Reviewed by Micky Khaneka, licensed mortgage broker
A Vaughan refinance is a new mortgage on a house you already own, used to change the rate, the amortization, or the amount you owe.
MKG Mortgages checks the prepayment cost and the appraisal before anyone treats equity in Woodbridge or Kleinburg as cash you can spend.
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.
Illustrated value on a Maple detached house: $1,250,000. Mortgage balance: $700,000. A new mortgage of $820,000 would produce about $120,000 before the penalty and legal costs. At an illustrative 4.8% over 25 years, the payment on $820,000 is about $4,680 a month, compared with about $4,000 on the old $700,000 balance if that loan had been at the same rate.
These are the kinds of refinancing files we structure in Vaughan.
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.
Woodbridge and Maple are where most of these files start: owner-occupied houses with a mortgage from a bank branch. Vellore towns have condo-style fees on some parcels. Kleinburg values swing with lot size. Thornhill and Concord include more mixed housing, including condos that need extra documents.
Woodbridge and Maple are where most of these files start: owner-occupied houses with a mortgage from a bank branch. Vellore towns have condo-style fees on some parcels. Kleinburg values swing with lot size. Thornhill and Concord include more mixed housing, including condos that need extra documents.
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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People ask how refinancing 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 will support. A neighbourhood name does not set the amount. Kleinburg and Vellore are not given different rules, but the values differ.
You can ask. The penalty on a fresh term is often the reason not to. We get that number from the lender before we build a new application.
A refinance replaces the first mortgage. A second sits behind it. We only look at a second when replacing the first is the more expensive path.
Yes, when the property and the income both fit a lender. A rental is documented differently from the house you live in.
It can. Stretching the amortization lowers the payment and increases the interest you may pay. We show the payment and the total, and you pick.
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 hubRefinancing 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 · OSFI Guideline B-20 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.