Mortgage Pre-Approval in Victoria, BC
A mortgage pre-approval in Victoria looks at your income the way a lender will, which matters if you're paid by a government job, a tech contract or a pension. Some lenders treat contract income or a new job on probation more carefully than others, so we match your file to a lender that's comfortable with how you're paid before you start viewing in Fernwood or James Bay. We'll put your pre-approval in writing and explain the stress test with your real numbers.
Is a pre-approval a promise that I'll get the mortgage?
The Financial Consumer Agency of Canada says a pre-approval doesn't guarantee final approval, and the final amount depends on the property's value and your down payment. Older homes in Rockland and Fairfield can raise questions at appraisal, so book your inspection early in the subject period and send us anything the inspector flags.
How long is my pre-approval good for?
Your rate hold lasts 60 to 130 days depending on the lender. Our Pre-Approval Assurance includes a hold of up to 120 days where the lender allows it. If you're moving to Victoria for a job that starts in a few months, apply close enough to your move that the hold covers your first weeks of viewings.
Can I get approved for a larger amount?
Adding a co-borrower, paying off a debt or putting more down can each raise your number. Lenders qualify you at the greater of your contract rate plus 2% or 5.25%, so a smaller monthly debt load gives you more room at that rate. If you own a home on the Island already, a mortgage refinance in Victoria can free up equity for a down payment, up to 80% of the home's value.
Get your Victoria pre-approval in writing
Book a free call and tell us how you're paid. We'll pick the lender that fits your income and start your written pre-approval, and in most cases the lender pays us, so it costs you nothing.
Flow Mortgage Co. arranges mortgages through BRX Mortgage Inc., licensed with the BC Financial Services Authority.
Frequently asked questions
Can I lock in a rate before my pre-approval?
We'll explain how terms compare for you on the first call, and a lender confirms the rate when it reviews your file. Once you're approved, our Rate Look Back checks rates every business day until closing and re-locks you at no cost if a lower one opens.
I'm selling in Oak Bay to buy a condo downtown. What do I need?
Bridge financing in Victoria can cover your new down payment from your Oak Bay equity while both closings are pending. Most lenders want a firm sale on the Oak Bay home first, and some charge a setup fee.
How much do I need for a down payment in Victoria?
The federal minimum is 5% on the first $500,000 and 10% on the part up to $1.5 million, with 20% needed at $1.5 million or more. If you're downsizing, your sale proceeds can often cover it, so tell us what you expect to net from the sale.