Buying A Home · Calgary & Airdrie
Before the first showing, know your number. Here is why a mortgage pre approval comes first, what the 2026 rules mean for your budget, and how to get one.
The short answer. A mortgage pre approval is a lender reviewing your income, employment, credit and debts and telling you how much it will lend, usually with a rate held while you shop. In Calgary and Airdrie it tells you which homes are really in your budget and shows a seller your offer can close. In 2026 you need at least 5% down on the first $500,000 and 10% on the portion above it, and you qualify at the higher of your rate plus 2% or 5.25%.
Hello, Gorgeous! Every buyer who calls us gets the same first question: have you been pre approved? Not because we need to qualify you, but because the number changes everything that comes after it. The communities we show you, the homes worth seeing, and how strong your offer looks when another buyer wants the same house.
We built a mortgage pre approval page with the checklist and the application. This article is the longer version: what a pre approval is, the rules behind your number, and how we work with lenders.
What A Pre Approval Actually Is.
A pre approval means a lender has looked at your documents and committed, with conditions, to lend you up to a set amount. A pre qualification is a quick estimate based on what you tell someone, with nothing checked. Sellers and their agents know the difference, and so should you.
A pre approval is not a final approval. The lender still has to approve the specific home, usually after an appraisal, and anything that changes your income, debts or credit before closing can change the answer. Read the conditions on your letter.
Why It Comes First.
You shop in the right price range. Falling for a house you cannot finance is the most avoidable heartbreak in real estate.
Your offer is stronger. When several buyers want the same Calgary or Airdrie home, the one whose financing has already been reviewed is the easier offer for a seller to accept.
You can hold a rate. Many lenders hold a rate for a set period while you search. How long varies by lender, so ask when you apply.
Your financing condition goes faster. Most of the paperwork is done, so the days between an accepted offer and firm financing are less stressful. Our guide to what happens after your offer is accepted walks through that stretch.
Minimum Down Payment, 2026
5% of the first $500,000, plus 10% of the portion from $500,000 to $1.5 million
| Purchase price | Minimum down |
|---|---|
| $450,000 | $22,500 |
| $600,000 | $35,000 |
| $750,000 | $50,000 |
| $1,000,000 | $75,000 |
| $1.5 million or more | 20%, not insurable |
Computed from the federal minimum down payment rules, October 2026. Under 20% down, your mortgage needs mortgage default insurance, and the premium is usually added to the loan.
The Rules Behind Your Number.
The stress test. Federally regulated lenders qualify you at the higher of your contract rate plus 2% or 5.25%, even though you pay the contract rate. That is why your pre approval can be lower than you expected, and it is built in, so the number on your letter already reflects it.
Amortization. Insured mortgages are generally capped at 25 years. First time buyers, and anyone buying a newly built home, can qualify for up to 30 years on an insured mortgage, which lowers the payment and raises what you can borrow.
Closing costs are separate. Alberta has no land transfer tax, but you still pay land titles fees, legal fees and adjustments on closing day. Our closing costs guide has a calculator, and it is worth reading alongside our explainer on deposit versus down payment.
A Broker Or Your Bank?
Your bank can pre approve you, and if you love your bank, that is fine. A mortgage broker compares several lenders for you instead of one, which matters most when your file is not simple: self employed income, a new job, a move from another province, or a rental property.
Whoever you choose, what protects your purchase is how well your lender and your REALTOR® talk to each other. Most problems on a purchase start in that gap: a condition date nobody flagged, an appraisal question that sat over a weekend, a deposit that needed confirming before an offer went in.
Full Disclosure
Your REALTOR® And Your Broker, Under One Roof.
We recommend Advanced Mortgage, which is owned by Trevor Yerema, Tara’s husband. We want you to know that before you click, not after.
When your REALTOR® and your broker talk every day, the gap is very hard to fall into. Your financial information is never shared between us automatically; we only share what you give us permission to share.
You are never required to use Advanced Mortgage. Any licensed broker or lender can pre approve you, and we will work with whichever one you choose.
How To Get Pre Approved.
1. Gather your documents. Recent pay stubs or a letter of employment, your last two years of income tax notices if you are self employed, proof of your down payment, and a list of your debts.
2. Apply with a broker or lender. Apply with Advanced Mortgage online, or with the lender of your choice.
3. Read your letter. It confirms the amount, the rate hold and the conditions.
4. Call us before you start looking. Bring your number and we will tell you honestly which Calgary and Airdrie communities it buys you into, and which homes are worth your Saturday.
Moving from another province? Tell your broker early. Out of province income, or a job that starts after you arrive, changes what a lender needs to see. Our relocation guide covers the rest of the move.
Start With Your Number.
The checklist, the application and the answers to the questions buyers ask most, all on one page.
Quick Answers.
Do I need a mortgage pre approval before I look at homes in Calgary or Airdrie?
You can look without one, but you should not write an offer without one. A pre approval tells you your real budget and shows the seller your financing has already been reviewed, which matters most when more than one buyer wants the same home.
What is the difference between a pre qualification and a pre approval?
A pre qualification is a quick estimate based on what you tell a lender, with nothing checked. A pre approval means the lender has reviewed your income, employment, credit and debts and set out how much it is prepared to lend, usually with an interest rate held for a set period.
How much down payment do I need to buy a home in Alberta in 2026?
At least 5% of the first $500,000 of the price and 10% of the portion from $500,000 up to $1.5 million. A $600,000 home needs at least $35,000 down. Homes at $1.5 million or more need at least 20% down.
What is the mortgage stress test in Canada?
Federally regulated lenders qualify you at the higher of your contract rate plus 2% or 5.25%, even though you pay the contract rate. Your pre approval amount already reflects it.
Does a pre approval guarantee my mortgage?
No. It is conditional. The lender still has to approve the specific property, and changes to your income, debts or credit before closing can change the answer. Read the conditions on your letter.
Do I have to use Advanced Mortgage to work with Tara Molina Real Estate Group?
No. Advanced Mortgage is owned by Trevor Yerema, Tara Molina’s husband. Any licensed mortgage broker or lender can pre approve you, and the team will work with whichever one you choose.
Related reading: our mortgage pre approval page, buying your first home in Calgary or Airdrie, closing costs in Alberta, and how we work with buyers.
Sources, read October 2026: OSFI minimum qualifying rate; Financial Consumer Agency of Canada, down payment; federal mortgage rule changes effective 15 December 2024. This article is general information, not financial or mortgage advice; mortgage approval is subject to lender review. Originally published February 2025, updated October 2026. Not intended to solicit buyers or sellers currently under contract.