71
$3,500,000
$2,120/sqft
3 bd · 2 ba · 1,651 sqft
281 Lindley Creek Road
Merritt · Agriculture
Listed by eXp RealtyMLS® 10402827
Pre-approval · Merritt
What does a mortgage pre-approval in Merritt ask for?
At the $474,900 median asking price, you need $23,745 down. A lender tests a payment of $3,019 a month.
- Minimum down
- $23,745
- Monthly payment a lender tests
- $3,019
- Implied household income
- $92,892
Affordability estimate · 1 of 3
What is your household income before tax?
- Minimum down
- $23,745
- Monthly payment a lender tests
- $3,019
- Implied household income
- $92,892
What a Merritt buyer needs
At $474,900, the minimum down payment is $23,745 and twenty percent is $94,980. Lenders test the payment at the qualifying rate of 6.49%, not the illustrative 4.49%. That is $3,019 a month over 25 years, which needs a household income near $92,892. The Merritt census median is $70,000, about $22,892 short of the figure the payment implies.
Homes up to $1,500,000 can carry mortgage default insurance, which allows the $23,745 minimum.
Minimum down payment on a Merritt home
| Figure | Amount |
|---|---|
| Median asking price | $474,900 |
| Minimum down payment | $23,745 |
| Twenty percent down | $94,980 |
| Mortgage default insurance | Available at the median price |
| Qualifying payment at 6.49% | $3,019 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 Merritt
Active listings in Merritt
183 active listings
35
$479,900
$245/sqft
5 bd · 2 ba · 1,960 sqft
2152 Mamette Avenue
Merritt · Single Family
Listed by REMAX KamloopsMLS® 10403276
7
$250,000
5597S Coldwater Road
Merritt · Vacant Land
Listed by REMAX KamloopsMLS® 10403233
93
$649,900
$221/sqft
4 bd · 3 ba · 2,935 sqft
2326 GARCIA Street
Merritt · Single Family
Listed by Canada Flex Realty GroupMLS® 10401541
68
$1,049,900
$344/sqft
5 bd · 3 ba · 3,053 sqft
1740 MACAULAY Road
Merritt · Recreational
Listed by Royal LePage Westwin RealtyMLS® 10403332
13
$294,900
$302/sqft
2 bd · 2 ba · 977 sqft
#306, 2799 Clapperton Avenue
Merritt · Single Family
Listed by REMAX KamloopsMLS® 10403142
69
$1,099,000
$944/sqft
2 bd · 2 ba · 1,164 sqft
111 Veale Road
Merritt · Single Family
Listed by Royal LePage Merritt R.E. ServMLS® 10399375
89
$1,495,000
$765/sqft
3 bd · 2 ba · 1,955 sqft
11460 Hwy 97C Highway
Merritt · Single Family
Listed by LandQuest Realty Corp. (Interior)MLS® 10402650
84
$1,245,000
$642/sqft
3 bd · 3 ba · 1,938 sqft
5809 Beech Road
Merritt · Single Family
Listed by LandQuest Realty Corp. (Interior)MLS® 10402485
69
$4,870,000
$2,892/sqft
2 bd · 2 ba · 1,684 sqft
2321 Peterson Road
Merritt · Agriculture
Listed by LandQuest Realty Corp. (Interior)MLS® 10402044
35
$929,000
$492/sqft
3 bd · 2 ba · 1,890 sqft
3020 Prospect Creek FSR Road
Merritt · Single Family
Listed by LandQuest Realty Corp. (Interior)MLS® 10399356
46
$375,000
$338/sqft
2 bd · 1 ba · 1,108 sqft
443 Morgan Avenue
Merritt · Single Family
Listed by Real Broker B.C. LtdMLS® 10396040
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 Merritt
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 Merritt
At the $474,900 median, the minimum is $23,745 and twenty percent is $94,980. Homes up to $1,500,000 can carry mortgage default insurance, which allows the $23,745 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.