34
$669,900
$392/sqft
3 bd · 3 ba · 1,707 sqft
#13, 32929 Cherry Avenue
Mission · Townhouse
Listed by Real Broker B.C. Ltd.MLS® R3173923
Pre-approval · Mission
What does a mortgage pre-approval in Mission ask for?
At the $899,000 median asking price, you need $64,900 down. A lender tests a payment of $5,582 a month.
- Minimum down
- $64,900
- Monthly payment a lender tests
- $5,582
- Implied household income
- $171,754
Affordability estimate · 1 of 3
What is your household income before tax?
- Minimum down
- $64,900
- Monthly payment a lender tests
- $5,582
- Implied household income
- $171,754
What a Mission buyer needs
At $899,000, the minimum down payment is $64,900 and twenty percent is $179,800. Lenders test the payment at the qualifying rate of 6.49%, not the illustrative 4.49%. That is $5,582 a month over 25 years, which needs a household income near $171,754. The Mission census median is $98,000, about $73,754 short of the figure the payment implies.
Homes up to $1,500,000 can carry mortgage default insurance, which allows the $64,900 minimum.
Minimum down payment on a Mission home
| Figure | Amount |
|---|---|
| Median asking price | $899,000 |
| Minimum down payment | $64,900 |
| Twenty percent down | $179,800 |
| Mortgage default insurance | Available at the median price |
| Qualifying payment at 6.49% | $5,582 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 Mission
Active listings in Mission
699 active listings
25
$449,000
$320/sqft
2 bd · 2 ba · 1,401 sqft
#5, 32165 7 Avenue
Mission · Townhouse
Listed by eXp Realty of Canada Inc.MLS® R3159658
40
$1,799,900
$707/sqft
5 bd · 3 ba · 2,545 sqft
12119 Rolley Lake Street
Mission · Single Family Residence
Listed by RE/MAX Treeland RealtyMLS® R3173199
32
$1,049,000
$350/sqft
6 bd · 5 ba · 3,000 sqft
7932 Heron Street
Mission · Half Duplex
Listed by Woodhouse RealtyMLS® R3170398
39
$1,099,900
$367/sqft
6 bd · 5 ba · 3,000 sqft
32034 Hillcrest Avenue
Mission · Half Duplex
Listed by Woodhouse RealtyMLS® R3145386
31
$429,000
$387/sqft
2 bd · 2 ba · 1,108 sqft
#301, 33669 2nd Avenue
Mission · Apartment/Condo
Listed by RE/MAX MagnoliaMLS® R3112559
17
$269,000
$288/sqft
2 bd · 1 ba · 934 sqft
#41, 43201 Lougheed Highway
Mission · Manufactured Home
Listed by Real Broker BC LtdMLS® R3167152
39
$925,000
$357/sqft
3 bd · 2 ba · 2,594 sqft
29486 Donatelli Avenue
Mission · Single Family Residence
Listed by Sutton Group-West Coast Realty (Surrey/24)MLS® R3164477
40
$729,500
$683/sqft
3 bd · 1 ba · 1,068 sqft
33515 8 Avenue
Mission · Single Family Residence
Listed by Royal LePage - WolstencroftMLS® R3158762
24
$719,000
$348/sqft
3 bd · 3 ba · 2,066 sqft
31964 Raven Avenue
Mission · Single Family Residence
Listed by Homelife Advantage Realty Ltd.MLS® R3124664
38
$639,000
$388/sqft
4 bd · 3 ba · 1,647 sqft
#3, 32792 Lightbody Court
Mission · Townhouse
Listed by Team 3000 Realty Ltd.MLS® R3173819
8
$895,000
$263/sqft
5 bd · 4 ba · 3,407 sqft
34671 Lougheed Highway
Mission · Single Family Residence
Listed by Top Producers Realty Ltd.MLS® R3053688
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 Mission
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 Mission
At the $899,000 median, the minimum is $64,900 and twenty percent is $179,800. Homes up to $1,500,000 can carry mortgage default insurance, which allows the $64,900 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.