Mortgage Pre-Approval in Edmonton, AB
A mortgage pre-approval in Edmonton gives you a lender's written answer on how much you can borrow before you tour homes in Windermere, Strathcona or Griesbach. If you're moving to Edmonton for work, a new job, a probation period or a transfer can change what a lender will accept, so we spend the first part of your call on income. Once that's sorted, we lock it in with our Pre-Approval Assurance, which walks you through the stress test with your own numbers before you start looking.
Can I get rates before I get pre-approved?
We'll talk through how lenders are pricing on a free call, but the rate you're offered can depend on your credit, your down payment and the home itself, so the pre-approval is where it gets pinned down. Once it's in writing, our Rate Look Back checks rates every business day between approval and closing and re-locks you at no cost if a lower one opens. On a $500,000 mortgage over 30 years, a single percentage point is worth about $283 to $298 a month, so that daily check can matter.
How is a pre-approval different from the full mortgage application?
The documents overlap, but a pre-approval is done before there's a home attached to it. It doesn't guarantee final approval, because the lender sets the final amount after it sees the property's value and your down payment. When you choose a place near the River Valley or close to the University of Alberta, the lender reviews that specific home, and condo fees or an older home's condition can change the result.
We found one we like. How fast can you redo our pre-approval?
Send us the listing as soon as your offer is accepted. The lender already has your file, so the update is mostly about the property, and we'll flag anything that could slow it down before your financing condition date. If you already own, a refinance can let you borrow up to 80% of your home's value, and bridge financing in Edmonton can cover a down payment while your sale closes.
Book your free Edmonton call
Tell us about your job, your savings and where you want to live, and we'll come back with what a lender is likely to approve. In most cases the lender pays our fee, so it costs you nothing. Book a free call.
Flow Mortgage Co. arranges mortgages through BRX Mortgage Inc. (operating as BRX Mortgage), licensed by the Real Estate Council of Alberta to deal in mortgages.
Frequently asked questions
What closing costs should I budget for in Edmonton?
There's no land transfer tax in Alberta, so the main government cost is Land Titles registration, about $550 on a $500,000 home, plus a separate fee to register the mortgage. We add both to your pre-approval budget.
How much do I need for a down payment?
You need 5% of the first $500,000 and 10% of the part from $500,000 up to $1.5 million, and homes at $1.5 million or more need 20%. With less than 20% down you'll pay mortgage insurance, so we show you the premium next to each down payment option.