Mortgage pre-approval is one of the easiest ways to shop with confidence heading into Edmonton’s spring market. It helps you understand what you can qualify for, and what payment feels comfortable for your budget.
Here are three simple steps to take now to make your mortgage pre-approval process smoother.
1. Get Your Down Payment Organized
Start by pulling your down payment together and making sure it’s accessible and documented.
Common down payment sources include:
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Savings
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Investments
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A gift from immediate family
For mortgage pre-approval, the key is being able to show where the funds are coming from. If the money is moving between accounts, keep it clean and traceable.
2. Pay Down High-Interest Debt
Before you apply, pay down as much high-interest debt as you can, especially:
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Credit cards
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Lines of credit
This matters for two reasons. First, it improves your monthly cash flow. Second, it can improve your mortgage qualification because lenders look at your overall debt load, not just the future mortgage payment.
If you’re carrying balances that aren’t being paid down regularly, it’s worth dealing with that before taking on a mortgage.
3. Apply For Mortgage Pre-Approval Early
The third step is simple: apply early so you can see what you qualify for and what feels comfortable.
When we do a mortgage pre-approval, we’ll review your income, debts, down payment, and credit, and then talk through:
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Your likely price range
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A comfortable monthly payment
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Next steps for shopping in Edmonton
If you don’t have a realtor, I can connect you with a trusted Edmonton realtor to get you started.
Whether you are preparing to buy your first home or your fifth, if you’re looking to get pre-approved for a mortgage in Edmonton, fill out my online application. I’m here to help you every step of the way.
About Jason Scott, Edmonton Mortgage Broker
Looking for a personalized mortgage solution? As an Edmonton Mortgage Associate, I’m trusted partner who will help you get the right mortgage for your home or investment property. I’m Jason Scott, and I’ll be your Mortgage Broker in Edmonton.
