Buying a home in Alberta is exciting — but your mortgage can either set you up for long-term success or become a costly headache. After 15+ years in real estate, I’ve seen some buyers make the same avoidable mistakes that cost them thousands. Let’s make sure you’re not one of them.
1️⃣ Only Looking at the Lowest Posted Rate
It’s tempting to lock in the mortgage with the lowest interest rate you see online, but here’s the catch — that rate might come with restrictive terms that don’t work for your situation.
What to check instead:
Prepayment privileges (can you pay extra without penalties?)
Portability (can you take your mortgage with you if you move?)
Penalties for breaking the mortgage early
Fixed vs. variable flexibility
💡 Pro Tip: A slightly higher rate with better terms can save you thousands over time.
2️⃣ Skipping Mortgage Pre-Approval
House hunting without a pre-approval is like filling your grocery cart without knowing what’s in your bank account — it’s risky. Without pre-approval:
You could fall in love with a home you can’t afford
Sellers may take your offer less seriously
You risk delays (or losing the home) if financing falls through
Get pre-approved before you shop so you know your budget and can act fast when the right property comes along.
3️⃣ Forgetting About Extra Costs
Your mortgage isn’t the only thing you’re paying for. Buyers often forget about:
Legal fees
Land transfer and registration costs
Home inspection fees
Moving expenses
Initial home repairs or furniture
💡 Budget Tip: Set aside 1.5–3% of your home’s purchase price for closing and moving costs.
Final Thoughts
The mortgage process can feel overwhelming, but it doesn’t have to be. When you look beyond the rate, get pre-approved, and plan for extra costs, you set yourself up for a smoother purchase — and a more secure future.
📩 Want to avoid costly mistakes? DM me MORTGAGE and I’ll send you my Mortgage Buyer’s Checklist.
FAQ: Mortgages in Alberta
Q: Should I choose a fixed or variable mortgage in Alberta?
A: It depends on your risk tolerance. Fixed offers stability, while variable can save money if rates drop — but it’s riskier.
Q: How long does mortgage pre-approval last?
A: Typically 90–120 days, depending on the lender.
Q: Can I negotiate my mortgage terms?
A: Absolutely — work with a broker who can shop multiple lenders and negotiate on your behalf.
Related Topics
[Top 5 Mistakes That Cost Calgary Sellers Money]
[3 Things I Wish More Buyers Knew Before Making an Offer]
[Zoning 101 for Acreage Buyers in Alberta]
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