In most cases, a pre-approval can be same or next day. It all depends on how fast you get us the information we need and on the details of your application. We will go through those timelines with you.

In Canada, minimum down payment rules generally start at:

• 5% up to $500,000 of purchase price
• 10% on the portion above $500,000
  Higher-priced homes may require more

A typical minimum credit score for a minimum downpayment mortgage (eg 5% down) is 620. When we get into larger downpayments there can be more options when it comes to credit score options.

Yes. Self-employed Albertans can qualify, but lenders often require additional income documents such as tax returns, NOAs, or bank statements. One of the Brokers on our team is a CPA, so Self-Employed Mortgages are a speciality of ours!

Many Alberta homeowners start reviewing renewal options 4–6 months before maturity. This allows time to compare lenders, rates, and refinance opportunities.

Yes. Many homeowners refinance to consolidate debt, fund renovations, or invest. Approval depends on income, equity, and lender guidelines.

Yes, we often work with our clients both to get pre-approved and then to search for & secure their future home.

Yes. Mortgage brokers in Alberta are regulated by the Real Estate Council of Alberta (RECA) and must be licensed to operate.

They are required to meet education standards, follow a code of conduct, and operate under a licensed brokerage. RECA also oversees complaints and enforcement to protect consumers.

No. Mortgage applications in Alberta can be completed entirely by phone, video call, and email. Documents are submitted digitally. Most clients never need an in-person meeting. 

A mortgage pre-approval is a conditional commitment from a lender for a specific amount at a specific rate, typically held for 120 days. It tells you exactly what you can afford before you start looking. Sellers and realtors take pre-approved buyers more seriously than those without one.

Most lenders require government ID, a recent pay stub, a T4 or notice of assessment, a letter of employment, and bank statements showing the down payment. Self-employed applicants need two years of tax returns and financial statements. The exact list varies by lender and situation.

Amortization is the total time to pay off the mortgage in full. The standard amortization in Canada is 25 years. A longer amortization (up to 30 years for insured purchases or 35 years for some uninsured) lowers monthly payments but increases total interest paid over the life of the mortgage.

Yes. Some lenders specialize in non-traditional income. Self-employed borrowers, commission earners, and contractors can qualify with the right documentation and the right lender. The approach depends on income structure, and not all lenders evaluate it the same way.

Investment properties in Canada require a minimum 20% down payment. CMHC insurance is not available for rental or investment purchases. Lenders will also qualify you using a debt coverage ratio that includes expected rental income, typically using 50-80% of the projected rent.

A mortgage penalty is the fee charged for breaking your mortgage before the term ends. Variable-rate penalties are three months of interest. Fixed-rate penalties are the greater of three months interest or the interest rate differential (IRD), which compares your contract rate to the lender current rate for the remaining term.

Start 120 days (four months) before your maturity date. Most lenders allow rate holds that far in advance. This gives you time to compare offers, lock in a rate, and avoid last-minute pressure from your current lender. Waiting until the last week costs negotiating power.

No. Renewal letters from banks are often above the best available rate. Signing without comparing is one of the most common and costly mistakes homeowners make. Getting a competing offer takes one phone call and can save thousands over the term.

CMHC mortgage insurance is required in Canada when the down payment is less than 20% of the purchase price. The premium ranges from 2.80% to 4.00% of the mortgage amount, depending on the loan-to-value ratio. It protects the lender, not the borrower, but the borrower pays the premium.

Yes. In Canada, you can switch lenders at the end of your mortgage term with zero penalty. The new lender typically covers transfer costs including appraisal and legal fees. Renewal is the one window where borrowers have full negotiating power.

The stress test is a federal qualifying rule. Lenders must approve you at the higher of your contract rate plus 2% or 5.25%. You do not pay this rate. It determines how much you can borrow and reduces roughly $130,000-$150,000 in buying power for most households.

A pre-approval can be done in one to two business days with the right documents. A full mortgage commitment typically takes 3-7 business days from application. Timelines can be shorter when documents are organized upfront and the lender is not backlogged.