At Charlene Elliott Mortgages, we know that buying your first home is a big milestone. It’s exciting, but it can also feel overwhelming when you’re trying to understand mortgages, down payments, and approvals all at once. Alberta’s housing market has its own nuances, and having the right information early can make a huge difference.
This step-by-step guide breaks down what first-time home buyers in Alberta should expect when getting a mortgage, so you can move forward with confidence.
Step 1: Understand Your Budget Before You Start Looking
Before you begin house hunting, it’s important to understand what you can comfortably afford. This means looking beyond the purchase price and factoring in monthly mortgage payments, property taxes, utilities, insurance, and everyday living expenses.
In Alberta, income structures can vary widely. Salaried income, shift work, bonuses, and contract income are all treated differently by lenders. We help first-time buyers understand how their income is viewed and what that means for their buying power before they ever make an offer.
Step 2: Get Pre-Approved for a Mortgage
A mortgage pre-approval is one of the most important steps for first-time buyers. It gives you a clear price range, strengthens your position when making an offer, and helps avoid surprises later.
During pre-approval, we review your income, credit, debts, and down payment, then explore mortgage options across multiple lenders. This allows you to shop for a home knowing exactly where you stand, whether you’re buying in Edmonton, Fort McMurray, or elsewhere in Alberta.
Step 3: Know Your Down Payment Options in Alberta
Many first-time buyers believe they need a 20 percent down payment, but that’s not always the case in Alberta.
Depending on the purchase price, you may be able to buy with as little as 5 percent down. We also help you plan for closing costs, which typically range from 1.5 to 4 percent of the purchase price. Knowing these numbers upfront helps you feel prepared and confident.
Step 4: Choose the Right Mortgage for Your Situation
There’s no one-size-fits-all mortgage. Fixed or variable rates, term length, and prepayment options all play a role in how your mortgage fits your life.
At Charlene Elliott Mortgages, we take the time to explain these options clearly. Our goal is to help you choose a mortgage that supports your long-term plans, not just what looks good on paper today.
Step 5: Start House Hunting With Confidence
Once you’re pre-approved, you can focus on homes that fit your budget and goals. This keeps the process realistic and reduces stress.
Alberta’s housing market can look very different from one city to another. Edmonton, Fort McMurray, and surrounding communities all have unique price points and trends. We help first-time buyers understand what to expect in their chosen area so there are no surprises along the way.
Step 6: From Offer to Final Approval
After you find the right home and your offer is accepted, your mortgage moves from pre-approval to final approval. This includes confirming property details and completing lender requirements.
We stay involved throughout this stage, coordinating with lenders and guiding you through each step so everything stays on track for closing.
Step 7: Closing Day and Getting the Keys
Closing day is when everything comes together. Legal documents are signed, funds are transferred, and you officially become a homeowner.
For many first-time buyers, having steady guidance throughout the process turns what could be stressful into an exciting milestone. That’s exactly how it should feel.
Helping Alberta First-Time Buyers Feel Confident
At Charlene Elliott Mortgages, we believe first-time home buyers deserve clear answers, honest advice, and a mortgage strategy that fits their life. Alberta’s mortgage landscape can be complex, but with the right support, it doesn’t have to be confusing.
If you’re thinking about buying your first home in Alberta, we’re here to help you understand your options and move forward with confidence. they call home.
Want to learn more? Contact us at 780.792.0009 or charlene@charleneelliot.ca
