45
$219,900
$182/sqft
3 bd · 1 ba · 1,207 sqft
#8, 720 Commonwealth Road
Lake Country · Single Family
Listed by REMAX KelownaMLS® 10388442
Pre-approval · Lake Country
What does a mortgage pre-approval in Lake Country ask for?
At the $999,000 median asking price, you need $74,900 down. A lender tests a payment of $6,184 a month.
- Minimum down
- $74,900
- Monthly payment a lender tests
- $6,184
- Implied household income
- $190,277
Affordability estimate · 1 of 3
What is your household income before tax?
- Minimum down
- $74,900
- Monthly payment a lender tests
- $6,184
- Implied household income
- $190,277
What a Lake Country buyer needs
At $999,000, the minimum down payment is $74,900 and twenty percent is $199,800. Lenders test the payment at the qualifying rate of 6.49%, not the illustrative 4.49%. That is $6,184 a month over 25 years, which needs a household income near $190,277. The Lake Country census median is $98,000, about $92,277 short of the figure the payment implies.
Homes up to $1,500,000 can carry mortgage default insurance, which allows the $74,900 minimum.
Minimum down payment on a Lake Country home
| Figure | Amount |
|---|---|
| Median asking price | $999,000 |
| Minimum down payment | $74,900 |
| Twenty percent down | $199,800 |
| Mortgage default insurance | Available at the median price |
| Qualifying payment at 6.49% | $6,184 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 Lake Country
Active listings in Lake Country
285 active listings
77
$1,548,000
$396/sqft
4 bd · 4 ba · 3,910 sqft
10313 Long Road
Lake Country · Single Family
Listed by Coldwell Banker Executives RealtyMLS® 10403143
10
$2,777,000
$857/sqft
1 bd · 1 ba · 3,239 sqft
14110 Talbot Road
Lake Country · Agriculture
Listed by REMAX KelownaMLS® 10403160
11
$3,691,000
$745/sqft
1 bd · 1 ba · 4,954 sqft
13090 Trewhitt Road
Lake Country · Agriculture
Listed by REMAX KelownaMLS® 10403164
8
$2,125,000
$932/sqft
1 bd · 1 ba · 2,280 sqft
12930 Trewhitt Road
Lake Country · Agriculture
Listed by REMAX KelownaMLS® 10403167
10
$2,090,000
Lot P Middle Bench Road
Lake Country · Agriculture
Listed by REMAX KelownaMLS® 10403155
72
$1,050,000
$479/sqft
2 bd · 3 ba · 2,192 sqft
16585 Toby Road
Lake Country · Single Family
Listed by Coldwell Banker Executives RealtyMLS® 10402891
90
$2,435,000
$690/sqft
4 bd · 4 ba · 3,529 sqft
1502 Marble Ledge Drive
Lake Country · Single Family
Listed by eXp Realty (Kelowna)MLS® 10402445
63
$875,000
$330/sqft
3 bd · 3 ba · 2,653 sqft
9659 Santina Road
Lake Country · Single Family
Listed by REMAX KelownaMLS® 10398722
55
$1,250,000
$794/sqft
3 bd · 3 ba · 1,575 sqft
17936 Angus Road
Lake Country · Single Family
Listed by Royal LePage KelownaMLS® 10398631
48
$775,000
$316/sqft
4 bd · 3 ba · 2,455 sqft
#12, 11392 Lodge Road
Lake Country · Single Family
Listed by Coldwell Banker Horizon RealtyMLS® 10397098
39
$2,450,000
$1,932/sqft
4 bd · 2 ba · 1,268 sqft
12110 Trewhitt Road
Lake Country · Single Family
Listed by Century 21 Assurance Realty LtdMLS® 10396958
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 Lake Country
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 Lake Country
At the $999,000 median, the minimum is $74,900 and twenty percent is $199,800. Homes up to $1,500,000 can carry mortgage default insurance, which allows the $74,900 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.