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Frequently Asked Questions

Everything you’ve been wondering; we’ve got you.

Your mortgage questions, answered simply.

  • A mortgage broker works for you, not one lender. We shop multiple lenders to find the best mix of rate + terms + flexibility for your situation — and we’ll explain everything in plain English so you feel confident in your decision.

    Because we’re a high-volume brokerage with strong relationships, we often get access to preferred rates that aren’t always available to the public and can pass those savings on to you.

    At Spin, we put people before profit. That means we focus on what matters to your lifestyle and goals, not pushing you into something that only benefits a single institution. You can apply from anywhere, on your own terms, with technology that makes the process smooth and secure from start to finish.

    You also get the support of a whole team with over 60 years of combined experience, guiding you through every step, from comparing options and negotiating with lenders to finalizing your mortgage (with professional yet friendly service).

    In short: we help you understand your options, secure competitive rates tailored to you, and make the mortgage process feel simple and supportive every step of the way.

  • Conventional = 20%+ down, no default insurance required.


    Insured = under 20% down, default insurance is typically required (and sometimes comes with sharper rates).

  • A fixed rate stays the same for your whole term (steady payments, predictable budgeting). A variable rate can move up or down with the market, and often starts lower — the best option depends on your comfort level and plans.

  • Term = how long your rate/contract is locked in (ex: 3 or 5 years).


    Amortization = the total time it takes to pay the mortgage off (ex: 25 years).

  • Porting means transferring your current mortgage (rate + terms) from your existing home to a new one — often when you sell and buy at the same time.

What to know about purchasing

  • Buying a home is exciting, but it helps to go in with a plan and a partner who’s got your back. Start with two things: your budget and your down payment plan. Then we’ll help you get pre-approved, understand your options (fixed vs variable, insured vs conventional), and plan for closing costs so there are no surprises.

    • 5% on the first $500,000

    • 10% on the portion above $500,000 (up to $1.5M)

    • 20% if the home is $1.5M+

  • It depends. Putting 20% down avoids default insurance, but putting less down can get you into the market sooner. We’ll help you compare both options side-by-side.

  • If your down payment is less than 20%, you’ll typically need mortgage default insurance (often called CMHC insurance).

  • Yes — many lenders allow gifted down payments, usually with a simple signed gift letter and proof of funds.

  • Sometimes. Many lenders require an appraisal to confirm the home’s value — especially in certain property types or when the price is unusual for the area.

  • Yes — and the rules can differ from owner-occupied purchases (especially down payment and qualification). We’ll help you structure it properly. Rates are often higher than owner-occupied properties as well.

  • Most buyers use conditions like financing and home inspection. Your realtor can guide the offer language, and we’ll help make sure the financing timeline is realistic.

  • Common closing costs include legal fees, land transfer tax (varies by province), appraisal (if needed), home inspection, title insurance, and moving costs. We’ll help you plan for a realistic number before you buy.

What to know about renewing

  • When your mortgage term is coming to an end, renewal is one of the biggest opportunities you have as a borrower, and it’s worth approaching with intention. Starting the process early (up to about 120 days before your renewal date) gives you time to shop around, compare options with multiple lenders, and negotiate terms that actually fit your goals, instead of just signing whatever your current lender sends you.

    Renewal time is also a rare chance to pay down extra on your mortgage without penalties, so if you’ve been holding onto cash and want to reduce your balance, this is the moment to do it.

    Another important thing to consider before renewing is your mortgage terms, not just the interest rate. Things like prepayment rules, penalties, and product features can have a big impact on your flexibility down the road.

    If you’re wondering whether a fixed or variable rate makes more sense this time around, we can break that down for you too. Fixed rates give predictability, while variable rates tend to be lower and can be cheaper to break if your plans change.

    Finally, renewal is also a chance to access extra cash or restructure your mortgage if your goals have changed. Whether you’re looking for a better rate, more flexibility, or ways to make your mortgage fit your life today, working with a broker means you don’t just renew , you renew wisely.

  • Ideally about 120 days before renewal. That gives you time to compare options and negotiate instead of panic-signing.

  • Not automatically. Banks often send “easy renewal” offers — but they aren’t always the best rate or terms. We’ll compare it to the market and make sure the fine print won’t hurt you later.

  • Yes — and it can save you money or get you better terms. We’ll handle the comparison and help you decide if switching is worth it.

  • Renewal is continuing your mortgage into a new term. Refinancing changes the structure (like increasing the mortgage amount, accessing equity, or extending amortization).

What to know about refinancing

  • Renewal is continuing your mortgage into a new term. Refinancing changes the structure (like increasing the mortgage amount, accessing equity, or extending amortization).

  • Refinancing can be a great move, but whether it’s right for you depends on your goals and financial situation. At its core, refinancing means replacing your current mortgage with a new one, and that can give you more options and flexibility than you have right now. You might refinance to lower your interest rate or monthly payments, access equity in your home to pay off high-interest debt, renovate, invest, or pursue other goals, or even restructure your mortgage so it fits your life better than your existing one does.

