Affordability estimate
What home price could your budget carry?
Answer three questions to see your estimate.
What happens after your estimate
- 01
Answer three questions.
Income, monthly debts and savings.
- 02
See your estimate.
The home price your answers could carry.
- 03
Get introduced to mortgage brokers, if you want to.
Ray will introduce you to one or more independent mortgage brokers. Each may contact you by email or phone about the pre-approval you asked about. Ray Rasouli does not arrange mortgages. You are under no obligation to use any broker.
What to bring
Everyone
- Government photo identification.
- Ninety days of history on the account holding your down payment.
- A written explanation and paper trail for any large deposit in that window.
- A list of your debts: balances, minimum payments, and limits.
- Your Social Insurance Number, for the credit check.
If you are salaried or hourly
- A recent letter of employment stating position, salary, and start date.
- Your two most recent pay stubs.
- Your two most recent T4 slips and Notices of Assessment.
If you are self-employed or paid on commission
- Two years of T1 Generals with the full statement of business activities.
- Two years of Notices of Assessment.
- Business registration or articles of incorporation.
- Confirmation that personal and business taxes are paid up to date.
If part of the down payment is a gift
- A signed gift letter from the immediate family member providing it, stating the money is a gift and not a loan.
- Proof the funds have landed in your account.
Read the full process on how to get a mortgage pre-approval in BC. To test a specific price, run the stress test.
Questions about the estimate
Is this a pre-approval?
No. Only a lender can pre-approve you, after checking your documents and credit.
How is the estimate worked out?
The payment is tested at a typical rate of 4.49% plus 2 points, or 5.25% if higher, against lender limits on income and debt.
What happens when you ask for a broker introduction?
Once you confirm your email, Ray shares your name, email, mobile number, your three answers and this estimate with one or more independent, licensed mortgage brokers. Each may contact you by email or phone about the pre-approval you asked about. You are under no obligation to work with any of them.
Is Ray Rasouli paid for the introduction?
If you work with a broker Ray introduces and a mortgage closes, that broker may pay Ray Rasouli a referral fee. The broker pays it, it adds no cost to you, and it does not change the rate or advice you receive. The referral disclosure page has the full terms.
Written and maintained by Ray Rasouli, REALTOR®, licensed in British Columbia and founder of Relta Real Estate.
Source: OSFI and CMHC rules. Tested at the federal qualifying rate.
An estimate from three answers, not a pre-approval, a rate 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.