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This is the amount you have to put towards your house upfront. The minimum down ...
This is the amount you have to put towards your house upfront. The minimum down payment required will change with the value of the house. If you're buying under $500,000, you will need 5%. Then up until $999,999, you will need 5% of the first $500,000 + 10% of remaining balance. Over a million and you are looking at a minimum of 20%. We can help you calculate your down payment so when that special house lists, you're ready to offer with certainty.
There are many other creative ways to come up with a down payment aside from ...
There are many other creative ways to come up with a down payment aside from stashing savings under your mattress. The Home Buyers Plan is a government program that enables buyers to withdraw up to $35,000 from RRSPs for their down payment. Other options include; investments, money from the sale of real estate, equity borrowed against real estate, inheritance money, or generous gifts from family members (Thanks Mom!). To avoid a hassle, always verify with us that lenders will give a thumbs up to your down payment source.
Before you start scrolling MLS, you’ll want to have an idea of what you can ...
Before you start scrolling MLS, you’ll want to have an idea of what you can afford to buy. Our affordability calculator allows you to plug in your details online and get a quick estimate of your purchasing budget. Some of the numbers you will need to provide are household income, down payment amount, and taxes. Our calculator considers current regulations and underwriting guidelines to ensure accuracy. While this calculator provides a good baseline to start browsing, it is NOT a pre-approval. Use our affordability calculator now, so you can start shopping with a plan!
Take another step towards home ownership by getting pre-approved today. First we’ll determine how much ...
Take another step towards home ownership by getting pre-approved today. First we’ll determine how much you can afford, then we’ll shop around to find you a mortgage with the lowest rate (and terms that match your needs). The factors that lenders will use to decide whether you qualify for a mortgage are your income, debt, employment history, and credit history. Most lenders will allow us to hold your rate for 120 days, just enough time to find your perfect home and negotiate a price you love.
Your best mortgage is so much more than a low rate. Lower rates often come ...
Your best mortgage is so much more than a low rate. Lower rates often come with stricter terms and more demanding qualification standards. Avoid painful surprises throughout your mortgage term by looking ahead before you lock in. Pay attention to whether the rates you are eyeing are fixed or variable rates. With a fixed rate - interest stays the same for the entire term. While a variable rate means the interest can change throughout the term. Once we have your application, we will negotiate with our trusted lenders to find a mortgage that's right for you. We promise to highlight these tiny details that make a big difference.
Don’t let unexpected fees derail your plans. Be prepared to have cash on hand to ...
Don’t let unexpected fees derail your plans. Be prepared to have cash on hand to cover fees for a home inspection, appraisal, land transfer tax, legal fees, and disbursements. As part of your loan approval, banks will often want to see proof of 1.5% of your purchase price set aside for closing costs, separate from your down payment. With over 60 years of combined experience, our team has seen it all. When you share your purchasing plans with us, we will make sure you're aware of all the fees related to your particular property, if applicable (ie: land survey, water quality inspection, septic, etc.) We consider every detail, guaranteeing your mortgage journey to be hassle-free.
“Good fortune happens when opportunity meets with preparation.”
- Thomas Edison
Mortgage resources to boost your learning and build your buying confidence.
Go to Info HubBrowse MLS with more price precision using our affordability calculator.
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“Thank you Spin Mortgage for giving me the ability to buy a house! I heard of these folks through a friend of mine. From my experience, they were straightforward, easy to deal with, and best of all honest. Highly recommended! Thank you Spin!”
“Bonnie and Jeff are an absolute pleasure to work with and incredibly knowledgeable. They were patient, understanding and most importantly, allowed us to purchase our dream home, we can’t thank them enough and highly recommend them!”
“I was referred to Spin by a good friend. This was our first mortgage and in addition to the super helpful information on their website, they walked us through everything step by step to make sure we got the best mortgage for us.”
“Spin mortgage, and specifically Steve and Bonnie, have been fantastic. This is the second time using them and my wife and I have always been impressed with their calm demeanour, responsiveness and efficiency. Throughout the entire mortgage process we felt supported and had all of our many questions answered. Thanks Steve and Bonnie!”
“Worked with Ryan and Spin for our mortgage and they were incredible to work with. Incredibly helpful with any requests, very very fast to complete necessary steps, and shared a wealth of knowledge throughout the journey! Would highly recommend Ryan and Spin! ”
“Wonderful experience working with Spin. Document upload was a smooth simple process and Ryan’s in depth knowledge of the various mortgage rules and regulations helped put us at ease with our myriad questions and concerns during a stressful time in the real estate market.”
“Fantastic group. Very helpful through the ups and downs of buying a house. Would use over and over again and would recommend to anyone. Thanks guys!”
“Ryan and Spin Mortgages are amazing! As first time home buyers, we were a bit overwhelmed by the fast-paced real estate market. We definitely recommend Spin Mortgage to all home buyers who want to get a great rate on their loan in a short time, painless process.”
“I highly recommend using Spin Mortgage. It was my first time getting a mortgage and I'm very glad I went with Spin. They were fast, professional, and easy to deal with. I dealt with Ryan and he was great. ”
Become a smarter borrower by visiting our Info Hub.