    There are real benefits to this strategy, like potentially saving on interest or freeing up cash, but it’s not automatically the right choice for everyone. There may be fees or penalties for breaking your current mortgage early, and sometimes those costs can outweigh the savings. That’s why our brokers look at your full picture, from your equity and goals to the math behind rate savings and costs, and help you decide whether refinancing makes sense for you.

  • Most refinances are capped at up to 80% of your home’s value (loan-to-value).

  • A HELOC is a revolving line of credit secured by your home. In Canada, you may borrow up to 65% of your home’s value on a HELOC (and up to 80% combined lending in some setups).

  • It can be a smart move if you’re paying high interest on credit cards or loans. The key is making sure the refinance saves you money and sets you up to stay out of debt long-term.

  • Yes — that’s one of the most common reasons. We’ll help you access equity strategically while keeping payments comfortable.

  • Blend & extend typically means combining your current rate with a new rate (if you’re adding funds or changing the term). It can be useful, but the math matters.

What to know about approval

  • Pre-qualified is a quick estimate. Pre-approved is more official — it includes document review and usually comes with a rate hold.

  • Not always. Pre-approval is a great start, but final approval depends on the property you buy, your updated documents, and lender conditions (like appraisal).

  • Most rate holds are typically 90–120 days, depending on the lender and product. Great for shopping with confidence while protecting you from rate spikes.

  • Most lenders need photo ID, income documents (pay stubs + job letter or tax docs), proof of down payment, and details about your debts. We’ll tell you exactly what to upload based on your situation so you’re not guessing.

  • Most lenders want a job letter on company letterhead that confirms your employment details — basically proof your income is stable and ongoing. Typically, it should include:

    • Your full name

    • Job title and employment status (full-time/part-time, permanent/contract)

    • Start date (and probation status, if applicable)

    • Your base salary or hourly rate (and average hours/week if hourly)

    • Any guaranteed income like commission/bonus (if applicable)

    • Employer name + address + contact info

    • Signature from HR/manager and the date

    If your income includes overtime, bonuses, or commission, we’ll tell you what extra documents are needed so your full income gets counted properly.

  • Every lender is different, but generally: higher credit scores = more options and better pricing. If your credit needs some love, we’ll give you clear steps to improve it and still move forward.

  • Yes — you’ll just need different documentation (usually tax returns and business financials). We’ll match you with lenders that are self-employed friendly.

  • Often yes. Some lenders offer newcomer programs, and the down payment/document requirements can vary. We’ll show you the best path based on your profile.

What to know about affordability

  • Your budget is based on your income, debts, down payment, interest rate, and property costs (taxes/heat/condo fees). If you want a clear number fast, we can run a quick affordability review and give you a confident range.

  • In Canada, you usually need to qualify at the higher of 5.25% OR your contract rate + 2%. It’s designed to make sure you can handle higher payments if rates rise.

  • Bi-weekly or accelerated payments can help you pay the mortgage off faster. We’ll show you the difference in interest saved and what it does to your budget.

What to know about mortgage rates & features

  • Rate matters — but so do prepayment limits, penalties, portability, blend/extend options, and cash-back clawbacks. A “great rate” can become expensive fast if the terms don’t match your future plans.

  • Your rate depends on things like down payment size, property type, credit, income, loan-to-value, mortgage term, and lender rules. The “best rate” is always personal — not one-size-fits-all.

  • A fixed rate stays the same for your whole term (steady payments, predictable budgeting). A variable rate can move up or down with the market, and often starts lower — the best option depends on your comfort level and plans.

  • Fixed gives payment stability. Variable can be lower (and is often cheaper to break), but it can change with the market. We’ll help you choose based on your timeline, risk comfort, and plans.

  • Term = how long your rate/contract is locked in (ex: 3 or 5 years).


    Amortization = the total time it takes to pay the mortgage off (ex: 25 years).

  • Bi-weekly or accelerated payments can help you pay the mortgage off faster. We’ll show you the difference in interest saved and what it does to your budget.

What to know about other costs

  • Think beyond the payment: legal fees, appraisal/inspection, moving costs, land transfer tax (province-based), and possible penalties if you break your mortgage early. We’ll help you plan for the full picture up front.

  • Common closing costs include legal fees, land transfer tax (varies by province), appraisal (if needed), home inspection, title insurance, and moving costs. We’ll help you plan for a realistic number before you buy.

  • If you break a closed mortgage early, the penalty is often the higher of 3 months’ interest or the interest rate differential (IRD).

  • Often variable mortgages have simpler penalties (commonly 3 months’ interest), while fixed mortgages can be larger due to IRD. Always confirm with the lender before making a move.

  • Usually yes — most mortgages include prepayment privileges (like extra lump-sum payments). The amount and rules vary by lender, so we’ll help you choose a mortgage that gives you breathing room.

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