38
$239,900
$236/sqft
3 bd · 1 ba · 1,017 sqft
#1, 2670 Sooke River Road
Sooke · Single Family
Listed by Maxxam Realty Ltd.MLS® 1049732
Pre-approval · Sooke
What does a mortgage pre-approval in Sooke ask for?
At the $789,900 median asking price, you need $53,990 down. A lender tests a payment of $4,925 a month.
- Minimum down
- $53,990
- Monthly payment a lender tests
- $4,925
- Implied household income
- $151,538
Affordability estimate · 1 of 3
What is your household income before tax?
- Minimum down
- $53,990
- Monthly payment a lender tests
- $4,925
- Implied household income
- $151,538
What a Sooke buyer needs
At $789,900, the minimum down payment is $53,990 and twenty percent is $157,980. Lenders test the payment at the qualifying rate of 6.49%, not the illustrative 4.49%. That is $4,925 a month over 25 years, which needs a household income near $151,538. The Sooke census median is $90,000, about $61,538 short of the figure the payment implies.
Homes up to $1,500,000 can carry mortgage default insurance, which allows the $53,990 minimum.
Minimum down payment on a Sooke home
| Figure | Amount |
|---|---|
| Median asking price | $789,900 |
| Minimum down payment | $53,990 |
| Twenty percent down | $157,980 |
| Mortgage default insurance | Available at the median price |
| Qualifying payment at 6.49% | $4,925 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 Sooke
Active listings in Sooke
267 active listings
44
$219,000
$238/sqft
3 bd · 1 ba · 922 sqft
#9, 8177 West Coast Road
Sooke · Single Family
Listed by Sutton Group West Coast RealtyMLS® 1052019
36
$599,900
$473/sqft
3 bd · 1 ba · 1,269 sqft
6609 Helgesen Road
Sooke · Single Family
Listed by RE/MAX CamosunMLS® 1051953
84
$1,569,000
$620/sqft
5 bd · 5 ba · 2,531 sqft
2815 Otter Point Road
Sooke · Single Family
Listed by RE/MAX CamosunMLS® 1051250
51
$929,900
$389/sqft
4 bd · 2 ba · 2,390 sqft
2216 Carpenter Road
Sooke · Single Family
Listed by Maxxam Realty Ltd.MLS® 1050251
51
$924,900
$335/sqft
5 bd · 5 ba · 2,757 sqft
6524 Stonewood Drive
Sooke · Single Family
Listed by Maxxam Realty Ltd.MLS® 1049655
50
$1,849,000
$1,084/sqft
4 bd · 1 ba · 1,705 sqft
Proposed – Lot 2/9333 Invermuir Road
Sooke · Single Family
Listed by RE/MAX CamosunMLS® 1051854
63
$989,900
$349/sqft
5 bd · 4 ba · 2,834 sqft
2211 Winfield Drive
Sooke · Single Family
Listed by Royal LePage Coast Capital - SookeMLS® 1050415
24
$499,000
2585 Sooke River Road
Sooke · Vacant Land
Listed by Pemberton Holmes - SookeMLS® 1047396
36
$675,000
$455/sqft
3 bd · 3 ba · 1,482 sqft
2209 Ayum Road
Sooke · Single Family
Listed by Macdonald RealtyMLS® 1050441
30
$3,180,000
$977/sqft
4 bd · 3 ba · 3,254 sqft
7079 Richview Drive
Sooke · Single Family
Listed by RE/MAX CamosunMLS® 1038028
42
$675,000
$405/sqft
3 bd · 2 ba · 1,665 sqft
6484 Sooke Road
Sooke · Single Family
Listed by Coldwell Banker Oceanside Real EstateMLS® 1041986
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 Sooke
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 Sooke
At the $789,900 median, the minimum is $53,990 and twenty percent is $157,980. Homes up to $1,500,000 can carry mortgage default insurance, which allows the $53,990 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.