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What You Need to Know About Purchasing a Property

Apply. Shop. Buy. Mortgages made simple.

Deciphering Down Payments

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.

Collect a Down Payment Creatively

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.

Know Your Limit, Shop Within It

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!

Save Your Rate with a Pre-Approval

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.

Mortgage Terms Trump Low Rates

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.

Be Aware of All Costs

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.

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

Browse MLS with more price precision using our affordability calculator.

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Ready To Apply?

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Rave Reviews From Other Home Buyers

We work hard to make your home purchase easy.

“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.”

“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!”

“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.”

“Steve and his team have advised me on both an original mortgage and a refinance and the experience has been great. Excellent strategic counsel, extremely responsive, no-nonsense - and a great rate both times. Highly recommend the Spin team.”

“Great experience with Ryan! Communication was fantastic and he was extremely helpful throughout the entire process. Great mortgage rate, too! Highly recommend.”

“Working with Ryan for obtaining a mortgage for our first property and now our second has been an amazing experience. He got us amazing and competitive rates, was prompt and clear with his communication, and was an overall pleasure to work with. ”

“Thank you for getting us approved before Christmas. Happy Holidays. Highly recommend!”

“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.”

“Jeff at Spin was one of the easiest people to work with. This was our third mortgage. He found us the best rate and was the most pleasant to deal with. He went above and beyond for us and continues to help us work towards buying a secondary property.”

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