“After losing more than 30% of my investment portfolio in 2009, my bank offered no other advice other than to leave my money where it was or transfer it to GIC. Thankfully I was referred to Casey who showed me some other amazing investment options that were not available through my bank, that would give me the potential to make up for my losses while also providing some guarantees.  I’m extremely happy that I listened to Casey’s advice and not my banks, as I’ve now managed to regain all of the money I lost and can now retire the way that I was planning on.  Thank you so much Casey you’ve made a huge difference to my life and I will continue to refer  anyone that I know to you with pleasure!”


Becky Cezar-Redublo, Toronto, Ontario


“My wife and I have been clients for several years now, and in that time, we’ve conducted numerous transactions with both Casey and Wayne from mortgage refinancing to life insurance to managing our investments. These individuals have demonstrated that they have superior knowledge of their respective products and are able to deliver them with exceptional customer service. I have found that this combination is a rarity these days, and as such, I whole heartedly recommend their service to both friends and family with confidence.”


Clifton Sookdeo & Shelly Sharma, Caledon, Ontario


“I have nothing but amazing things to say about F1RST CHO1CE Financial Group. Not only are Casey & Wayne extremely helpful and patient, but they’ve always taken the time to explain all my available options and make recommendation that would help me best attain my goals. I would recommend F1RST CHO1CE to anyone looking to plan for their future.”


Wilfido Rodriguez, Brampton, Ontario


“Honesty, integrity, and professionalism are the three words that come to my mind when I hear Casey’s name. He has provided my clients over the years with the highest level of service and they always thank me for introducing them to him. Casey truly goes above and beyond.”


Deborah Robinson, Real Estate Agent – Royal Lepage


“Purchasing our first home was a little nerve racking at first, but after speaking with Casey we felt completely at ease as we new we were in good hands.  Unlike our bank who took more than 2 days to call us back, Casey was always available to answer our questions and concerns no matter when we tried to reach him. Casey you made our first home purchasing experience a very pleasant one, and we really appreciated your advice regarding our life insurance options as well.  Thanks for everything…you saved us a lot of time and stress!”


John & Allison Botero, Mississauga, Ontario


“Working with Casey was an absolute pleasure from the beginning to the end.  Not only did he secure us a much better mortgage rate than the bank we’ve been with for over 15years, but he also helped us create a financial plan to help us to pay off our mortgage faster while creating wealth at the same time.  We’re very excited about working with Casey in the future and look forward to referring him to all of our friends and family.”


Peter & Lorraine Verners-Rufh, Oakville, Ontario

Mortgage Renewals – Worth

Shopping For:

In today’s market it completely amazes me how many people shop endlessly for their mortgage during their first purchase, but simply accept the banks first offer when renewing their mortgage.  With years of experience in the mortgage industry, let me re-assure you that first offer is most definitely not their best offer.  Most bank start renewal offers at posted rates!

The simple fact of renewals is this: nearly 60% of people sign back renewal letters without even taking the time to see what else is available. As a result, there is little or no incentive for the financial institution to give their best offer. What makes things even more interesting is the fact that renewal letters usually only arrive about two to three weeks before the mortgage is actually up for renewal. This two to three weeks gives you very little time to arrange financing with another lender, or to take advantage of the lower rates that may have occurred in the three to four months before your renewal date.

Consumers should be pre-approving their renewals 90-120 days with other institutions prior to their actual renewal date. This immediately gives you the benefit of the lowest rate on the market for the longest period possible before your renewal date. What makes this better is the fact that this is completely free and without obligation.

When a borrower first starts to pay off their mortgage the majority of the blended principal and interest payment goes straight towards interest. As time goes by, the interest portion of your payment becomes smaller while the principal portion becomes larger. This blended payment has important implications to the mortgage borrower. If you took out a $180,000 five year mortgage at 7.0% interest today (based on a 25 year amortization), your total outstanding mortgage balance would still be $163,880.15 at the end of that five year period. Do you think a $163,880.15 loan is worth shopping around for?

Before your current mortgage holder sends you anything – shop the market. Below is a list of the documentation you will require at renewal time:

- Ask your employer to prepare a letter on company letterhead outlining your name, base salary (or hourly rate), normal hours worked per week, position and length of service.

- If commission sales or self employed, three years personal tax returns together with the Notice of Assessments from Revenue Canada.

- Complete a standard mortgage application

- Find your Mortgage/Charge on Land and get your most recent property tax receipt

A mortgage is too big a financial decision to not take seriously. Place your mortgage with the institution that gives you the best rates and service. If your current mortgage holder really wanted your business, wouldn’t they have given you their best rate right from the start? In today’s market, discounts of over 1% off posted rates are not uncommon on renewals (despite what your banker may lead you to believe). Always remember that a qualified borrower can demand the best.


Back to Articles Of Interest Home Page