Mortgage Pre-Approval in AlbertaKnow Your Number Before You Fall in Love With a House

Your Income

Lenders want income that's stable and provable. Salaried and hourly is straightforward; commission, bonuses, self-employment and side income all count too—with the right paperwork and the right lender.

• Two ratios rule everything: housing costs under roughly 39% of gross income (GDS) and all debts under roughly 44% (TDS).
• The stress test: you qualify at the higher of 5.25% or your rate plus 2%. Our calculators build it in so the number you see is the number a lender sees.

Your Credit

A score in the high 600s or better opens every door; the low 600s still work with the right lender. What matters most is the pattern: paid on time, balances under about a third of your limits, nothing in collections.

• One pull, many lenders: we check your credit once and shop it—rate-shopping through a broker doesn't ding your score repeatedly.
• Room to improve? We'll tell you the two or three moves that raise your score fastest, and how many points you need.

Your Down Payment

Minimum 5% on the first $500,000 and 10% on the portion above that, up to $1.5 million; 20% or more skips mortgage insurance. Lenders want to see where it came from.

• Sources that work: savings, FHSA and RRSP (Home Buyers' Plan), gifts from immediate family, proceeds from a sale—90 days of statements for each.
• Closing costs: budget about 1.5% of the price on top (legal fees, title insurance, adjustments). No land transfer tax in Alberta, which helps a lot.

Your Debts

Every monthly payment you carry shrinks the mortgage you qualify for. A $500 car payment costs roughly $70,000 of buying power.

• Quick wins: paying off a small loan or closing an unused line of credit before we apply can add tens of thousands to your number.
• Student loans, support payments, co-signed loans all count. Tell us everything so there are no surprises later.

The Process, Step by Step

1. Say Hello:A short phone conversation about what you're hoping to buy, when, and who's on the application. 15 minutes, no documents needed yet.
2. Documents:You upload the list below through our secure portal. We review everything ourselves first so the lender sees a clean file.
3. Credit Check:One pull, with your permission. We go over it with you line by line—no surprises.
4. The Number:We run your file against the lenders that fit and come back with your maximum, your comfortable range and the held rate, plus the monthly payment at each price. You get it in writing.
5. Shop:Go find the house. We stay on call for "can we afford this one?" texts, and when you've got an accepted offer we turn the pre-approval into a full approval—usually within the financing condition with days to spare.

What We'll Ask You For

Have these handy and you'll be pre-approved fast.

• Government ID (two pieces) for each applicant.
• Income proof: your two most recent pay stubs and last year's T4 or Notice of Assessment; two years of tax returns if you're self-employed or on commission.
• Down payment: 90 days of statements for the accounts it's coming from, or a gift letter if family is helping.
• Debts: current statements for any loans, lines of credit or support payments.
• If you own a home now: your current mortgage statement and property tax bill.