Thinking about buying your first home in Alberta? Before you fall in love with a listing, there’s one move that separates casual browsers from serious buyers — getting mortgage pre-approval.
It’s more than just a number. It’s your ticket to shopping with confidence, saving time, and having a competitive edge when you find the one.
💡 What Is Mortgage Pre-Approval?
A mortgage pre-approval is when a lender or mortgage broker reviews your finances — income, debts, credit score, and savings — to determine how much you can borrow and at what interest rate.
You’ll get a pre-approval letter that outlines:
- The maximum mortgage amount you qualify for
- An estimated monthly payment
- A rate hold (typically for up to 120 days)
It’s not a guarantee of final approval, but it’s the next best thing.
📋 What You’ll Need to Get Pre-Approved
To make the process smooth, have these ready for your broker or lender:
- Recent pay stubs and employment letter
- T4s or income tax returns (if self-employed, 2 years of NOAs)
- Bank statements showing down payment funds (90-day history)
- Photo ID
- Details of any debts or loans (car, student, credit cards)
💡 Pro tip: Organizing your paperwork early shows you’re a serious buyer — and helps your broker move quickly once you find a property.
🏡 Why Pre-Approval Matters (More Than You Think)
Here’s what it actually does for you:
✅ Sets a clear budget — Know exactly what price range fits your finances.
✅ Strengthens your offer — Sellers (and their agents) take you more seriously.
✅ Locks in your rate — Protects you from potential rate hikes for up to 120 days.
✅ Identifies red flags early — Gives time to fix credit or debt issues before you buy.
Without it, you’re essentially shopping blind — and risk heartbreak if you fall for a home outside your approval range.
⚖️ Pre-Qualification vs. Pre-Approval: What’s the Difference?
- Pre-qualification: A quick estimate (often online), based on self-reported info.
- Pre-approval: Verified with income, credit, and documentation — what sellers and Realtors actually trust.
Go for pre-approval every time.
🚀 When to Get Pre-Approved
Ideally, start the process 3–6 months before you plan to buy. This gives you time to:
- Improve your credit score
- Save more for your down payment
- Explore rate options with different lenders
Your pre-approval is typically valid for 90–120 days, and can be renewed if you need more time.
✉️ Ready to Get Pre-Approved?
Getting pre-approved doesn’t lock you into a lender — it simply gives you clarity, confidence, and control.
If you’d like a personal introduction to one of ARIVL’s trusted mortgage partners, we’d love to help.
📩 Email hq@arivl.ca or call Jakie at 780-224-5566 to get started.
Your real estate adventure starts here — with a plan, not a guess.
ARIVL: Your Real Estate Adventure Awaits!