MKG Mortgages · GTA
Reviewed by Micky Khaneka, licensed mortgage broker
Refinancing replaces the mortgage you have so you can change the payment, take equity out, or clear other debts.
MKG Mortgages reads the statement and the reason for the new funds, for homeowners across the GTA, and includes the penalty when the term is not finished.
Micky Khaneka, licensed mortgage broker, M21002608, FLOW Lending Group, Brokerage #12864
Illustrative prepayment penalty estimator. It compares three months of interest with a simplified interest-rate differential. The lender's figure governs.
A refinance can change the lender, the remaining amortization, or the amount you owe. MKG gets the penalty from your current lender before anyone treats equity as cash. If the penalty is larger than the reason for the new mortgage, the file can wait for renewal.
An illustrative example subtracts the penalty and the legal cost from the cash you hoped to receive. It also shows the new payment on the larger balance. Borrowing more than the job costs is how a renovation refinance becomes a larger debt than the house needed.
Illustrative example
The challenge. They wanted one mortgage sized to a quoted renovation, not a series of cards.
How MKG structured it. We reviewed the penalty, the equity, and the quote, then refinanced to a single payment that covered the work.
Illustrative example
The challenge. A lower payment only helped if it cleared the cost of breaking the term.
How MKG structured it. We put the penalty beside the new payment and proceeded when the refinance still made sense for their goal.
Illustrative example
The challenge. They wanted a defined amount, with the house staying their home.
How MKG structured it. We sized the new mortgage to that amount and the payment they could keep.
If the term is still running, the penalty is part of the math.
Start with the current mortgage statement and a sentence on what the money is for. Then the penalty. Then whether the appraisal and your income can support the new amount. The application is the last of those, not the first.
01
Rate, penalty, and remaining term decide whether a change is worth doing now.
02
Debt, a renovation, or a lower payment are different files. The reason shapes the structure.
03
Penalty, fees, and the new payment are on the table before anyone asks you to sign.
It is the wrong tool when you only want a lower rate and the penalty eats the savings, or when the term is about to end and a renewal can do the same job. It can be the right tool when you need a defined amount of cash and you accept the cost.
Equity may let those payments move into the mortgage. We check whether the total cost actually falls.
A refinance can fund the work if the property and the income support it.
Breaking early can be expensive. We calculate that before recommending a move.
| Tool | What happens to the first mortgage | Typical reason |
|---|---|---|
| Refinance | It is replaced | New amount, new amortization, or a new lender |
| HELOC | It may stay, with a revolving limit | Staged draws, not one lump sum |
| Second mortgage | It stays in place | The penalty to replace it is the larger cost |
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.
North York, Toronto, Vaughan, Mississauga, Brampton, Oakville, and Milton each have a refinance page. Condo files add the status certificate. House files do not. The penalty question is the same in every city. The office is in North York. The lender still decides.
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 who refinanced wrote that the team stayed with the file through each step and kept the process understandable.
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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CMP Top 75 Broker 2026
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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. A renewal is the end of a term, when the mortgage can be continued or moved. A refinance changes the mortgage during the term or replaces it with a different amount or structure, and it can trigger a penalty.
Yes. If the penalty or the new payment does not improve the file, we say so and leave the current mortgage in place.
On a variable mortgage, the penalty is usually three months' interest. On a fixed mortgage, it's usually the greater of three months' interest or the interest rate differential (IRD). The IRD depends on how your lender sets its comparison rate, and banks with high posted rates can charge much more.
Your lender has to tell you how it's calculated. Get the exact figure in writing before you decide. Our penalty calculator gives you a ballpark, and we always weigh the penalty against what you'd save.
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/break-mortgage-contract.html
Yes, but the new mortgage usually becomes conventional. A refinance can go up to 80% of your home's appraised value, so you need at least 20% equity to borrow more. You'd pay any prepayment penalty on the old mortgage, so we compare that with the benefit.
The exception is CMHC's secondary-suite refinance, which can go up to 90% if you're adding a legal suite. If you only want a better rate, a straight switch at renewal may cost less. We'll show you which path saves the most.
Checked October 18, 2026. https://www.canada.ca/en/financial-consumer-agency/services/mortgages/borrow-home-equity.html https://www.cmhc-schl.gc.ca/professionals/project-funding-and-mortgage-financing/mortgage-loan-insurance/mortgage-loan-insurance-homeownership-programs/refinance
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.