Reviewed by Micky Khaneka, licensed mortgage broker
A North York renewal is a date on your mortgage, not a visit you owe the bank. The offer can be beaten, matched, or accepted.
MKG Mortgages reviews North York maturities from the Weston Road office and starts early enough that a switch is still possible.
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.
Illustrated balance at maturity: $980,000, 21 years left. Current offer: 4.84%. A competing five-year fixed, for this sketch, is 4.54%. The payment gap is about $170 a month. Discharge, assignment, and legal costs of $1,500 are recovered in under a year.
These are the kinds of mortgage renewals files we structure in North York.
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.
Willowdale and Newtonbrook condo renewals hinge on whether a new lender will take the building. Bayview Village and York Mills houses are high-balance files where the discharge cost is small next to the rate. Don Mills and Downsview are a mix of older mortgages, some registered as collateral charges.
Willowdale and Newtonbrook condo renewals hinge on whether a new lender will take the building. Bayview Village and York Mills houses are high-balance files where the discharge cost is small next to the rate. Don Mills and Downsview are a mix of older mortgages, some registered as collateral charges.
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.
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People ask how mortgage renewals works on a North York 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.
Yes. You can sign the offer by mail or move the mortgage. If you want a second look, the office on Weston Road can take the statement.
The corporation, not your payment history. Some buildings are outside a lender's criteria. We check that before you decline the offer you already have.
The term length, the penalty method, and how much you can prepay. A slightly higher rate with room to pay the mortgage down can cost less if you actually use that room.
Often a shorter term or a mortgage with a fair penalty, not the longest fixed rate on the page. Selling next year makes a five-year lock a bet.
The consultation that reads the offer is the same conversation we have on any file. You are not asked to commit to a switch in order to hear the comparison.
The other services in this list each have a North York 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 North York 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.
North York area hubMortgage Renewals is written for each city MKG serves, not only North York. 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 North York 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.