August 25, 2025
Most homebuyers focus on rates and listings—but the smoothest purchases in Calgary usually come from doing a few unglamorous steps early. Start with document readiness: two most recent pay stubs, a current job letter, T4s, and the last two years’ Notices of Assessment (plus full T1s if self-employed). Collect 90 days of bank statements to prove down payment source (including any gift letter with the sender’s bank record). Having all of this ready before pre-approval prevents last-minute delays and gives your broker leverage to secure a cleaner, faster approval.
Next, tune your debt picture. Keep credit utilization under 30% on each revolving account and avoid new loans or “don’t-pay-for-12-months” store credit. If you carry balances, a targeted paydown that drops utilization below key thresholds can raise your score and improve debt-service ratios enough to meaningfully boost your qualifying amount. Also check for old collections or reporting errors—fixes can take weeks, so start now rather than during a live offer.
Third, get your budget “closing-cost ready.” In Alberta, plan for legal fees, title insurance, appraisal (if required), property tax adjustments, and a prudent reserve for moving/utility setups. Even with insured or insurable files, these non-rate costs can surprise first-time buyers. Ask your broker for a written estimate so nothing derails funding day. If you’re eyeing a condo, review the status certificate/estoppel equivalent and budget for potential special assessments that lenders may ask about.
Finally, choose structure—not just rate. Align term length, fixed vs. variable, prepayment privileges, and portability with how long you expect to keep the property. If career moves are likely, portability and fair break penalties matter more than a tiny rate edge. If you’ll renovate, confirm your lender’s improvement or advance options. Doing these “boring” steps early is how buyers win offers confidently and close without surprises—especially in a market where underwriting is strict and timelines are tight.
Source: Absolute Mortgage Team