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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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“I had a complicated purchase situation that required a lot of time and effort from Steve at Spin Mortgage. Despite me changing my needs more than once, Steve remained patient throughout the process. He explored options with various lenders and got me an excellent rate, enabling my purchase. ”
“As a first time home buyer, Spin Mortgage made the whole process really easy. Ryan was a big help and answered any questions I had right away. I would definitely recommend Ryan and Spin Mortgage.”
“Had a great experience with both Steve and Bonnie. As a first-time buyer, they were always happy to answer questions and were often readily available.”
“Very professional, reliable and easy to cooperate with. Answered all our questions and made it so easy for us to go through the process of getting approval for our first ever mortgage!”
“The team at Spin Mortgage took care of all of our needs throughout our home purchase and the service was extraordinary! During the whole process, they walked us through every step, making sure we had a good understanding of everything. ”
“I am so happy with their services, super responsive and attentive to our needs.”
“Jeff and his team secured my wife and I an excellent rate. Jeff was always available to answer any of our questions and made the purchase process seamless. I would recommend Spin Mortgage to all of my Family and Friends.”
“We recently worked with Ryan A. at Spin to get financing for our first house. As first-time buyers, it was really important to us to have as much information as possible and Ryan delivered this in a big way. He was super professional, supportive, and results-focused. We'll seek him out to work together again.”
“The guys at Spin made getting my first mortgage a breeze and got me an awesome rate! They were very friendly and knowledgeable compared to some of the other brokers I talked to. They were quick to respond to all my questions. I’ll definitely be using them again.”
Become a smarter borrower by visiting our Info Hub.
