Mortgage Pre-Approval in Lethbridge, AB
A mortgage pre-approval in Lethbridge gives you a firm budget before you start comparing homes in West Lethbridge, Copperwood or Heritage Heights. If you work at the university, in healthcare or in agriculture, income from a teaching contract or a farm operation can read differently from one lender to the next. We start with how you're paid, match you to a lender that accepts it, and then put the pre-approval in writing under our Pre-Approval Assurance.
Is a pre-approval the same as a mortgage application?
Most of the documents carry over, and the full application can't finish until there's a property attached. The final amount depends on the property's value and your down payment, which is why a pre-approval doesn't promise final approval. When you choose a home near the coulees or in North Lethbridge, the lender reviews that home, and we send it your accepted offer right away so the review fits inside your financing condition.
Can you tell me rates before I'm pre-approved?
We'll give you a clear picture of what lenders are offering when we talk, but your own rate can change with your credit, your down payment and the home you pick, so the written pre-approval is what locks it. Every 1 percentage point on your rate changes the payment by about $57 to $60 a month per $100,000 borrowed, so a rate hold is worth having even on a smaller mortgage.
How long does my pre-approval last?
Each lender sets its own hold, and the Financial Consumer Agency of Canada gives the range as 60 to 130 days. If you're timing a move around the university's school year or a harvest, tell us the month you want to move and we'll start the pre-approval so the hold covers it, then renew it if the move date slips.
Book your free Lethbridge pre-approval call
Send us how you're paid and what you've saved, and we'll tell you on a free call what a lender is likely to approve. Most of the time the lender pays our fee, which leaves you with nothing to pay us. Book a free call and bring your last 2 years of income paperwork.
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
How much do I need to put down on a Lethbridge home?
On a home under $500,000 you need 5% down, and above that it's 10% on the part from $500,000 to $1.5 million. Under 20% down you'll pay mortgage insurance, starting at 4.00% of the loan at 5% to 9.99% down, so we price both the minimum and a larger down payment for you.
Are there closing costs like BC's transfer tax?
Alberta has no land transfer tax, and registering your home with Land Titles costs about $550 on a $500,000 home, with a similar fee for the mortgage.
Can I use equity from the home I own now?
A refinance can let you borrow up to 80% of your home's value toward the next purchase, and if your term is ending we'll review your renewal at the same time.