Getting a mortgage in Calgary: pre-approval to funding

Pre-qualification vs pre-approval

A pre-qualification is an estimate. A pre-approval means a lender has reviewed your documents and held a rate for a set period. Shop with the second one — sellers and their agents read the difference immediately.

What lenders verify

Expect to provide, and to keep providing until funding:

• Income confirmation — pay stubs, employment letter, or business filings if self-employed
• Down payment source and a 90-day history of those funds
• Credit report and existing debt obligations
• The purchase contract and, for condos, the corporation's documents
• An appraisal ordered by the lender, in many cases

Protect the approval until possession

Do not change jobs, finance a vehicle, open new credit or move down payment money between accounts after approval. Lenders re-verify before funding, and any of those can undo it.

Funding and possession day

Your lawyer receives lender instructions, prepares the documents you sign in advance, requests the funds, and transfers them to the seller's lawyer. Keys release once the seller's side confirms receipt.