99
$799,000
$320/sqft
3 bd · 3 ba · 2,493 sqft
413 Robson Drive
Kamloops · Single Family
Listed by REMAX KamloopsMLS® 10395516
Pre-approval · Kamloops
What does a mortgage pre-approval in Kamloops ask for?
At the $639,750 median asking price, you need $38,975 down. A lender tests a payment of $4,020 a month.
- Minimum down
- $38,975
- Monthly payment a lender tests
- $4,020
- Implied household income
- $123,692
Affordability estimate · 1 of 3
What is your household income before tax?
- Minimum down
- $38,975
- Monthly payment a lender tests
- $4,020
- Implied household income
- $123,692
What a Kamloops buyer needs
At $639,750, the minimum down payment is $38,975 and twenty percent is $127,950. Lenders test the payment at the qualifying rate of 6.49%, not the illustrative 4.49%. That is $4,020 a month over 25 years, which needs a household income near $123,692. The Kamloops census median is $88,000, about $35,692 short of the figure the payment implies.
Homes up to $1,500,000 can carry mortgage default insurance, which allows the $38,975 minimum.
Minimum down payment on a Kamloops home
| Figure | Amount |
|---|---|
| Median asking price | $639,750 |
| Minimum down payment | $38,975 |
| Twenty percent down | $127,950 |
| Mortgage default insurance | Available at the median price |
| Qualifying payment at 6.49% | $4,020 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 Kamloops
Active listings in Kamloops
1,000 active listings
21
$809,900
$674/sqft
2 bd · 2 ba · 1,202 sqft
#132, 200 GRAND Boulevard
Kamloops · Single Family
Listed by REMAX KamloopsMLS® 10383760
30
$849,900
$689/sqft
2 bd · 2 ba · 1,233 sqft
#131, 200 GRAND Boulevard
Kamloops · Single Family
Listed by REMAX KamloopsMLS® 10383746
27
$644,900
$384/sqft
3 bd · 3 ba · 1,680 sqft
#134, 3580 Valleyview Drive
Kamloops · Recreational
Listed by REMAX KamloopsMLS® 10394594
31
$626,900
$307/sqft
4 bd · 4 ba · 2,044 sqft
#169, 3580 Valleyview Drive
Kamloops · Single Family
Listed by REMAX KamloopsMLS® 10388280
31
$599,900
$426/sqft
3 bd · 3 ba · 1,408 sqft
#170, 3580 Valleyview Drive
Kamloops · Single Family
Listed by REMAX KamloopsMLS® 10388284
32
$710,900
$471/sqft
3 bd · 3 ba · 1,509 sqft
#108, 3580 Valleyview Drive
Kamloops · Single Family
Listed by REMAX KamloopsMLS® 10383828
63
$1,390,000
$878/sqft
2 bd · 2 ba · 1,583 sqft
#1905, 460 NICOLA Street
Kamloops · Single Family
Listed by Royal LePage Westwin RealtyMLS® 10403259
41
$1,299,000
$382/sqft
4 bd · 3 ba · 3,400 sqft
6998 Vista Drive
Kamloops · Single Family
Listed by Stonehaus Realty CorpMLS® 10403294
41
$729,900
$384/sqft
3 bd · 2 ba · 1,903 sqft
1198 Raven Drive
Kamloops · Single Family
Listed by Royal LePage Westwin RealtyMLS® 10403306
46
$900,000
$254/sqft
5 bd · 3 ba · 3,541 sqft
1920 Lakeview Drive
Kamloops · Single Family
Listed by eXp Realty (Kamloops)MLS® 10403187
33
$609,900
$712/sqft
2 bd · 2 ba · 857 sqft
#508, 460 Nicola Street
Kamloops · Single Family
Listed by Royal LePage Westwin RealtyMLS® 10403064
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 Kamloops
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 Kamloops
At the $639,750 median, the minimum is $38,975 and twenty percent is $127,950. Homes up to $1,500,000 can carry mortgage default insurance, which allows the $38,975 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.