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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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“Spin Mortgage was simply great to deal with. They made it a super easy and enjoyable process in helping us get financing for our first mortgage.”
“Jeff & Steve were great to work with! It was a speedy process to get approved and purchase our first home with a great rate and term. I would definitely use them for future real estate purchases.”
“I just got a mortgage through Spin on a house purchased. There were multiple offers on the property and they were able to turn everything around in one day so that I could get the place. I would definitely recommend these guys to anyone looking for a mortgage.”
“I was referred to Spin by a colleague. I am very satisfied with my experience at Spin mortgage with what is my first mortgage experience as a first time home buyer. Bonnie and Jeff were prompt, professional, courteous, helpful, friendly, and on top of everything. ”
“My experience with Spin Mortgage was overwhelmingly positive. Ryan was hard-working, efficient, and very easy to deal with. We had to act fast with my purchase, and Ryan got it done. I would definitely use Spin again.”
“Highly Recommend this company, Ryan and team at Spin is a very hardworking professionals and goes over and beyond expectation. As first time buyers we had no experience on this and he was very informative and transparent about things that we needed to provide. ”
“The spin team were referred to us for the purchase of our first house and they were great to work with from start to finish. Their response time and attention to detail made a real difference.”
“Amazing experience. From start to finish. Use Spin Mortgage if you are looking to get competitive rates and brilliant service.”
“Did my original mortgage and now my five year renewal. The rate they found was much cheaper than anything I found on my own, they were responsive immediately and consistently throughout the process (response times under 4hr any time of day or night), they made clear requests from me for documents, etc., answered my questions clearly as well, and held my hand through to the end. I couldn't have asked for more. I'm certain I'll be reaching out to them again 5 years from now!”
Become a smarter borrower by visiting our Info Hub.
