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What You Need to Know About Purchasing a Property

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Deciphering Down Payments

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.

Collect a Down Payment Creatively

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.

Know Your Limit, Shop Within It

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!

Save Your Rate with a Pre-Approval

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.

Mortgage Terms Trump Low Rates

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.

Be Aware of All Costs

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.

Take Your Next Step. Towards Purchasing.

“Good fortune happens when opportunity meets with preparation.”
- Thomas Edison

Purchasing Explained

Mortgage resources to boost your learning and build your buying confidence.

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Affordability Calculator

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Rave Reviews From Other Home Buyers

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Based on 44 reviews

“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!”

“Spin is a great firm and I would recommend them to anyone buying a property. We worked with Ryan who was very knowledgeable, efficient, and took the time to explain different potential mortgage scenarios to suit our needs. He was readily available by phone or email throughout our mortgage application process.”

“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. ”

“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.”

“We had the pleasure of working with Bonnie and Steve for purchasing our first home. We were more than thrilled with all the hard work they put in! They were always on the ball and so quick to reply to any emails and questions we had!”

“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.”

“I was referred to Spin by a good friend. This was our first mortgage and in addition to the super helpful information on their website, they walked us through everything step by step to make sure we got the best mortgage for us.”

“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 highly recommend working with Spin. Bonnie was available to answer all my questions and find solutions for all the inevitable bumps in getting the right mortgage.”

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