40
$389,900
$565/sqft
1 bd · 1 ba · 690 sqft
#315, 7505 138 Street
Surrey · Apartment/Condo
Listed by Keller Williams Bold RealtyMLS® R3168073
Pre-approval · Surrey
What does a mortgage pre-approval in Surrey ask for?
At the $999,999 median asking price, you need $75,000 down. A lender tests a payment of $6,190 a month.
- Minimum down
- $75,000
- Monthly payment a lender tests
- $6,190
- Implied household income
- $190,462
Affordability estimate · 1 of 3
What is your household income before tax?
- Minimum down
- $75,000
- Monthly payment a lender tests
- $6,190
- Implied household income
- $190,462
What a Surrey buyer needs
At $999,999, the minimum down payment is $75,000 and twenty percent is $200,000. Lenders test the payment at the qualifying rate of 6.49%, not the illustrative 4.49%. That is $6,190 a month over 25 years, which needs a household income near $190,462. The Surrey census median is $98,000, about $92,462 short of the figure the payment implies.
Homes up to $1,500,000 can carry mortgage default insurance, which allows the $75,000 minimum.
Minimum down payment on a Surrey home
| Figure | Amount |
|---|---|
| Median asking price | $999,999 |
| Minimum down payment | $75,000 |
| Twenty percent down | $200,000 |
| Mortgage default insurance | Available at the median price |
| Qualifying payment at 6.49% | $6,190 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 Surrey
Active listings in Surrey
4,802 active listings
34
$1,299,000
$553/sqft
5 bd · 3 ba · 2,347 sqft
14917 92 Avenue
Surrey · Single Family Residence
Listed by Sutton Premier RealtyMLS® R3173898
9
$399,000
$386/sqft
2 bd · 2 ba · 1,034 sqft
#313, 10756 138 Street
Surrey · Apartment/Condo
Listed by Macdonald Realty (Delta)MLS® R3171553
24
$1,549,000
$726/sqft
4 bd · 3 ba · 2,133 sqft
13015 Summerhill Crescent
Surrey · Single Family Residence
Listed by Homelife Benchmark Realty Corp.MLS® R3148059
39
$3,299,999
$420/sqft
10 bd · 10 ba · 7,860 sqft
6135 152a Street
Surrey · Single Family Residence
Listed by Century 21 Coastal Realty Ltd.MLS® R3173641
34
$847,000
$437/sqft
3 bd · 2 ba · 1,940 sqft
15804 Mcbeth Road
Surrey · Townhouse
Listed by Houghton RealtyMLS® R3173420
19
$828,000
$544/sqft
4 bd · 4 ba · 1,522 sqft
#44, 1670 160 Street
Surrey · Townhouse
Listed by RE/MAX City RealtyMLS® R3174175
34
$1,348,000
$475/sqft
8 bd · 6 ba · 2,835 sqft
#102, 13437 Crestview Drive
Surrey · Half Duplex
Listed by Royal LePage Global Force RealtyMLS® R3174160
32
$1,348,000
$497/sqft
5 bd · 5 ba · 2,712 sqft
15032 Spenser Drive
Surrey · Single Family Residence
Listed by Century 21 Coastal Realty Ltd.MLS® R3171988
37
$1,399,900
$666/sqft
3 bd · 2 ba · 2,101 sqft
10536 Birchtree Grove
Surrey · Single Family Residence
Listed by Homelife Benchmark Realty Corp.MLS® R3170571
40
$590,000
$738/sqft
2 bd · 2 ba · 800 sqft
#205, 13439 94a Avenue
Surrey · Apartment/Condo
Listed by Skystreet Real Estate MarketingMLS® R3169938
39
$1,649,000
$482/sqft
7 bd · 7 ba · 3,423 sqft
14750 62a Avenue
Surrey · Single Family Residence
Listed by Century 21 Coastal Realty Ltd.MLS® R3173861
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 Surrey
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
Mortgage pre-approval in Chilliwack
$750,000 median asking price
Pre-approval questions in Surrey
At the $999,999 median, the minimum is $75,000 and twenty percent is $200,000. Homes up to $1,500,000 can carry mortgage default insurance, which allows the $75,000 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.