40
$729,000
$351/sqft
4 bd · 4 ba · 2,075 sqft
#14, 45290 Soowahlie Crescent
Chilliwack · Townhouse
Listed by Century 21 Creekside RealtyMLS® R3160445
Pre-approval · Chilliwack
What does a mortgage pre-approval in Chilliwack ask for?
At the $750,000 median asking price, you need $50,000 down. A lender tests a payment of $4,685 a month.
- Minimum down
- $50,000
- Monthly payment a lender tests
- $4,685
- Implied household income
- $144,154
Affordability estimate · 1 of 3
What is your household income before tax?
- Minimum down
- $50,000
- Monthly payment a lender tests
- $4,685
- Implied household income
- $144,154
What a Chilliwack buyer needs
At $750,000, the minimum down payment is $50,000 and twenty percent is $150,000. Lenders test the payment at the qualifying rate of 6.49%, not the illustrative 4.49%. That is $4,685 a month over 25 years, which needs a household income near $144,154. The Chilliwack census median is $85,000, about $59,154 short of the figure the payment implies.
Homes up to $1,500,000 can carry mortgage default insurance, which allows the $50,000 minimum.
Minimum down payment on a Chilliwack home
| Figure | Amount |
|---|---|
| Median asking price | $750,000 |
| Minimum down payment | $50,000 |
| Twenty percent down | $150,000 |
| Mortgage default insurance | Available at the median price |
| Qualifying payment at 6.49% | $4,685 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 Chilliwack
Active listings in Chilliwack
1,153 active listings
29
$299,900
$291/sqft
2 bd · 1 ba · 1,030 sqft
#101, 46033 Chilliwack Central Road
Chilliwack · Apartment/Condo
Listed by RE/MAX Nyda Realty Inc.MLS® R3167995
18
$199,900
$352/sqft
1 bd · 1 ba · 568 sqft
#111, 45749 Spadina Avenue
Chilliwack · Apartment/Condo
Listed by One Percent Realty Ltd.MLS® R3161619
31
$259,800
$281/sqft
2 bd · 1 ba · 924 sqft
#74, 5742 Unsworth Road
Chilliwack · Manufactured Home
Listed by RE/MAX WestcoastMLS® R3173343
30
$354,900
$286/sqft
3 bd · 2 ba · 1,240 sqft
#2, 9342 Hazel Street
Chilliwack · Townhouse
Listed by Select Real EstateMLS® R3173329
27
$99,900
$130/sqft
2 bd · 1 ba · 768 sqft
#41, 3942 Columbia Valley Road
Chilliwack · Manufactured Home
Listed by Homelife Advantage Realty Ltd.MLS® R3147801
40
$999,999
$310/sqft
5 bd · 3 ba · 3,230 sqft
10005 Kenswood Drive
Chilliwack · Single Family Residence
Listed by eXp RealtyMLS® R3162989
40
$769,900
$348/sqft
4 bd · 3 ba · 2,212 sqft
B – 45220 South Sumas Road
Chilliwack · Half Duplex
Listed by Royal Lepage Wheeler CheamMLS® R3174190
33
$525,000
$378/sqft
3 bd · 2 ba · 1,389 sqft
#7, 46191 Cessna Drive
Chilliwack · Townhouse
Listed by Homelife Advantage Realty LtdMLS® R3139591
40
$1,249,900
$345/sqft
5 bd · 4 ba · 3,627 sqft
5936 Carter Road
Chilliwack · Single Family Residence
Listed by RE/MAX Nyda Realty Inc.MLS® R3174248
17
$314,900
$362/sqft
2 bd · 2 ba · 869 sqft
#101, 45567 Yale Road
Chilliwack · Apartment/Condo
Listed by Pathway Executives Realty Inc.MLS® R3174062
18
$799,000
$344/sqft
3 bd · 3 ba · 2,320 sqft
#16, 5469 Chinook Street
Chilliwack · Townhouse
Listed by Homelife Benchmark Realty (Langley) Corp.MLS® R3165290
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 Chilliwack
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 Abbotsford
$799,900 median asking price
Mortgage pre-approval in Coquitlam
$956,450 median asking price
Pre-approval questions in Chilliwack
At the $750,000 median, the minimum is $50,000 and twenty percent is $150,000. Homes up to $1,500,000 can carry mortgage default insurance, which allows the $50,000 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.