Mortgage Pre Approval For Calgary And Airdrie Home Buyers.
Before the first showing, know your number. A pre approval tells you what you can actually spend, and it tells a seller you are ready to write a serious, ready offer.
A mortgage pre approval is the first step to buying a home in Calgary, Airdrie and all surrounding communities. This guide is from Tara Molina Real Estate Group, a Calgary and Airdrie real estate team led by Tara Molina, REALTOR® CCS®, brokered by Royal LePage Benchmark.
What Is A Mortgage Pre Approval?
A pre approval is a lender reviewing your income, employment, credit and debts, and telling you how much they are prepared to lend, usually with an interest rate held for a set period.
It is not the same as a pre qualification, which is a quick estimate based on what you tell someone, with nothing checked. Sellers and their agents know the difference.
Pre Qualification
- Based on what you tell someone
- Nothing checked
Pre Approval
- Income, employment, credit and debts reviewed
- How much the lender is prepared to lend
- Usually a rate held for a set period
A pre approval is not a final approval. Read the conditions on your letter.
Know Your Real Budget
You shop in the right price range from the first day, instead of falling for a house you cannot finance.
A Stronger Offer
When several buyers want the same home, the one with financing already reviewed is the easier offer to accept.
A Rate Hold
Many lenders will hold a rate while you search. How long varies by lender, so ask when you apply.
A Faster Close
Much of the paperwork is already done, so the time between an accepted offer and firm financing is shorter.
How Do You Get Pre Approved To Buy In Calgary Or Airdrie?
Four steps, before you book a showing.
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.
Apply with a mortgage broker.
A broker can compare several lenders rather than one bank. The button below goes to the application for Advanced Mortgage.
Get your letter.
It confirms the amount and any rate hold. Read the conditions, because a pre approval is not a final approval.
Call us before you start looking.
Bring your number and we will tell you honestly which Calgary and Airdrie communities it buys you into.
Moving from another province? Tell your broker early. Out of province income and a job that starts after you arrive both change what a lender needs to see. Our relocation guide covers the rest of the move.
Your REALTOR® And Your Broker, Under One Roof.
Advanced Mortgage is owned by Trevor Yerema, Tara's husband. We want you to know that before you click, not after.
The Gap Is Hard To Fall Into
Here is why we think it helps you. Most of what goes wrong on a purchase goes wrong in the gap between the REALTOR® and the lender: a condition date nobody flagged, an appraisal question that sat unanswered over a weekend, a deposit that needed confirming before an offer went in. When your REALTOR® and your broker talk every day, that gap is very hard to fall into.
What Does Not Happen
And here is what does not happen. Your financial information is never shared between us automatically. Being married does not give either of us access to the other's client file. We only share what you give us permission to share, we ask before we do, and we take that seriously.
You are never required to use Advanced Mortgage. Any licensed mortgage broker or lender can pre approve you, and we will work with whichever one you choose.
What Will Your Pre Approval Buy In Calgary And Airdrie?
Bring your number and we will tell you honestly which Calgary and Airdrie communities it buys you into, and which houses are worth your Saturday.
Call Us About Any Listing
Buyers are welcome to call about any listing. We will show it, and anything else worth seeing.
On One Of Our Own Listings
When Tara is the listing agent and you come to her directly, a teammate writes your offer, so each side has their own agent. On every other home, Tara writes the offer herself.
Still Deciding Where?
Community guides for Calgary, Airdrie and all surrounding communities.
Explore Communities →Mortgage Pre Approval Questions, Answered.
Do I need a pre approval before I look at homes in Calgary or Airdrie?
You can look without one, but you should not make an offer without one. A pre approval tells you your real budget and shows a 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 they are prepared to lend, usually with a rate held for a set period.
Is a pre approval the same as a final mortgage approval?
No. A pre approval is not a final approval. The lender confirms everything again once you have an accepted offer, including the specific property, and anything that changes your income, debts or credit before closing can change the answer. Read the conditions on your letter.
What documents do I need for a mortgage pre approval?
Usually 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. Your broker will tell you exactly what their lenders need.
Can I get pre approved if I am moving to Alberta from another province?
Yes. Tell your broker early if your income is from out of province or your new job starts after you arrive, because both change what a lender needs to see.
Do I have to use Advanced Mortgage?
No. Advanced Mortgage is owned by Trevor Yerema, Tara's husband, and we recommend them because REALTOR® and broker communication protects your purchase. Any licensed mortgage broker or lender can pre approve you, and we will work with whichever one you choose.
Tara Molina, REALTOR® CCS®, Tara Molina Real Estate Group | Royal LePage Benchmark. Call or text 403.809.4639. This page is general information, not financial or mortgage advice. Mortgage approval is subject to lender review. Disclaimer: This document is not intended to solicit buyers or sellers currently under contract with a brokerage.
Let’s Make Your Next Move A Positive One.
Know your number first, then let’s go and find the home. Tell us where you are at and we will be straight with you. No pressure, and no pitch.
Tara Molina Real Estate Group | Royal LePage Benchmark