Mortgage Pre-Approval in Kamloops, BC
A mortgage pre-approval in Kamloops gives you a written number from a lender before you start touring homes in Sahali, Aberdeen or Westsyde. If you're coming up from the Lower Mainland with equity from a sale, you may be choosing between a bigger house and a smaller mortgage, so we show you what each choice does to your approval and your monthly payment. Every pre-approval comes with our Pre-Approval Assurance, which explains the stress test using your own numbers before you look at a single listing.
What's the difference between pre-qualification and pre-approval?
A pre-qualification is a quick estimate built from what you tell us, and nobody checks the numbers. With a pre-approval, a lender reviews your credit, income and down payment and puts an amount and a rate hold in writing. Get the full pre-approval before you write an offer in Juniper Ridge or Valleyview, since it's the only one where a lender has seen your file.
Can I see the rates before I get pre-approved?
You can ask, and we'll tell you on the call what lenders are offering that week, but the rate you get can depend on your credit, your down payment and the type of home. The pre-approval is how that rate gets locked, with a hold of up to 120 days depending on the lender. A 1 percentage point change on a $500,000 mortgage over 30 years moves the monthly payment by about $283 to $298, so having the hold in writing protects your budget while you look.
We found a place we like. Can you redo our pre-approval quickly?
Yes, and it's often quick because the lender already has your documents. Send us the listing and the price and we'll update the file for that address. If the home has a basement suite you plan to rent to students at Thompson Rivers University or to hospital staff, tell us up front, because some lenders can count part of that rent toward your income. If you're selling on the Coast first, bridge financing in Kamloops can cover your down payment until that sale closes.
Start your Kamloops pre-approval
Clients have given us 4.9 stars across more than 400 Google reviews. In most cases the lender pays our fee, so you pay nothing for our help. Book a free call and we'll show you what a lender is likely to approve for your Kamloops purchase.
Flow Mortgage Co. arranges mortgages through BRX Mortgage Inc., licensed with the BC Financial Services Authority.
Frequently asked questions
How long does a pre-approval last in Kamloops?
According to the Financial Consumer Agency of Canada, a lender will hold your rate for 60 to 130 days, depending on which lender it is. If yours is close to expiring, we refresh it so you're still covered when the right house comes up.
Do first-time buyers in BC pay property transfer tax?
You pay nothing on the first $500,000 when the home is worth $835,000 or less, and there's a partial exemption up to $860,000. If you already own a home in town and want to keep it, a refinance can free up equity for your next purchase.