Mortgage Pre-Approval in Nanaimo, BC
A mortgage pre-approval in Nanaimo is the first thing to sort out if you're moving over on the ferry from Vancouver or up the highway from Victoria, because it tells you what a lender will approve before you start booking showings. If you still own a home on the Mainland or down Island, the approval has to account for that mortgage until it's sold. We map that out with you, find a lender whose rules fit, and put the result in writing under our Pre-Approval Assurance.
How do I get pre-approved for more without waiting a year?
Paying down a car loan or a credit card balance before you apply can raise your approval, because lenders test your payments at the greater of your contract rate plus 2% or 5.25%. A larger down payment helps too, since you need 5% on the first $500,000 of the price and 10% on the part from $500,000 up to $1.5 million, and putting in more lowers your mortgage insurance premium. That premium is 4.00% of the loan at 5% to 9.99% down and 3.10% at 10% to 14.99%, so reaching 10% down cuts the premium by 0.90% of the loan.
Is a pre-approval the same thing as applying for a mortgage?
You send the same paperwork for both, and the pre-approval comes before the lender has seen a home. Final approval still depends on the property's value and your down payment, so a pre-approval can change once there's an address attached. If you fall for a character home in the Old City Quarter or a waterfront place in Departure Bay, most lenders will want an appraisal before they sign off, and we keep room in your budget for that.
How long will my pre-approval last?
Depending on the lender, a rate hold lasts 60 to 130 days, according to the Financial Consumer Agency of Canada, so we time your pre-approval to your move. If your purchase closes before the old home sells, bridge financing in Nanaimo can carry your down payment until that sale is done.
Book your free Nanaimo pre-approval call
We'll go through your income, your current home and your down payment, then tell you what we expect a lender to approve. On a standard purchase the lender pays us, so in most cases there's no cost to you. Book a free call.
Flow Mortgage Co. arranges mortgages through BRX Mortgage Inc., licensed with the BC Financial Services Authority.
Frequently asked questions
How much property transfer tax will I pay in Nanaimo?
BC charges 1% on the first $200,000 of the price and 2% on the part from $200,000 to $2 million. If you're a first-time buyer and the home is worth $835,000 or less, you pay nothing on the first $500,000, so ask us to run both versions before you set your price range.
What if my current mortgage is up for renewal while I shop?
Give us the date on your first call. If your term ends before you buy, we'll look at your renewal and the purchase together so one decision doesn't box in the other.