21
$369,900
$504/sqft
1 bd · 1 ba · 734 sqft
#406, 33338 Bourquin Crescent
Abbotsford · Apartment/Condo
Listed by RE/MAX Nyda Realty Inc.MLS® R3161585
Pre-approval · Abbotsford
What does a mortgage pre-approval in Abbotsford ask for?
At the $799,900 median asking price, you need $54,990 down. A lender tests a payment of $4,985 a month.
- Minimum down
- $54,990
- Monthly payment a lender tests
- $4,985
- Implied household income
- $153,385
Affordability estimate · 1 of 3
What is your household income before tax?
- Minimum down
- $54,990
- Monthly payment a lender tests
- $4,985
- Implied household income
- $153,385
What a Abbotsford buyer needs
At $799,900, the minimum down payment is $54,990 and twenty percent is $159,980. Lenders test the payment at the qualifying rate of 6.49%, not the illustrative 4.49%. That is $4,985 a month over 25 years, which needs a household income near $153,385. The Abbotsford census median is $90,000, about $63,385 short of the figure the payment implies.
Homes up to $1,500,000 can carry mortgage default insurance, which allows the $54,990 minimum.
Minimum down payment on a Abbotsford home
| Figure | Amount |
|---|---|
| Median asking price | $799,900 |
| Minimum down payment | $54,990 |
| Twenty percent down | $159,980 |
| Mortgage default insurance | Available at the median price |
| Qualifying payment at 6.49% | $4,985 per month |
The qualifying payment uses an illustrative rate, not a quote.
What a lender checks first
- Income you can document. Pay stubs, a letter of employment, and two years of Notices of Assessment. Self-employed files need two years of T1 Generals.
- Debt you already carry. Balances, minimum payments, and limits, including the limit on a card you never use.
- A down payment with ninety days of history. Any large deposit inside that window needs a paper trail, and a gift needs a signed letter.
- Credit. A hard check, read alongside how long your history runs.
The full document list is on how to get pre-approved for a mortgage in BC.
Homes on the market in Abbotsford
Active listings in Abbotsford
1,375 active listings
34
$799,900
$400/sqft
3 bd · 4 ba · 2,002 sqft
#6, 35298 Marshall Road
Abbotsford · Townhouse
Listed by Homelife Advantage Realty Ltd.MLS® R3163635
38
$799,000
$358/sqft
4 bd · 3 ba · 2,230 sqft
35103 Spencer Street
Abbotsford · Single Family Residence
Listed by Sutton Group-West Coast Realty (Abbotsford)MLS® R3173786
20
$319,980
$347/sqft
2 bd · 2 ba · 923 sqft
#314, 33708 King Road
Abbotsford · Apartment/Condo
Listed by Oakwyn Realty Ltd.MLS® R3143851
19
$1,059,000
$580/sqft
2 bd · 3 ba · 1,826 sqft
32145 Clinton Avenue
Abbotsford · Single Family Residence
Listed by Century 21 Coastal Realty Ltd.MLS® R3173495
40
$2,349,900
$1,122/sqft
4 bd · 2 ba · 2,094 sqft
33456 Clayburn Road
Abbotsford · Single Family Residence
Listed by Royal Lepage Wheeler CheamMLS® R3173262
28
$369,900
$440/sqft
2 bd · 1 ba · 840 sqft
#8, 33900 Mayfair Avenue
Abbotsford · Townhouse
Listed by eXp Realty of Canada Inc.MLS® R3140726
29
$1,499,995
$367/sqft
8 bd · 6 ba · 4,084 sqft
27641 Lunderberg Avenue
Abbotsford · Single Family Residence
Listed by Nationwide Realty Corp.MLS® R3174304
34
$489,800
$483/sqft
3 bd · 2 ba · 1,015 sqft
#305, 2632 Pauline Street
Abbotsford · Apartment/Condo
Listed by eXp Realty of Canada Inc.MLS® R3172723
40
$528,000
$372/sqft
2 bd · 2 ba · 1,418 sqft
#801, 33065 Mill Lake Road
Abbotsford · Apartment/Condo
Listed by Interlink RealtyMLS® R3167860
32
$379,900
$365/sqft
2 bd · 2 ba · 1,041 sqft
#221, 33175 Old Yale Road
Abbotsford · Apartment/Condo
Listed by eXp Realty of Canada Inc.MLS® R3158143
31
$4,390,000
7141 Satchell Street
Abbotsford · Land
Listed by Sutton Group-West Coast Realty (Abbotsford)MLS® R3129941
NOTE: This representation is based in whole or in part on data generated by the Chilliwack & District Real Estate Board, Fraser Valley Real Estate Board or Real Estate Board of Greater Vancouver which assumes no responsibility for its accuracy. The information contained on this site is based in whole or in part on information that is provided by members of The Canadian Real Estate Association (CREA), who are responsible for its accuracy. CREA reproduces and distributes this information as a service for its members and assumes no responsibility for its accuracy. MLS®, Multiple Listing Service®, and REALTOR® are trademarks of the Canadian Real Estate Association (CREA).
Pre-approval in cities near Abbotsford
Mortgage pre-approval in Surrey
$999,999 median asking price
Mortgage pre-approval in Vancouver
$1,379,500 median asking price
Mortgage pre-approval in Burnaby
$859,950 median asking price
Mortgage pre-approval in Richmond
$1,004,800 median asking price
Mortgage pre-approval in Kelowna
$789,450 median asking price
Mortgage pre-approval in Langley
$959,900 median asking price
Mortgage pre-approval in Coquitlam
$956,450 median asking price
Mortgage pre-approval in Chilliwack
$750,000 median asking price
Pre-approval questions in Abbotsford
At the $799,900 median, the minimum is $54,990 and twenty percent is $159,980. Homes up to $1,500,000 can carry mortgage default insurance, which allows the $54,990 minimum.
No. Final approval also depends on the property.
Yes. It is based on you, not a home, so it works anywhere in BC.
Related pages
Prepared by
Written and maintained by Ray Rasouli, REALTOR®, licensed in British Columbia and founder of Relta Real Estate.
Data
Source: MLS® listing data from BC real estate boards (MLS® Reciprocity) and CREA's DDF®.
NOTE: This representation is based in whole or in part on data generated by the Chilliwack & District Real Estate Board, Fraser Valley Real Estate Board or Real Estate Board of Greater Vancouver which assumes no responsibility for its accuracy. The information contained on this site is based in whole or in part on information that is provided by members of The Canadian Real Estate Association (CREA), who are responsible for its accuracy. CREA reproduces and distributes this information as a service for its members and assumes no responsibility for its accuracy. MLS®, Multiple Listing Service®, and REALTOR® are trademarks of the Canadian Real Estate Association (CREA).
CorrectionsReport a correction
Payments use an illustrative rate over 25 years and the federal qualifying rate. Not a quote or an offer of credit. Ray Rasouli is a licensed REALTOR® and is not a mortgage broker or a lender. Nothing on this page is financial advice, a rate quote, or an offer of credit.