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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 really appreciated how easy it was to get in contact and the quick replies. Thank you for all the help in what can be a stressful time!!”
“This was my first purchase for a condo and I was entirely new to how mortgage works. Steve made it a breeze on my application and approval from start to end. Prompt and helpful! And takes the extra mile for their clients! Cheers! And thank you again!”
“Steve was very professional and knowledgeable. As a first time home buyer, I received so much helpful information and professional suggestion with our mortgage. The service of them is superb! Will refer friends to Spin for sure!”
“Very impressed by Jeff and Bonnie. Great experience as a first-time home buyer. Highly recommend their expertise!”
“Steve was highly recommended to us by our realtor in 2003 when we bought our first house. Over the years he has taken very good care of us, providing excellent service and expertise, always negotiating the best rates for our mortgage renewals. ”
“I worked with Ryan with applying for my first Mortgage. He always kept me well informed, gave me great advice and really helped me understand all the nuances of purchasing a home for the first time. If anything was unclear Ryan was always a phone call away.”
“As first-time home buyers, we needed a broker like Ryan. He was extremely patient and knowledgeable, always happy to explain mortgage terms and processes. He made the process pain-free. He found us an amazing rate, and now we are preparing to move into our dream home! Thank you!”
“Ryan and his team at Spin Mortgage helped me secure my first mortgage in the most professional and informative way possible. It's the biggest purchase you'll ever make and I whole heartedly recommend Ryan to not only get you the best rates but truly take care of you.”
“Great experience organizing a refinance of an existing property to get a mortgage and purchase a new property. They were super responsive, answered all my questions quickly and acted fast for our short time frame. Very pleased with the outcome!”
Become a smarter borrower by visiting our Info Hub.
