Mortgage Pre-Approval in Richmond, BC
A mortgage pre-approval in Richmond puts your budget in writing before you compare a condo along the Canada Line in Brighouse with an older townhouse in Steveston. Those 2 homes can carry very different strata fees, and most lenders count part of the strata fee when they work out what you can afford, so we run your numbers on the type of home you want. Clients rate us 4.9 stars across more than 400 Google reviews, and you'll have your own advisor from the first call to funding.
Is getting pre-approved the same as applying for the mortgage?
The pre-approval is the first half, where a lender checks your income, credit and down payment and gives you a maximum, and it doesn't guarantee final approval. The second half comes after your offer is accepted, when the lender looks at the home's value and confirms your down payment. If a Richmond appraisal comes in under your price, the gap comes out of your pocket, so build a little room into your savings if you can.
We found a place in Steveston. Can you redo our pre-approval quickly?
We reply the same business day under Stay in the Know, so send the listing as soon as you see it. We'll check the price and strata fees against your approval and tell you whether the lender needs anything new from you. Most lenders also want recent strata minutes for a condo, so ask the listing agent for them early. If you're selling a Richmond home to buy this one, bridge financing in Richmond can cover the new down payment until your sale closes, though most lenders want a firm sale first.
Can I get approved for more without waiting another year?
Paying down a credit card or an unsecured line of credit before the lender pulls your credit can raise your maximum, and so can adding a co-borrower with steady income. The stress test qualifies you at the greater of your contract rate plus 2% or 5.25%, and every monthly debt payment you clear leaves more room for the mortgage at that qualifying rate. We'll show you which debt to clear first for the biggest change.
Start your Richmond pre-approval
Book a free call and send the listings you're weighing. In most cases the lender pays our fee on a purchase, so the call and the pre-approval cost you nothing.
Flow Mortgage Co. arranges mortgages through BRX Mortgage Inc., licensed with the BC Financial Services Authority.
Frequently asked questions
What if the home costs $1.5 million or more?
Then you need 20% down, under federal rules, so a $1.6 million Steveston house takes $320,000. Below that price, it's 5% on the first $500,000 and 10% on the part above it.
I already own in Richmond. When should I think about my renewal?
If your term ends while you're shopping, read about mortgage renewal in Richmond before you sign. A bank has to send your renewal statement at least 21 days before your term ends, which leaves little time to compare if you also have a purchase under way.