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Mortgage Pre-Approval

Don't let paperwork become a roadblock. Get your financing ready before you start house hunting.

What is a mortgage pre-approval?

Mortgage Pre-Approval is a detailed initial evaluation to determine how much mortgage you would qualify for.

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Why get a mortgage pre-approval?

Sellers like prepared buyers. Having a pre-approval provides assurance for your real estate agent and the seller when you're ready to make an offer on a house, showing the likelihood of successfully completing the purchase.
When an offer is placed on a home, you typically have 5 - 7 business days to obtain mortgage financing. Lenders typically take 3 - 5 business days for approve a mortgage application. With a full pre-approval done up front, this reduces the stress of searching for documents in such a short time frame once an offer is placed.

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What are the steps for Mortgage Pre-Approval:​​
Step 1: Discovery Call

Let's connect and discover your personalized mortgage journey. We will go over what your goal is, what's important and questions you would have.

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Step 2: Gather required documents and fill out application

Common documents required are:

  • Identification (2 pieces of government issued ID)

    • drivers license and passport are acceptable proof​

  • Proof of Employment

    • most lenders will accept a letter of employment from your employer, most 2 recent pay stubs and most recent 2 year T4's​

    • (if self employed) most recent 2 year full Income Tax and Benefit returns, most recent 2 years Notice of Assessments

  • Proof of Down Payment

    • most recent 90 days bank statements for where your down payment will be coming from​

Application will take about 5 - 10minutes to fill out.

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Step 3: Wait for the pre-approval

Process will usually a few days to a few weeks, depending on if there are additional documents required, rate holds, etc.

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So... How do you buy a house in Alberta? Steps to buying a house in Alberta.

Buying a home is a big decision. Its always best to plan ahead, whether you're planning to buy a house within the next month or  next 1 - 2 years.

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Step 1: Budget

Calculate and determine your comfortable budget for mortgage payments.

Here are some homeownership costs to consider:​​​

  • insurance

  • maintenance

  • property tax

  • utilities

  • condo fees

  • Feel free to check out our purchase calculator​​

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When purchasing a home, it is more than just a down payment. 

  • Here are some costs to consider

  • lawyer

  • inspection

  • appraisal (may be required)

  • moving costs

  • property taxes

  • insurance

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Knowing your budget for mortgage payments ​this will help for the pre-approval stage.

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Step 2: Get Mortgage Pre-Approval

Process involves a detailed review of your finances. This includes full mortgage application, documents and credit check.

Pre-Approval helps with understanding the price range for your home search.​​

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Step 3: House Hunting

​Now that you're pre-approved and well prepared, its time for the fun part! Finding the right home!

A few different ways to search for a home may be, working with a real estate agent, visit open houses, visit show homes or searching online.

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Step 4: Offer to Purchase​

Once you've found the right property, its time to make an offer to purchase.

This includes purchase price, conditions, terms of the purchase and possession date.

Some conditions to consider for conditional offers

  • financing (not mandatory, highly recommended) [best to obtain 7 - 8 business days]

  • inspection (not mandatory, highly recommended) [typically same day as financing condition or after financing condition has been satisfied]

  • condominium documents review (if applicable)

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Step 5: Mortgage Financing​

Once your offer to purchase has been accepted, we will review the different lender options available. 

Provide any required documents or updated documents. Application will be submitted to the lender you'd like to proceed with.

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Step 6: Lawyer​

Once mortgage financing has been obtained and all other conditions on the purchase has been satisfied. You would work with your lawyer to review the documentations. The lawyer will take care of the rest, including transfer of funds to the sellers.

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Step 7: Possession​

Congratulations! You're a homeowner!

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