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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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“Working with Spin Mortgage as first time buyers we were amazed at how knowledgeable and supportive they were. They gave us great advice and anticipated next steps so nothing felt rushed or was missed on our part. It felt like a team effort to get our dream house.”
“We couldn't be more thrilled with the professionalism and dedication the team at Spin gave to us. This was the biggest purchase in our lives and Jeff made sure that we were comfortable with every step! Love you guys.”
“Had the pleasure to work with Steve and Ryan for my first home purchase on vancouver island! Exceptional service and they worked in a timely and efficient manner on our quick close. It’s stressful enough buying a house and getting all the paperwork all lined up but they made it easy and clear. Can’t wait to work with them on future opportunities!”
“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.”
“Need a broker? I highly recommend Steve and Bonnie. Doesn't matter what time of day or night these two will get back to you fast. They lay out all options, give great advice and again are ALWAYS there when you need your questions.”
“If we ever purchase another property, Spin Mortgage is the only mortgage broker we will use!”
“Ryan went above and beyond to consistently provide detailed and tailored information that helped us make the right choices when buying our home, while also securing us a terrific rate.”
“Ryan and the team at Spin were a great with helping us to lock down the mortgage on our first home. Extremely diligent and did everything they could to shop around for the best rate. ”
“Excellent experience - this is a complex and stressful process for many, but Ryan made it a lot easier for us to navigate. He was attentive, patient, and answered all of our questions, taking time to explain to us the process as first-time home buyers. Would highly recommend this company! ”
Become a smarter borrower by visiting our Info Hub.
