Mortgage Pre-Approval in Red Deer, AB
A mortgage pre-approval in Red Deer tells you what you can spend before you look at homes in Timberlands, Clearview or Anders. Red Deer is halfway between Calgary and Edmonton, and if you work in healthcare, in the energy sector or on a commute to one of the bigger cities, lenders can read shift pay and overtime differently from one another. We find a lender whose income rules fit your pay and give you the result in writing, with a rate hold of up to 120 days depending on the lender.
How long is my pre-approval good for?
The Financial Consumer Agency of Canada says lenders hold rates for 60 to 130 days, and each lender sets its own length. Start when you're ready to look in earnest, and if a shift schedule or a rotation pushes your search out, we'll renew it before the hold expires. If you own here already and your term is ending, we can line up your renewal with the purchase, or use a refinance to free up equity for the next down payment.
Is there a way to get pre-approved for more without waiting?
There often is, and we start with the stress test, because lenders qualify you at the greater of your contract rate plus 2% or 5.25% and every monthly debt you clear before applying adds room. If you earn overtime or shift premiums, a steady track record can let some lenders count that income too. Each 1 percentage point on a $500,000 mortgage over 30 years changes the payment by about $283 to $298 a month, which is why we test a few versions of your file with you first.
Are pre-qualification and pre-approval different?
Pre-qualification is a quick estimate from numbers you share with us, and no one verifies them. For a pre-approval, a lender checks your credit report and income documents and commits to an amount and a rate hold in writing, and that's what you want in hand when you make an offer near Bower Ponds.
Book your free Red Deer call
Bring your pay stubs or your last 2 tax returns to a free call and we'll tell you what a lender is likely to approve. In most cases our fee comes from the lender, so the call and the pre-approval cost 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 does it cost to register a home in Alberta?
Alberta has no land transfer tax, and the Land Titles fee for the transfer is $50 plus $5 for every $5,000 of the home's value, about $550 on a $500,000 home, and registering the mortgage follows the same formula.
What will mortgage insurance cost me with less than 20% down?
The premium is 4.00% of the loan at 5% to 9.99% down, 3.10% at 10% to 14.99% and 2.80% at 15% to 19.99%. We show you where your down payment falls on that scale and what moving up a step would save.