Frequently Asked Questions

Choosing a mortgage broker means you get a partner who works for you, not just one lender. Unlike a bank that can only offer its own products, we shop the market across many lenders to find the best rates and terms that fit your situation (not a one-size-fits-all deal). 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; no power suits required).

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.

Buying a home is exciting, but it helps to go in with a plan and a partner who’s got your back. First, understand what you’ll need for your down payment (it changes based on the price of the home) and let us help you calculate what makes sense for you. We’ll also walk you through creative down payment options you might not have thought of and confirm with lenders that they’ll accept them.

Before you start house hunting, it’s smart to know what you can afford. Our online affordability calculator lets you plug in your income, down payment, and taxes so you can shop with confidence. We can also take you a step further with a pre-approval that locks in a rate for up to 120 days while you find your dream home.

When you’re comparing mortgage options, remember that terms matter just as much as rates. We’ll show you the difference between fixed vs. variable rates and explain how certain terms can affect your payments over time.

Finally, be prepared for all the costs involved, from home inspections and appraisals to land transfer taxes and legal fees. We’ll make sure you understand what to expect at every step so there are no surprises.

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 (like blend-able or portable options) 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.

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 product 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.

With Spin, we’ll walk you through what refinancing could mean for your specific situation, explain all your options in plain language, and help you make a choice that supports your financial goals.

A fixed rate means your interest stays the same for the whole term of your mortgage; your payments are predictable and easy to plan around. A variable rate can go up or down with changes in the market (usually tied to prime), which means your interest, and sometimes your balance over time, can change too. Generally, fixed gives peace of mind and budgeting stability, while variable often starts out lower and can save you money if rates stay stable or drop. Which one makes sense depends on your goals, finances, and comfort with change.

A conventional rate applies when you make a down payment of 20% or more; no mortgage insurance is required, and you’re dealing with a more traditional mortgage setup. An insured rate is for high-ratio mortgages (when your down payment is less than 20%). This mortgage must be insured to protect the lender, and lenders often offer competitive rates on these products, but there’s insurance involved behind the scenes. Either way, we’ll help match you with the right option for your situation and explain what it actually means for your monthly payments and long-term plans.

Beyond your interest rate and monthly payment, there are a few costs that often catch people off guard: closing costs (like legal fees and land transfer tax), appraisal or inspection fees, and lender penalties if you break your mortgage early or make extra payments beyond your allowed limits. Some mortgage products also have things like prepayment restrictions or clauses that can cost you down the road if you’re not careful. We’ll walk you through all of these up front so there are no surprises and help you understand how they might play out over time.

A low rate is great, but the features of your mortgage can matter just as much (or more) depending on your plans. Look at things like prepayment privileges (how much you can pay down early without penalty), portability (taking your mortgage with you if you move), blend/extend options (combining old and new rates), penalty structures, and cash-back offers or clawbacks; some features give you flexibility, others can cost you later. Our team will help you understand what each of these means in plain English so you end up with a mortgage that fits your life, not just the lowest number on a page.