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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 41 reviews

“Jeff and his team secured my wife and I an excellent rate. Jeff was always available to answer any of our questions and made the purchase process seamless. I would recommend Spin Mortgage to all of my Family and Friends.”

“A neighbour referred me to Ryan at Spin Mortgage. I was nervous and this was my first house mortgage. He was very professional, understanding, and walked me through all the steps. It was a pleasure doing business with him!”

“Fantastic group. Very helpful through the ups and downs of buying a house. Would use over and over again and would recommend to anyone. Thanks guys!”

“As a realtor, I've recommended many clients to Spin Mortgage and received a lot of positive feedback. For my own purchase, I used them as well and experienced first hand their professionalism, quick turnaround and great communication. They are now my go-to for mortgage recommendations. ”

“Very impressed by Jeff and Bonnie. Great experience as a first-time home buyer. Highly recommend their expertise!”

“Ryan was amazing! As first-time home buyers, we were kind of clueless going into this, but Ryan made the process super easy. He is extremely knowledgeable and helpful. Would highly recommend Ryan and Spin Mortgage.”

“Great service! We’ve used Spin Mortgage for 2 purchases and a re-mortgage. They offer great rates, knowledge and speedy turn around times!”

“Would highly recommend Spin Mortgage! Especially Ryan for making our first time home buying experience as easy as possible, Ryan provided us with all the information we need and is quick to get back to us with answers to our question”

“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!”

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