31
$374,900
$395/sqft
2 bd · 1 ba · 949 sqft
#508, 2562 Departure Bay Road
Nanaimo · Single Family
Listed by Royal LePage Nanaimo Realty (NanIsHwyN)MLS® 1052051
Pre-approval · Nanaimo
What does a mortgage pre-approval in Nanaimo ask for?
At the $699,900 median asking price, you need $44,990 down. A lender tests a payment of $4,383 a month.
- Minimum down
- $44,990
- Monthly payment a lender tests
- $4,383
- Implied household income
- $134,862
Affordability estimate · 1 of 3
What is your household income before tax?
- Minimum down
- $44,990
- Monthly payment a lender tests
- $4,383
- Implied household income
- $134,862
What a Nanaimo buyer needs
At $699,900, the minimum down payment is $44,990 and twenty percent is $139,980. Lenders test the payment at the qualifying rate of 6.49%, not the illustrative 4.49%. That is $4,383 a month over 25 years, which needs a household income near $134,862. The Nanaimo census median is $75,500, about $59,362 short of the figure the payment implies.
Homes up to $1,500,000 can carry mortgage default insurance, which allows the $44,990 minimum.
Minimum down payment on a Nanaimo home
| Figure | Amount |
|---|---|
| Median asking price | $699,900 |
| Minimum down payment | $44,990 |
| Twenty percent down | $139,980 |
| Mortgage default insurance | Available at the median price |
| Qualifying payment at 6.49% | $4,383 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 Nanaimo
Active listings in Nanaimo
802 active listings
$425,000
$182/sqft
4 bd · 3 ba · 2,332 sqft
3430 Hammond Bay Road
Nanaimo · Single Family
Listed by Sutton Group West Coast RealtyMLS® 1052052
70
$1,999,000
$653/sqft
4 bd · 4 ba · 3,059 sqft
2885 Shady Mile Way
Nanaimo · Single Family
Listed by Sutton Group-West Coast Realty (Nan)MLS® 1051049
26
$549,900
$536/sqft
2 bd · 1 ba · 1,025 sqft
2131 Minto Avenue
Nanaimo · Single Family
Listed by eXp Realty (NA)MLS® 1050281
63
$684,900
$379/sqft
3 bd · 2 ba · 1,806 sqft
1088 Nelson Street
Nanaimo · Single Family
Listed by REMAX Professionals (NA)MLS® 1051874
42
$639,900
$467/sqft
3 bd · 2 ba · 1,369 sqft
1846 Begonia Way
Nanaimo · Single Family
Listed by REMAX Professionals (NA)MLS® 1051779
79
$849,000
$343/sqft
5 bd · 5 ba · 2,474 sqft
5620 Hammond Bay Road
Nanaimo · Single Family
Listed by REMAX Professionals (NA)MLS® 1051986
39
$650,000
$558/sqft
2 bd · 1 ba · 1,165 sqft
6071 Pine Ridge Crescent
Nanaimo · Single Family
Listed by Royal LePage Island Living (PK)MLS® 1051612
54
$850,000
$383/sqft
2 bd · 3 ba · 2,218 sqft
3219 Point Place
Nanaimo · Single Family
Listed by REMAX Professionals (NA)MLS® 1051790
36
$649,000
$410/sqft
3 bd · 3 ba · 1,584 sqft
3470 Maveric Road
Nanaimo · Single Family
Listed by Real BrokerMLS® 1051624
9
$2,280,000
565 Brechin Road
Nanaimo · Vacant Land
Listed by Sutton Group-West Coast Realty (Nan)MLS® 1051936
8
$2,280,000
565 Brechin Road
Nanaimo · Vacant Land
Listed by Sutton Group-West Coast Realty (Nan)MLS® 1051940
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 Nanaimo
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 Nanaimo
At the $699,900 median, the minimum is $44,990 and twenty percent is $139,980. Homes up to $1,500,000 can carry mortgage default insurance, which allows the $44,990 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.