Guide

The 5 Things You Need to Get Approved (That No One Tells You) For Homebuyers in British Columbia

1. It’s Not Just Credit — It’s “Credit Behaviour” Lenders don’t just check your credit score — they review how you use credit. Here’s what they actually care about:

On-time payments (even one missed payment can hurt)
Low credit utilization (ideally under 30%)
No recent payday loans or excessive inquiries

Pro Tip: A score in the mid-600s can still get approved with solid repayment habits.

2. Job Stability Beats Big Income Your income doesn’t need to be sky-high — but lenders want to see stability:

2+ years in the same field or position
Full-time or consistent part-time hours
If you’re self-employed, you’ll need two years of tax documents

Pro Tip: You don’t need to be out of probation, but it helps!

3. Your Debt Load Can Make or Break the Deal Even with great income, high debt payments can get in the way. Lenders use two calculations:

GDS (Gross Debt Service): Mortgage costs vs income
TDS (Total Debt Service): Mortgage + other debts vs income

Pro Tip: Large car loans and student debt are red flags. Lowering monthly payments helps your ratios.

4. It’s Not Just the Down Payment — It’s Where It Came From Minimum down payment in BC:

5% on the first $500k
10% on the portion above $500k up to $1.5M ($1,499,999)
20% on the portion above $1.5M

But lenders want to know:

Is it a gift? (Must include a gift letter)
Has it been in your account for 90+ days?
Have you saved for closing costs (about 1.5% in BC)?

Pro Tip: Don’t move large amounts of money around before applying.

5. Your Broker Matters More Than You Think Getting approved is less about checking boxes and more about how your application is presented.

A great broker shops your application to the right lender
Knows which banks are flexible with unique situations
Can get better rates and faster turnarounds

Pro Tip: One application. Dozens of lenders. One expert on your side.

Ready to See Where You Stand? Send me “I’M READY” here

Let’s get you closer to your keys.