Reviewed by Micky Khaneka, licensed mortgage broker
Vaughan renewals pile up on houses bought five years ago in Vellore, Maple, and Woodbridge. The letter from the bank is the start of the decision, not the end.
MKG Mortgages shops that maturity against other lenders and tells you when the current offer is already the one to sign.
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: $720,000, 22 years left. Lender offer: 4.69%, with a 10% annual prepayment. An alternative at 4.49% allows only 5% a year. This owner has been putting $20,000 down each year. The cheaper rate saves about $90 a month, but the tighter privilege blocks the lump sum they already make.
These are the kinds of mortgage renewals files we structure in Vaughan.
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.
Vellore and Maple owners are often on their first renewal and unsure whether to call the branch. Woodbridge balances tend to be larger. Kleinburg mortgages are large enough that a small rate gap is real money. Thornhill and Concord include more condos, where a switch depends on the building.
Vellore and Maple owners are often on their first renewal and unsure whether to call the branch. Woodbridge balances tend to be larger. Kleinburg mortgages are large enough that a small rate gap is real money. Thornhill and Concord include more condos, where a switch depends on the building.
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 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.
No. The maturity date is when the balance can move. The branch may still earn the renewal if its offer is the best one once we compare.
The renewal offer, the latest mortgage statement, and whether you expect to sell or to make lump-sum payments. That is enough to start.
Borrowing more is a refinance, not a standard renewal. If you need extra funds we treat it as a refinance and look at the penalty and the equity.
The steps are the same. The dollars are bigger, so a quarter point matters more, and so does a collateral charge that blocks a switch.
Many lenders roll you into a posted or open term that costs more. Silence is a choice, and it is usually an expensive one.
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 hubMortgage Renewals 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.