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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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“I purchased my first house in 2005, and it was all a mystery to me. Steve was recommended as a mortgage broker I could work with, and he has been my go-to professional ever since. He has shepherded me through 3 renewals and has moved mountains on my behalf.”

“Very responsive and helpful. We didn't have a straightforward contract of purchase and sale, and they were very patient and helpful the whole time.”

“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.”

“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. ”

“The team at Spin Mortgage is knowledgeable, responsive and has always made us feel well taken care of. From our first home, to transferring over our mortgage to a renewal, they've helped to guide us through the fine print. Great rates, great customer service and a seamless process!”

“Ryan and the team at Spin mortgage were absolutely phenomenal. Very attentive to detail, responsive and forward thinking. Extremely helpful in guiding us through the process as first time buyers. Taking the time to explain the details along the way.”

“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.”

“Being a first time homebuyer I was unsure of how the process. Ryan and Jeff were great and on top of everything making sure everything was completed on time and as good as possible. They also were great at answering every question we had. Overall it was an excellent experience.”

“Ryan made the entire process of obtaining our first mortgage seamless. He was always prompt, informative, knowledgeable and an all-around pleasure to work with as a person. We couldn't be happier with how it all went. Thanks again, Ryan.”

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