Mortgage Pre-Approval in Coquitlam, BC
A mortgage pre-approval in Coquitlam has to fit 2 different markets, the condos near the Evergreen Line stations and the newer detached homes up on Burke Mountain. If you're shopping for a detached home on Burke Mountain, check your price against $1.5 million, because the minimum down payment jumps to 20% at that line, and we map your budget against it before you book showings. You'll get a written pre-approval, a rate hold of up to 120 days depending on the lender, and the stress test explained on your own income.
Do I need pre-qualification or pre-approval?
You want the pre-approval, because a lender has reviewed your documents and credit before it gives you one. A pre-qualification estimates your budget from figures you give us over the phone, and it comes with no rate hold, so it carries little weight when you write an offer on a Westwood Plateau townhouse.
How long will my pre-approval hold?
The Financial Consumer Agency of Canada says rate holds run 60 to 130 days depending on the lender. If you're waiting on a new Burke Mountain home to finish, the hold may expire before completion, so we track the date and renew the file with fresh documents when it gets close. Ask your builder for the expected completion month in writing and send it to us.
Can I see rates before I get pre-approved?
We'll go over the kinds of terms that suit your plans on the first call, and the exact rate comes once a lender has your file. After that, our Rate Look Back checks rates every business day until closing, and if a lower one opens we re-lock you at no cost with no form to fill in.
Book your Coquitlam pre-approval call
Book a free call and tell us which side of Coquitlam you're shopping. We'll start the written pre-approval from there, and on a standard purchase the lender pays us in most cases.
Flow Mortgage Co. arranges mortgages through BRX Mortgage Inc., licensed with the BC Financial Services Authority.
Frequently asked questions
Can I get a 30-year amortization on a new Burke Mountain home?
On an insured mortgage with less than 20% down, a 30-year amortization is open to first-time buyers and to buyers of newly built homes. You or a close relative has to live in the home, and Canada Mortgage and Housing Corporation (CMHC) adds 0.20% to the insurance premium for the 30-year option, so we show you both versions side by side.
I own a condo near Coquitlam Centre. Can I use its equity for the down payment?
A mortgage refinance in Coquitlam lets you borrow up to 80% of your home's value, and that cash can go toward your next down payment. Most lenders count the bigger payment on the condo when they pre-approve you, so we size both loans together.
My renewal is coming up. Does that change anything?
It can affect your timing, so read our page on mortgage renewal in Coquitlam and call us before you sign, since a shorter term may suit you better if you plan to sell soon.