49
$239,000
$325/sqft
2 bd · 1 ba · 736 sqft
#4, 11619 Walters Road
Summerland · Single Family
Listed by eXp RealtyMLS® 10403114
Pre-approval · Summerland
What does a mortgage pre-approval in Summerland ask for?
At the $798,950 median asking price, you need $54,895 down. A lender tests a payment of $4,979 a month.
- Minimum down
- $54,895
- Monthly payment a lender tests
- $4,979
- Implied household income
- $153,200
Affordability estimate · 1 of 3
What is your household income before tax?
- Minimum down
- $54,895
- Monthly payment a lender tests
- $4,979
- Implied household income
- $153,200
What a Summerland buyer needs
At $798,950, the minimum down payment is $54,895 and twenty percent is $159,790. Lenders test the payment at the qualifying rate of 6.49%, not the illustrative 4.49%. That is $4,979 a month over 25 years, which needs a household income near $153,200. The Summerland census median is $82,000, about $71,200 short of the figure the payment implies.
Homes up to $1,500,000 can carry mortgage default insurance, which allows the $54,895 minimum.
Minimum down payment on a Summerland home
| Figure | Amount |
|---|---|
| Median asking price | $798,950 |
| Minimum down payment | $54,895 |
| Twenty percent down | $159,790 |
| Mortgage default insurance | Available at the median price |
| Qualifying payment at 6.49% | $4,979 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 Summerland
Active listings in Summerland
184 active listings
34
$419,900
$360/sqft
3 bd · 2 ba · 1,165 sqft
#3, 8710 Prairie Valley Road
Summerland · Single Family
Listed by Royal LePage Locations WestMLS® 10403196
55
$669,000
$517/sqft
2 bd · 2 ba · 1,295 sqft
12409 Wright Avenue
Summerland · Single Family
Listed by Summerland Realty Ltd.MLS® 10402283
64
$1,099,000
$375/sqft
4 bd · 3 ba · 2,928 sqft
10804 GIANTS HEAD Road
Summerland · Single Family
Listed by Royal LePage Parkside RealtyMLS® 10402825
41
$640,000
$335/sqft
4 bd · 2 ba · 1,908 sqft
12408 CAMPBELL Crescent
Summerland · Single Family
Listed by Royal LePage Parkside RealtyMLS® 10402860
35
$399,000
$340/sqft
3 bd · 2 ba · 1,174 sqft
#4, 8710 Prairie Valley Road
Summerland · Single Family
Listed by RE/MAX Orchard CountryMLS® 10401891
48
$874,900
$452/sqft
3 bd · 2 ba · 1,937 sqft
11304 Dunsdon Crescent
Summerland · Single Family
Listed by Chamberlain Property GroupMLS® 10399645
16
$1,395,000
$658/sqft
2 bd · 2 ba · 2,119 sqft
#201, 13419 Lakeshore Drive
Summerland · Single Family
Listed by Chamberlain Property GroupMLS® 10396560
20
$1,695,000
$764/sqft
3 bd · 3 ba · 2,220 sqft
#401, 13415 Lakeshore Drive
Summerland · Single Family
Listed by Chamberlain Property GroupMLS® 10395727
15
$729,000
$277/sqft
4 bd · 2 ba · 2,636 sqft
#101, 11801 Sinclair Road
Summerland · Single Family
Listed by Chamberlain Property GroupMLS® 10394250
53
$874,900
$427/sqft
4 bd · 3 ba · 2,047 sqft
8704 Kuroda Place
Summerland · Single Family
Listed by Chamberlain Property GroupMLS® 10377654
27
$655,000
$577/sqft
2 bd · 2 ba · 1,136 sqft
9714 Sargeant Street
Summerland · Single Family
Listed by RE/MAX Orchard CountryMLS® 10388310
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 Summerland
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 Summerland
At the $798,950 median, the minimum is $54,895 and twenty percent is $159,790. Homes up to $1,500,000 can carry mortgage default insurance, which allows the $54,895 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.