Mortgage Pre-Approval in Surrey, BC
Getting a mortgage pre-approval in Surrey before you shop lets you write a firm offer on a Fleetwood townhouse or a Cloverdale detached home without guessing at your budget. A common Surrey move is from a condo near a SkyTrain station into a family home, and if you still own the condo, the purchase can hinge on when it sells, so we plan both sides at the start. We put your pre-approval in writing, run the stress test on your numbers and send you updates at each of 14 milestones until funding.
What's the difference between pre-qualification and pre-approval?
A pre-qualification is a quick estimate built from the numbers you tell us, and no lender has checked any of them. A pre-approval comes after a lender reviews your credit, income and down payment, which gives it far more weight when you write an offer in Guildford or South Surrey. We go straight to the pre-approval and send you the lender's written terms.
Is there a way to get pre-approved for a bigger amount?
Your number moves when your debts, income or down payment change, so the fastest fix is often paying off a car loan or a credit card balance before the lender pulls your file. Adding a co-borrower with steady income can raise it too. Lenders qualify you at the greater of your contract rate plus 2% or 5.25%, and some lenders count overtime, bonus or rental income differently from others, so we compare how several lenders would treat your file before we pick one. If you already own in Surrey, a mortgage refinance in Surrey can let you borrow up to 80% of your home's value toward the next down payment.
We found a house we like. Can you update our pre-approval fast?
Send us the listing and the price you plan to offer, and we'll check it against your existing approval the same business day. The lender still has to approve the home itself, since the final amount depends on the property's value and your down payment. If you're selling a home you own first, bridge financing in Surrey can cover your new down payment while both sales are pending, and most lenders want a firm sale on your current place before they offer it.
Start your Surrey pre-approval
Book a free call and we'll tell you on that call what your budget looks like with the stress test applied. On a standard purchase the lender pays us in most cases, so you won't get a bill from us.
Flow Mortgage Co. arranges mortgages through BRX Mortgage Inc., licensed with the BC Financial Services Authority.
Frequently asked questions
Can I see rates before I'm pre-approved?
We'll talk through which kind of term fits you on the first call. A lender only locks a rate for you once it has reviewed your file, so the pre-approval is the step that puts a rate in writing.
What does mortgage insurance cost with less than 20% down?
Canada Mortgage and Housing Corporation (CMHC) charges 4.00% of the loan at 5% to 9.99% down, 3.10% at 10% to 14.99% and 2.80% at 15% to 19.99%. Add 0.20% for a 30-year amortization, and we build the premium into the numbers on your pre-approval.