41
$1,006,000
$310/sqft
5 bd · 4 ba · 3,244 sqft
1511 Mount Royal Ridge Other
Cranbrook · Single Family
Listed by eXp RealtyMLS® 10403126
Pre-approval · Cranbrook
What does a mortgage pre-approval in Cranbrook ask for?
At the $524,900 median asking price, you need $27,490 down. A lender tests a payment of $3,329 a month.
- Minimum down
- $27,490
- Monthly payment a lender tests
- $3,329
- Implied household income
- $102,431
Affordability estimate · 1 of 3
What is your household income before tax?
- Minimum down
- $27,490
- Monthly payment a lender tests
- $3,329
- Implied household income
- $102,431
What a Cranbrook buyer needs
At $524,900, the minimum down payment is $27,490 and twenty percent is $104,980. Lenders test the payment at the qualifying rate of 6.49%, not the illustrative 4.49%. That is $3,329 a month over 25 years, which needs a household income near $102,431. The Cranbrook census median is $80,000, about $22,431 short of the figure the payment implies.
Homes up to $1,500,000 can carry mortgage default insurance, which allows the $27,490 minimum.
Minimum down payment on a Cranbrook home
| Figure | Amount |
|---|---|
| Median asking price | $524,900 |
| Minimum down payment | $27,490 |
| Twenty percent down | $104,980 |
| Mortgage default insurance | Available at the median price |
| Qualifying payment at 6.49% | $3,329 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 Cranbrook
Active listings in Cranbrook
159 active listings
45
$299,900
$253/sqft
2 bd · 2 ba · 1,186 sqft
#10, 2321 Industrial 2 Road
Cranbrook · Single Family
Listed by RE/MAX Blue Sky RealtyMLS® 10402956
37
$599,900
$379/sqft
3 bd · 3 ba · 1,582 sqft
3401 Mount Royal Drive
Cranbrook · Single Family
Listed by RE/MAX Blue Sky RealtyMLS® 10401594
45
$739,900
$300/sqft
4 bd · 3 ba · 2,468 sqft
217 Shadow Mountain Boulevard
Cranbrook · Single Family
Listed by RE/MAX Blue Sky RealtyMLS® 10401026
41
$569,900
$280/sqft
4 bd · 3 ba · 2,036 sqft
913 9th Street
Cranbrook · Single Family
Listed by RE/MAX Blue Sky RealtyMLS® 10400300
28
$245,000
$254/sqft
2 bd · 1 ba · 965 sqft
#203, 2365 12 Street
Cranbrook · Single Family
Listed by RE/MAX Blue Sky RealtyMLS® 10400264
25
$246,500
$267/sqft
2 bd · 2 ba · 924 sqft
#32, 2424 Industrial #2 Road
Cranbrook · Single Family
Listed by RE/MAX Blue Sky RealtyMLS® 10398794
30
$529,000
$318/sqft
4 bd · 3 ba · 1,661 sqft
612 17TH Avenue
Cranbrook · Single Family
Listed by RE/MAX Blue Sky RealtyMLS® 10399108
21
$244,900
$311/sqft
2 bd · 1 ba · 788 sqft
#6, 717 21ST Avenue
Cranbrook · Single Family
Listed by RE/MAX Blue Sky RealtyMLS® 10397667
31
$545,999
$155/sqft
3,522 sqft
42 12TH Avenue
Cranbrook · Other
Listed by RE/MAX Blue Sky RealtyMLS® 10397225
28
$649,000
$245/sqft
4 bd · 3 ba · 2,644 sqft
#127, 2100 13th Street
Cranbrook · Single Family
Listed by RE/MAX Blue Sky RealtyMLS® 10396971
36
$449,900
$292/sqft
4 bd · 1 ba · 1,539 sqft
315 5 Street
Cranbrook · Single Family
Listed by RE/MAX Blue Sky RealtyMLS® 10397152
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 Cranbrook
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 Cranbrook
At the $524,900 median, the minimum is $27,490 and twenty percent is $104,980. Homes up to $1,500,000 can carry mortgage default insurance, which allows the $27,490 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.