44
$669,000
$306/sqft
3 bd · 2 ba · 2,189 sqft
5113 27 Avenue
Vernon · Single Family
Listed by Royal LePage Downtown RealtyMLS® 10403272
Pre-approval · Vernon
What does a mortgage pre-approval in Vernon ask for?
At the $595,000 median asking price, you need $34,500 down. A lender tests a payment of $3,751 a month.
- Minimum down
- $34,500
- Monthly payment a lender tests
- $3,751
- Implied household income
- $115,415
Affordability estimate · 1 of 3
What is your household income before tax?
- Minimum down
- $34,500
- Monthly payment a lender tests
- $3,751
- Implied household income
- $115,415
What a Vernon buyer needs
At $595,000, the minimum down payment is $34,500 and twenty percent is $119,000. Lenders test the payment at the qualifying rate of 6.49%, not the illustrative 4.49%. That is $3,751 a month over 25 years, which needs a household income near $115,415. The Vernon census median is $73,500, about $41,915 short of the figure the payment implies.
Homes up to $1,500,000 can carry mortgage default insurance, which allows the $34,500 minimum.
Minimum down payment on a Vernon home
| Figure | Amount |
|---|---|
| Median asking price | $595,000 |
| Minimum down payment | $34,500 |
| Twenty percent down | $119,000 |
| Mortgage default insurance | Available at the median price |
| Qualifying payment at 6.49% | $3,751 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 Vernon
Active listings in Vernon
805 active listings
99
$729,500
$349/sqft
3 bd · 2 ba · 2,088 sqft
#27, 83 Peregrine Way
Vernon · Single Family
Listed by RE/MAX VernonMLS® 10402560
44
$479,500
$300/sqft
3 bd · 2 ba · 1,597 sqft
#3, 3804 32 Avenue
Vernon · Single Family
Listed by RE/MAX VernonMLS® 10400957
64
$1,199,000
$307/sqft
5 bd · 5 ba · 3,910 sqft
8924 Tavistock Road
Vernon · Single Family
Listed by RE/MAX Vernon Salt FowlerMLS® 10399849
42
$524,900
$374/sqft
3 bd · 3 ba · 1,402 sqft
#7, 4209 25 Street
Vernon · Single Family
Listed by RE/MAX VernonMLS® 10403268
40
$755,000
$414/sqft
4 bd · 4 ba · 1,823 sqft
#1, 1506 39A Avenue
Vernon · Single Family
Listed by Easy List RealtyMLS® 10402282
46
$649,900
$285/sqft
4 bd · 2 ba · 2,280 sqft
5789 Rimer Road
Vernon · Single Family
Listed by RE/MAX Vernon Salt FowlerMLS® 10402846
75
$1,499,900
$377/sqft
3 bd · 4 ba · 3,978 sqft
8824 Hampshire Crescent
Vernon · Single Family
Listed by RE/MAX VernonMLS® 10403242
31
$629,900
$725/sqft
2 bd · 2 ba · 869 sqft
#109, 9808 Silver Star Road
Vernon · Single Family
Listed by Sotheby's International Realty CanadaMLS® 10403065
63
$1,175,000
$358/sqft
5 bd · 4 ba · 3,285 sqft
964 Mt Ida Drive
Vernon · Single Family
Listed by Real Broker B.C. LtdMLS® 10402773
27
$629,000
$387/sqft
3 bd · 3 ba · 1,626 sqft
#4, 3602 Pleasant Valley Road
Vernon · Single Family
Listed by Coldwell Banker Executives RealtyMLS® 10403207
7
$2,034,000
5884 Dedecker West Road
Vernon · Agriculture
Listed by REMAX KelownaMLS® 10403092
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 Vernon
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 Vernon
At the $595,000 median, the minimum is $34,500 and twenty percent is $119,000. Homes up to $1,500,000 can carry mortgage default insurance, which allows the $34,500 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.