“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

Do You Know How Your

Mortgage Provider Gets Paid?


In all the mortgages that I arrange I find it very surprising how few people actually ask me how I get paid.  A recent study in the US indicated that less than 10% of people could properly identify how different types of mortgage providers get paid during the transaction.  Don’t you want to know whether that person who is eager to sign you up has a financial advantage to selling a particular product?

You definitely should care – and here is why.Almost every single provider in the mortgage marketplace has a potential financial gain by selling particular mortgage products and rates. To make matters worse, that financial gain or pat on the back is often gained at the expense of the consumer. Let’s take a look at your main mortgage providers to see what you should watch:

Bank Branch Manger: this friendly and trusted advisor has a sales quota to hit just like every one else (you did notice that Canadian banks do fairly well financially right?). Their salary increase, bonus, and promotions depend on results. Typically bank managers have sales quotas for particular products as well as growth targets on the loan/investment portfolios. Their targets are often based on the size of their mortgage portfolio as well as the average term of the portfolio. The longer the term, and larger the size of the mortgage equals a better Christmas bonus. Furthermore, these managers are increasingly being graded on the profitability of these portfolios. When you go to your old bank branch and it has ‘moved’ to a new location – where do you think one of the bank managers went? Which one do you think they kept with the bank – the one with the great discounted loans and mortgage rates, or the one that is making the bank the most money?

Bank Mortgage Representatives: these are typically contract employees of the bank paid usually on a straight commission basis. Most only sell one bank’s mortgages, while some sell several. The ones that sell other bank’s products are often only permitted to do so once they have met a quota of their own bank’s products. These individuals are usually paid based on three criteria: the size of the mortgage, the term of the mortgage, and the discount given. That means that these representatives can make more money by putting you in a longer term at a higher rate.

Mortgage Consultants/ Mortgage Brokers: these are independent mortgage providers that theoretically work for you and not one particular bank. These individuals are paid a finder’s fee from the institution that the mortgage is funded with. The problem is that not all banks are paying the same amount for each of the mortgage products. The lenders pay brokers based on the size of the loan and the term selected. The longer the term selected, the bigger the commission to the broker. On top of the different pay-offs for the terms, some lenders also pay more for the same product. A broker could make more money funding a five-year term through one lender over another. Typically, there is no advantage to the broker if the consumer gets a higher rate, but there are now even exceptions to that rule.

So now that you know how it works who do you trust? When you go mortgage shopping – don’t believe that everyone is out to get you. While the incentive systems are there, many mortgage providers will look out for your best interest. A satisfied past client that refers family, friends and colleagues is worth a lot more than one big commission payout. Do your research. Ask for testimonials, or ask your friends. A mortgage is a huge financial decision so make sure it is a decision being based on your financial situation, and not on your provider’s bank account.


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