Reviewed by Micky Khaneka, licensed mortgage broker
A Toronto renewal is the moment your term ends and you can accept, negotiate, or move the mortgage. The form from the current lender is an offer, not a requirement.
MKG Mortgages opens that offer early enough to compare the rate, the prepayment options, and the cost of switching.
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 renewal: $540,000, 20 years left. The current lender offers 4.9% on a five-year fixed. Another lender, in this sketch, offers 4.5%, and the discharge and legal costs to switch are $1,400. The payment difference is about $120 a month, or roughly $7,200 over five years, against $1,400 to move.
These are the kinds of mortgage renewals files we structure in Toronto.
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.
Condos in Liberty Village, downtown, and Midtown can be harder to switch if the building is on a lender's restricted list. Houses in Leslieville, The Annex, Etobicoke, and Scarborough usually switch more cleanly, as long as the mortgage is not a collateral charge.
Condos in Liberty Village, downtown, and Midtown can be harder to switch if the building is on a lender's restricted list. Houses in Leslieville, The Annex, Etobicoke, and Scarborough usually switch more cleanly, as long as the mortgage is not a collateral charge.
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 Toronto 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.
About four months before the maturity date. Inside the last two weeks, a switch is often too tight and you are left with the offer in hand.
Not until you sign it. Signing accepts that lender's term. We would rather you see one other option first.
It can make a switch more expensive or force a refinance instead of a straight transfer. We read the charge before we promise an easy move.
The math is the same. The building may not be. Some downtown and Liberty Village corporations are declined by lenders who would take a house in Scarborough.
A straight switch still asks what you earn now. If income is lower, staying with the current lender can be the cleaner path. We will say that.
The other services in this list each have a Toronto 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 Toronto 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.
Toronto area hubMortgage Renewals is written for each city MKG serves, not only Toronto. 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 Toronto 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.