“With less than 2 weeks to our closing date we contacted Casey to arrange our mortgage for a home purchase. He truly was amazing and efficient. He managed to arrange our mortgage on time and at a very low rate. This was our first time using a mortgage broker and we would highly recommend Casey to anyone looking for a mortgage.”


Hamid & Fozia Sankhar, Milton, 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


“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


“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


“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


“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




5.  What is a conventional mortgage?

6.  What is a high-ratio mortgage?

7.  What documents are required to obtain a mortgage?

8.  What can I use for a down payment?

9.  How does the first time Home Buyer’s Plan (HBP) work?

10.  Is there such a thing as 100% financing?

11.  How will a bankruptcy impact my ability to qualify for a mortgage?


Q - What is a conventional mortgage?

A – A conventional mortgage is a first mortgage issued for up to 80% of the purchase price or the appraised value of the property, whichever is lower. Conventional mortgages normally do not require mortgage insurance.

Q - What is a high-ratio mortgage?

A - A high-ratio mortgage is one where the amount to be borrowed is greater than 80% of the purchase price or appraised value. A high-ratio mortgage generally requires mortgage loan insurance, which is provided by either CMHC or Genworth Financial. In general, this insurance is required by law to ensure lenders against defaults on mortgages with a loan to value ratio of more than 80%.

Q - What documents are required to obtain a mortgage?

A - In order to qualify for the best mortgage rates, terms and conditions, you’ll need the following documents to be in order:

 - Mortgage application & Credit history

- Verification of source of down payment

- Proof of income: Employment Full-time, Part-time, Commissions, Self-employed, Employment Insurance, Pension

Q - What can I use for a down payment?

A – In most cases:

- Registered Retirement Savings Plans (RRSP’s) may be used as a down payment up to a maximum of $20,000 and is not subject to income tax if repaid within 15 years. For a comprehensive list of rules to the First Time Home Buyer’s Plan, please visit The Canada Revenue Agency

- Gift from immediate family

- Savings from your chequing or savings accounts

- Equity from your existing home or investment property

- Non-registered investments – stocks, bonds, mutual funds, etc.

Q - How does the first time Home Buyer’s Plan (HBP) work?

A – The First-time Home Buyer’s Plan (HBP) is a Federal Government initiative providing Canadian citizens the opportunity to withdraw up to $20,000 from personal registered retirement savings plans (RRSP’s) for buying or building a qualifying home for oneself or for a related disabled person. In order to qualify, applicants cannot have owned directly, or indirectly, a residence within the past five years.  For more information contact one of our advisors, or visit The Canada Revenue Agency.

Q - Is there such a thing as 100% financing?

A – For the longest time it was a minimum of 5%, however 100% financing has now become available in the market which means you can purchase a property with no money down. However to qualify for this your credit must be clean and in good standing. A minimum beacon score of 680 and the borrower must be able to prove that they have at least 1.5% of the purchase price saved up from their own resources, in order to pay for the closing costs (land transfer taxes, lawyer fees, etc.)

Q – How will a bankruptcy impact my ability to qualify for a mortgage?

A – There are a number of lenders that will provide you a mortgage even following the first day that you are discharged from this bankruptcy. This isn’t to say that the rate you will be charged will be the same as what you would find at one of the major lending institutions.

Make sure that if you have been involved in a bankruptcy in the past, that you immediately try and obtain a secured credit card or line of credit in order to start rebuilding your credit history. In addition, it is advisable to maintain stable employment and to be ready to commit approx. 15% of the purchase price for a down payment.

If you would rather wait to apply with one of the primary lending institutions, then you will need to have at least 1 year of credit history and 1 year since your discharged date. Depending on the lender, they may want to see a 2 year credit history and 2 years since your discharged date. Expect to come up with 10% of the purchase price as your down payment in this scenario.


At F1RST CHO1CE Mortgage Solutions we’re passionate about sharing our knowledge, experience and unbiased opinions with borrowers who are looking for a trusted advisor to help them with their financing options.

ANY QUESTIONS?…Contact a Mortgage Advisor today!