40
$1,038,000
$469/sqft
5 bd · 2 ba · 2,212 sqft
931 Second Street
New Westminster · Single Family Residence
Listed by Oakwyn Realty Ltd.MLS® R3169100
Pre-approval · New Westminster
What does a mortgage pre-approval in New Westminster ask for?
At the $720,000 median asking price, you need $47,000 down. A lender tests a payment of $4,504 a month.
- Minimum down
- $47,000
- Monthly payment a lender tests
- $4,504
- Implied household income
- $138,585
Affordability estimate · 1 of 3
What is your household income before tax?
- Minimum down
- $47,000
- Monthly payment a lender tests
- $4,504
- Implied household income
- $138,585
What a New Westminster buyer needs
At $720,000, the minimum down payment is $47,000 and twenty percent is $144,000. Lenders test the payment at the qualifying rate of 6.49%, not the illustrative 4.49%. That is $4,504 a month over 25 years, which needs a household income near $138,585. The New Westminster census median is $82,000, about $56,585 short of the figure the payment implies.
Homes up to $1,500,000 can carry mortgage default insurance, which allows the $47,000 minimum.
Minimum down payment on a New Westminster home
| Figure | Amount |
|---|---|
| Median asking price | $720,000 |
| Minimum down payment | $47,000 |
| Twenty percent down | $144,000 |
| Mortgage default insurance | Available at the median price |
| Qualifying payment at 6.49% | $4,504 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 New Westminster
Active listings in New Westminster
651 active listings
28
$524,900
$607/sqft
2 bd · 1 ba · 865 sqft
123 Seventh Street
New Westminster · Townhouse
Listed by eXp RealtyMLS® R3174380
40
$849,999
$681/sqft
2 bd · 2 ba · 1,248 sqft
#1602, 720 Hamilton Street
New Westminster · Apartment/Condo
Listed by The Agency VancouverMLS® R3158602
40
$569,900
$432/sqft
2 bd · 2 ba · 1,318 sqft
#412, 78 Richmond Street
New Westminster · Apartment/Condo
Listed by Royal LePage - WolstencroftMLS® R3173520
39
$1,249,000
$614/sqft
3 bd · 4 ba · 2,033 sqft
264 Holly Avenue
New Westminster · Single Family Residence
Listed by RE/MAX Select RealtyMLS® R3172776
40
$2,399,000
$736/sqft
6 bd · 5 ba · 3,260 sqft
824 Chestnut Street
New Westminster · Single Family Residence
Listed by Multiple Realty Ltd.MLS® R3169571
40
$699,000
$715/sqft
3 bd · 2 ba · 977 sqft
#1708, 898 Carnarvon Street
New Westminster · Apartment/Condo
Listed by eXp RealtyMLS® R3172878
35
$559,000
$614/sqft
2 bd · 2 ba · 911 sqft
#1005, 280 Ross Drive
New Westminster · Apartment/Condo
Listed by RE/MAX Crest RealtyMLS® R3159116
22
$519,900
$706/sqft
2 bd · 1 ba · 736 sqft
#1005, 988 Quayside Drive
New Westminster · Apartment/Condo
Listed by Sutton Group-West Coast Realty (Langley)MLS® R3158837
40
$669,900
$497/sqft
2 bd · 2 ba · 1,347 sqft
#1505, 1235 Quayside Drive
New Westminster · Apartment/Condo
Listed by RE/MAX All Points RealtyMLS® R3168745
19
$1,139,000
$456/sqft
5 bd · 3 ba · 2,500 sqft
730 Cumberland Street
New Westminster · Single Family Residence
Listed by eXp RealtyMLS® R3166897
36
$1,299,000
$1,386/sqft
2 bd · 1 ba · 937 sqft
107 Sapper Street
New Westminster · Single Family Residence
Listed by Engel & Volkers VancouverMLS® R3174118
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 New Westminster
Mortgage pre-approval in Surrey
$999,999 median asking price
Mortgage pre-approval in Vancouver
$1,380,000 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 New Westminster
At the $720,000 median, the minimum is $47,000 and twenty percent is $144,000. Homes up to $1,500,000 can carry mortgage default insurance, which allows the $47,000 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.