66
$515,000
$263/sqft
4 bd · 2 ba · 1,956 sqft
2433 5th Avenue
Port Alberni · Single Family
Listed by RE/MAX Mid-Island RealtyMLS® 1051433
Pre-approval · Port Alberni
What does a mortgage pre-approval in Port Alberni ask for?
At the $549,900 median asking price, you need $29,990 down. A lender tests a payment of $3,479 a month.
- Minimum down
- $29,990
- Monthly payment a lender tests
- $3,479
- Implied household income
- $107,046
Affordability estimate · 1 of 3
What is your household income before tax?
- Minimum down
- $29,990
- Monthly payment a lender tests
- $3,479
- Implied household income
- $107,046
What a Port Alberni buyer needs
At $549,900, the minimum down payment is $29,990 and twenty percent is $109,980. Lenders test the payment at the qualifying rate of 6.49%, not the illustrative 4.49%. That is $3,479 a month over 25 years, which needs a household income near $107,046. The Port Alberni census median is $62,800, about $44,246 short of the figure the payment implies.
Homes up to $1,500,000 can carry mortgage default insurance, which allows the $29,990 minimum.
Minimum down payment on a Port Alberni home
| Figure | Amount |
|---|---|
| Median asking price | $549,900 |
| Minimum down payment | $29,990 |
| Twenty percent down | $109,980 |
| Mortgage default insurance | Available at the median price |
| Qualifying payment at 6.49% | $3,479 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 Port Alberni
Active listings in Port Alberni
255 active listings
36
$272,900
$250/sqft
3 bd · 1 ba · 1,092 sqft
#80, 10325 Lakeshore Road
Port Alberni · Single Family
Listed by RE/MAX Mid-Island RealtyMLS® 1031907
47
$679,999
$331/sqft
3 bd · 2 ba · 2,056 sqft
5032 Cherry Creek Road
Port Alberni · Single Family
Listed by REMAX Professionals - Dave Koszegi GroupMLS® 1051942
57
$579,000
$241/sqft
5 bd · 2 ba · 2,398 sqft
2804 16th Avenue
Port Alberni · Single Family
Listed by RE/MAX Mid-Island RealtyMLS® 1051878
32
$674,900
$238/sqft
4 bd · 3 ba · 2,840 sqft
5470 Greenard Street
Port Alberni · Single Family
Listed by Loyal Homes Ltd.MLS® 1051749
62
$1,812,900
$413/sqft
5 bd · 4 ba · 4,387 sqft
6127 Chase Drive
Port Alberni · Single Family
Listed by RE/MAX Mid-Island RealtyMLS® 1051535
61
$849,900
$359/sqft
4 bd · 3 ba · 2,366 sqft
3615 Lyall Point Crescent
Port Alberni · Single Family
Listed by RE/MAX Mid-Island RealtyMLS® 1050485
87
$969,900
$496/sqft
4 bd · 3 ba · 1,955 sqft
2978 Kingsway Avenue
Port Alberni · Single Family
Listed by RE/MAX Mid-Island RealtyMLS® 1049173
42
$510,000
$362/sqft
2 bd · 2 ba · 1,410 sqft
#204, 5700 Pierce Road
Port Alberni · Single Family
Listed by RE/MAX Mid-Island RealtyMLS® 1047919
20
$374,900
$408/sqft
2 bd · 1 ba · 920 sqft
4955 Elizabeth Street
Port Alberni · Single Family
Listed by Loyal Homes Ltd.MLS® 1046927
38
$650,000
$404/sqft
3 bd · 2 ba · 1,610 sqft
2530 Anderson Avenue
Port Alberni · Single Family
Listed by RE/MAX Mid-Island RealtyMLS® 1040790
29
$797,000
$353/sqft
4 bd · 3 ba · 2,260 sqft
2685 2nd Avenue
Port Alberni · Single Family
Listed by HonestDoor Inc.MLS® 1049394
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 Port Alberni
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 Port Alberni
At the $549,900 median, the minimum is $29,990 and twenty percent is $109,980. Homes up to $1,500,000 can carry mortgage default insurance, which allows the $29,990 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.