MKG Mortgages · GTA
Reviewed by Micky Khaneka, licensed mortgage broker
A mortgage renewal is the day the term ends. You can sign the current lender's offer, ask them to improve it, or move the balance. Doing nothing often means accepting a term you did not choose.
MKG Mortgages compares the full contract, including prepayment room, for homeowners across the GTA. Start about four months out.
Micky Khaneka, licensed mortgage broker, M21002608, FLOW Lending Group, Brokerage #12864
Compare the balance, the remaining amortization, the term, and what happens if you sell or prepay. A lower payment from a longer amortization can raise the interest you pay over time. MKG writes both numbers down. The current lender can still be the one you keep.
An illustrative example holds the balance still and changes only the contract: a shorter term if you may move, or a longer one if you plan to stay. It is not a rate sheet. The figure you type into the renewal calculator is your own.
Illustrative example
The challenge. The letter was one offer, and they wanted to know if it was the one to keep.
How MKG structured it. We compared that offer with other lenders and they renewed or switched with the comparison in hand.
Illustrative example
The challenge. The cheapest-looking payment cut the lump-sum privilege they actually use.
How MKG structured it. We compared the full contract and kept the offer that matched how they pay the mortgage down.
Illustrative example
The challenge. A long fixed term would be awkward if the house sold.
How MKG structured it. We looked at a shorter term and a fair penalty so the next move stayed open.
The maturity letter is the start of the comparison.
Open the maturity letter about four months out. Ask the current lender whether a revised offer exists. Compare one other option on the same balance. If you are switching, the appraisal and the lawyer need the weeks that are left.
01
The letter from your current lender is one option. It is not the only one.
02
Prepayment, portability, and penalty matter as much as the posted rate.
03
If another lender is better, we run the transfer so the maturity date does not sneak up.
Call now and bring the letter. If a switch is too tight, the work becomes reading the offer you have, including the prepayment privilege and the penalty. Borrowing more at renewal is a refinance, and it is priced that way.
That is the window to compare. Waiting until the last week limits the options.
A straight renewal may not be the right shape anymore. We look at that before you sign the offer.
We can use the market to test whether the current lender will improve the offer.
| Choice | What stays | What changes |
|---|---|---|
| Stay | The same lender and charge | The new term you sign |
| Switch | The balance, if you do not add to it | The lender, and often an appraisal |
| Borrow more | Very little | It is a refinance, with an equity test |
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 maturity date is the same kind of event in every city. A condo adds the status certificate when you switch lenders. A collateral charge can also slow a switch. City renewal pages cover North York through Milton. The menu name stays city-free.
The rates outlook lists the next announcement dates, the CPI releases, and the big banks' published forecasts. It does not quote an MKG rate. The history chart and the compare sketch are linked under this answer. 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 household at renewal wrote that the comparison was explained clearly and that the change of lender did not turn into a scramble.
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.
Many mortgages roll into a renewal the current lender chooses if you do not respond. That rate is rarely the one we would accept without a comparison.
Often, yes, if the mortgage is in good standing and the new lender approves the switch. At maturity there is usually no prepayment penalty for moving.
Not if you renew with your current lender on the same terms. An uninsured mortgage can make a straight switch to another federally regulated lender at renewal without the stress test, as long as you don't borrow more or extend the amortization. If you want to take out equity, add a HELOC or stretch the amortization, the test applies again.
The new lender still checks your income, credit and the property. That flexibility is why it pays to shop your renewal.
Checked October 18, 2026. https://www.osfi-bsif.gc.ca/en/supervision/financial-institutions/banks/minimum-qualifying-rate-uninsured-mortgages https://www.canada.ca/en/financial-consumer-agency/services/mortgages/renew-mortgage.html
If you stay with your current lender, usually not. They send a renewal offer, and you sign it or negotiate it. Federally regulated lenders have to send it at least 21 days before your term ends.
If you switch lenders, the new one will pull your credit, confirm your income and may order an appraisal, though many cover that cost on a switch. So start shopping about four months before maturity. That gives us time to compare offers without any pressure.
Checked October 18, 2026. https://www.canada.ca/en/financial-consumer-agency/services/mortgages/renew-mortgage.html
It's uncommon, but it happens, usually after missed payments, a property-tax problem or a big change in your situation. If your lender won't renew, or offers terms that don't work, you still have options. Another lender may take the mortgage, an alternative lender may help while you rebuild, or a short private term can buy time.
The key is to call us early, ideally four to six months out, not the week of maturity. Every option depends on approval, and we'll be straight with you about the trade-offs.
Checked October 18, 2026. https://www.canada.ca/en/financial-consumer-agency/services/mortgages/renew-mortgage.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.