A home purchase mortgage is the loan that completes the purchase. The useful number is the payment you can keep, plus the cash that has to be left for land transfer tax and legal fees.
MKG Mortgages sets that ceiling before the offer, for houses and condos across the GTA, from the office in North York.
Micky Khaneka, licensed mortgage broker, M21002608, FLOW Lending Group, Brokerage #12864
A broker can line up the down payment, the payment you can carry, and the condition dates before you write. MKG shops more than one lender and matches the file to the property, whether that is a condo, a house, or a new build.
An illustrative example uses a price, a down payment, and a payment sketch so you can see whether cash remains for land transfer tax and the lawyer. It is not a quote and not an approval. The real file uses your documents and the property you offer on.
Illustrative example
The challenge. The condition date was close, and the documents were still in pieces.
How MKG structured it. We packaged income, the down payment, and the property for the lender in time for that date, and stayed with the lawyer through funding.
Illustrative example
The challenge. They wanted a ceiling before weekend showings, with cash kept aside for closing.
How MKG structured it. We split the savings into down payment and closing costs, then gave them a purchase range they could take to the showings.
Illustrative example
The challenge. The payment worked more comfortably once eligible rent was included.
How MKG structured it. We confirmed the suite with the lender's documents and used the rental income that program accepts.
A pre-approval sets the budget; the lender still reviews the specific property.
The file starts with income, debts, and the cash you actually have. The offer comes next, with dates a lender can meet. After acceptance, the property, the appraisal if one is needed, and the lawyer's closing are the remaining steps.
01
We look at price, down payment, and the monthly payment you can live with, so the search has a ceiling.
02
A condo, a house, and a new build are not reviewed the same way. The file is built around the property you actually want.
03
Conditions, the lawyer, and the lender stay coordinated until the purchase is funded.
Most purchase files start before showings, when the budget is still a choice. Some start after an offer is accepted, and the condition date becomes the deadline. Bring the agreement if you have one, or the savings and income documents if you do not.
A clear budget before showings, including cash you will need beyond the down payment.
A file that is packaged for the condition date, not started after it.
New construction, a rental suite, or a purchase that a single bank branch would rather skip.
| Path | When it comes up | What the file needs |
|---|---|---|
| Insured | Down payment under 20%, price under $1.5 million | Insurer rules, your own cash, and the property |
| Conventional | At least 20% down | Lender rules without default insurance |
| New build | A builder agreement and a later completion | Deposits, the completion date, and cash still left |
Sources. FCAC — mortgages · CMHC — mortgage loan insurance · Sagen · OSFI Guideline B-20 · Ontario land transfer tax · Toronto municipal land transfer tax Published rules change. Read the current page, and confirm tax with your lawyer, before you rely on a figure.
Home purchase pages exist for North York, Toronto, Vaughan, Mississauga, Brampton, Oakville, and Milton. Each city page uses the streets and housing of that city. The service name in the menu stays city-free. The office for all of them is in North York.
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 buyer wrote that questions were answered in plain language and that the file stayed organized through to the lawyer.
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.
Before you write an offer, if you can. That gives us time to review income, down payment, and which properties fit the way lenders qualify a file.
If you already have an accepted offer, call anyway. The timeline just gets shorter.
The mortgage is the job, and the surrounding pieces matter. We flag closing costs, condition dates, and documents the lender will ask for so nothing important is left to the last week.
It depends on the price. Under $500,000, the minimum is 5%. Between $500,000 and $1.5 million, it's 5% of the first $500,000 plus 10% of the rest. Illustrative example. That is $70,000 on a $950,000 home.
At $1.5 million or more, it's 20%. With less than 20% down your mortgage is insured, and the premium is usually added to the loan. Lenders can ask for more if you're self-employed or rebuilding credit.
We'll show you the minimum and the smarter number for your plan.
Checked October 18, 2026. https://www.canada.ca/en/financial-consumer-agency/services/mortgages/down-payment.html
An insured mortgage has default insurance from CMHC, Sagen or Canada Guaranty. It's required when you put less than 20% down, and the home has to cost under $1.5 million. You pay a premium, usually added to the loan, but insured mortgages are often priced lower than the same file without insurance.
That comparison is not a rate offer. Conventional means 20% or more down and no premium. Some lenders still insure those in bulk behind the scenes, and that can affect pricing.
The best choice depends on your cash, the price and your plans, and we compare both.
Checked October 18, 2026. https://www.canada.ca/en/financial-consumer-agency/services/mortgages/down-payment.html https://www.cmhc-schl.gc.ca/professionals/project-funding-and-mortgage-financing/mortgage-loan-insurance/mortgage-loan-insurance-homeownership-programs/purchase
The insurance protects the lender if a mortgage goes bad, so the lender takes less risk and usually prices insured mortgages more sharply. You pay for that protection through the premium, so the right comparison is the total cost, not just the rate. That comparison is not a rate offer. Sometimes a buyer with 20% down is better off putting down a little less, and sometimes not.
Business owners can often qualify for insured programs too. We run both options so you see the real difference.
Checked October 18, 2026. https://www.cmhc-schl.gc.ca/consumers/home-buying/mortgage-loan-insurance-for-consumers/cmhc-mortgage-loan-insurance-cost
The premium is a percentage of your mortgage, and the bigger your down payment, the lower the percentage. It's roughly 4% of the loan at 5% down and about 2.8% at 15% to 19.99% down. It's normally added to your mortgage, so you don't pay it upfront. In Ontario, though, provincial sales tax on the premium is due in cash at closing and can't go into the loan.
It's a one-time cost, not monthly. We include it in every number we show you.
Checked October 18, 2026. https://www.cmhc-schl.gc.ca/consumers/home-buying/mortgage-loan-insurance-for-consumers/cmhc-mortgage-loan-insurance-cost
Yes. With 20% or more down, many lenders offer up to 30 years. With less than 20% down, you may qualify for a 30-year insured amortization if you're a first-time buyer or you're buying a brand-new home, subject to lender and insurer approval.
Everyone else is limited to 25 years on an insured mortgage. A longer amortization lowers your payment and can help you qualify, but you pay more interest over time. Prepayment privileges let you pay it down faster when you can.
We show you both payments side by side.
Checked October 18, 2026. https://www.canada.ca/en/financial-consumer-agency/services/mortgages/choose-mortgage.html https://www.canada.ca/en/department-finance/news/2024/09/the-boldest-mortgage-reforms-in-decades.html
Often, yes, if your mortgage is portable. You move your current balance and rate to the new home and add the extra you need. The lender usually blends your old rate with today's rate on the new money.
You still have to qualify again, and the new home has to meet the lender's rules. Timing matters too, since many lenders expect the sale and purchase to close together. Before you list, we'll compare porting with breaking the mortgage, so you don't pay a penalty you could have avoided.
Checked October 18, 2026. https://www.canada.ca/en/financial-consumer-agency/services/mortgages/break-mortgage-contract.html
It depends on you more than on the headlines. A fixed rate keeps your payment the same for the term, which suits a tight budget. A variable rate moves with prime.
It can save money if rates drop, but your payment or amortization can change. Its penalty is usually just three months' interest, which helps if you might sell or refinance. Think about how long you'll keep the home, how much payment change you could handle, and your penalty risk.
We'll compare both before you choose.
Checked October 18, 2026. https://www.canada.ca/en/financial-consumer-agency/services/mortgages/reduce-prepayment-penalties.html https://www.canada.ca/en/financial-consumer-agency/services/mortgages/choose-mortgage.html
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.