40
$1,500,000
$469/sqft
5 bd · 4 ba · 3,200 sqft
9480 216b Street
Langley · Single Family Residence
Listed by Royal LePage - WolstencroftMLS® R3154969
Pre-approval · Langley
What does a mortgage pre-approval in Langley ask for?
At the $959,900 median asking price, you need $70,990 down. A lender tests a payment of $5,949 a month.
- Minimum down
- $70,990
- Monthly payment a lender tests
- $5,949
- Implied household income
- $183,046
Affordability estimate · 1 of 3
What is your household income before tax?
- Minimum down
- $70,990
- Monthly payment a lender tests
- $5,949
- Implied household income
- $183,046
What a Langley buyer needs
At $959,900, the minimum down payment is $70,990 and twenty percent is $191,980. Lenders test the payment at the qualifying rate of 6.49%, not the illustrative 4.49%. That is $5,949 a month over 25 years, which needs a household income near $183,046. The Langley census median is $108,000, about $75,046 short of the figure the payment implies.
Homes up to $1,500,000 can carry mortgage default insurance, which allows the $70,990 minimum.
Minimum down payment on a Langley home
| Figure | Amount |
|---|---|
| Median asking price | $959,900 |
| Minimum down payment | $70,990 |
| Twenty percent down | $191,980 |
| Mortgage default insurance | Available at the median price |
| Qualifying payment at 6.49% | $5,949 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 Langley
Active listings in Langley
1,605 active listings
22
$3,499,000
$949/sqft
4 bd · 4 ba · 3,686 sqft
LT.1 – 22152 86a Avenue
Langley · Single Family Residence
Listed by Royal LePage - WolstencroftMLS® R3173377
40
$2,799,000
$905/sqft
4 bd · 3 ba · 3,093 sqft
3152 204 Street
Langley · Single Family Residence
Listed by Royal LePage - WolstencroftMLS® R3173346
13
$839,900
$589/sqft
4 bd · 3 ba · 1,426 sqft
#31, 6887 204a Street
Langley · Townhouse
Listed by Prima MarketingMLS® R3123832
13
$949,900
$526/sqft
4 bd · 4 ba · 1,805 sqft
#59, 6887 204a Street
Langley · Townhouse
Listed by Prima MarketingMLS® R3131862
6
$899,900
$562/sqft
4 bd · 4 ba · 1,602 sqft
#32, 6887 204a Street
Langley · Townhouse
Listed by Prima MarketingMLS® R3155915
40
$2,100,000
$795/sqft
6 bd · 4 ba · 2,643 sqft
1240 224 Street
Langley · Single Family Residence
Listed by Royal LePage - WolstencroftMLS® R3173431
34
$899,900
$496/sqft
4 bd · 4 ba · 1,815 sqft
#32, 8508 204 Street
Langley · Townhouse
Listed by eXp RealtyMLS® R3169171
16
$660,000
$819/sqft
2 bd · 1 ba · 806 sqft
#617B, 8157 207 Street
Langley · Apartment/Condo
Listed by RE/MAX City RealtyMLS® R3167717
22
$349,000
$426/sqft
2 bd · 1 ba · 820 sqft
#211, 5294 204 St Street
Langley · Apartment/Condo
Listed by Homelife Benchmark Titus RealtyMLS® R3163845
40
$2,249,000
$364/sqft
9 bd · 9 ba · 6,178 sqft
20235 27 Avenue
Langley · Single Family Residence
Listed by Planet Group Realty Inc.MLS® R3167534
40
$1,099,900
$481/sqft
4 bd · 3 ba · 2,288 sqft
3620 256 Street
Langley · Single Family Residence
Listed by B.C. Farm & Ranch Realty Corp.MLS® R3173345
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 Langley
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 Abbotsford
$799,900 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 Langley
At the $959,900 median, the minimum is $70,990 and twenty percent is $191,980. Homes up to $1,500,000 can carry mortgage default insurance, which allows the $70,990 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.