MKG Mortgages · GTA
Reviewed by Micky Khaneka, licensed mortgage broker
A mortgage pre-approval is a budget you can shop with. The lender has not approved a specific condo or house, and the file can still change when the offer is real.
MKG Mortgages uses it to set a ceiling across the GTA before showings, not as a promise that every building will be accepted.
Micky Khaneka, licensed mortgage broker, M21002608, FLOW Lending Group, Brokerage #12864
A pre-approval sets a price range and a payment you can talk about at a showing. MKG builds it from the documents you have, not from a listing-site estimate. It does not reserve a unit, and it expires. The property review is a second step.
An illustrative example turns income and debts into a ceiling you can take to a showing. Condo fees, taxes, and heat sit outside a bare principal-and-interest sketch. If the payment only works by ignoring those bills, the ceiling is too high.
Illustrative example
The challenge. They needed a number for the weekend, not a guess from a calculator.
How MKG structured it. We reviewed income and debts and gave them a purchase range, with cash reserved for tax and legal fees.
Illustrative example
The challenge. The income was on tax filings, not a salary letter.
How MKG structured it. The pre-approval used the notices of assessment and business statements the full file would use.
Illustrative example
The challenge. The offer was on a specific condo, and the budget letter was only the start.
How MKG structured it. We moved the same documents onto that property and worked to the condition date.
The letter is a budget until the lender reviews the property you offer on.
You send income, debts, and the down payment trail. MKG asks a lender for a budget on those facts. You shop inside that range. When an offer is accepted, the same file is updated for that address, that price, and that condition date.
01
The ceiling is a purchase price you can offer, with cash left for closing costs.
02
A pre-approval does not approve a condo corporation or a house you have not found.
03
The condition date is when the specific property is reviewed.
Bring a recent pay stub or, if you are self-employed, the notices of assessment and business statements. Bring the balances you pay every month and a note of where the down payment sits. A verbal income figure is not the file.
You want a number you can use this weekend, not a guess.
The letter is a budget. It is not a promise to fund every listing.
The pre-approval uses the same documents a full file will use.
| Step | What you have | What you do not have |
|---|---|---|
| Pre-approval | A budget from the documents | A promise on a specific home |
| Accepted offer | A property and a deadline | Automatic funding |
| Approval | The lender's conditions met | A reason to skip the lawyer |
Sources. FCAC — mortgages · OSFI Guideline B-20 Published rules change. Read the current page, and confirm tax with your lawyer, before you rely on a figure.
The budget is about you, not the neighbourhood name. The property test changes once you pick a condo in Toronto or a new build in Milton. Use the city purchase page for that address. The pre-approval page itself stays GTA-wide.
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.
Buyers wrote that they understood the budget before showings, and that the file was picked up again once the offer was real.
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.
No. The lender still has to accept the property, the income at that time, and the terms of the offer.
Only as long as the lender's commitment says, and only if your income and debts stay as disclosed. We tell you the date.
If we move from a conversation to an application, we explain when a credit check happens. The first call does not require one.
It's a federal rule: lenders check that you could still afford your payments at a higher rate. You qualify at whichever is higher, your contract rate plus 2% or 5.25%. It applies to most purchases and refinances, and you pay your actual rate, not the test rate.
It mostly limits how much you can borrow. Ways to qualify for more include a bigger down payment, a longer amortization, paying off a car loan, adding a co-borrower or counting legal rental income. Every approval is subject to the lender's review.
Checked October 18, 2026. https://www.osfi-bsif.gc.ca/en/supervision/financial-institutions/banks/minimum-qualifying-rate-uninsured-mortgages
A pre-approval usually involves one hard credit check, and the effect is small and temporary for most people. Going through a broker helps, because we can shop many lenders from one application instead of you applying at bank after bank. Before your credit is pulled, we can talk through your situation without one.
Make sure your phone, internet and card payments are up to date before you apply.
Checked October 18, 2026. This answer describes how a file is read. It is not an approval.
Most lenders hold a pre-approval rate for 90 to 120 days. If rates drop before you buy, we ask whether that lender will use the lower rate. A rate hold is not a promise that a later rate will be lower.
A pre-approval isn't a final approval, though. Once you have an accepted offer, the lender still reviews the property, confirms your income and checks that nothing has changed. Don't take on a new car loan or change jobs before closing without calling us first.
If your hold expires, we simply refresh it.
Checked October 18, 2026. This answer describes how a file is read. It is not an approval.
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.