780-466-9898
Buying a home is one of the biggest financial decisions you’ll make—especially in a dynamic market like Edmonton. As a local mortgage broker, I’ve seen many buyers make the same costly mistakes that can delay their homeownership journey or cost them thousands in the long run.
If you’re planning to buy a home or refinance your mortgage in Edmonton, here are five common mortgage mistakes you should avoid—from a broker who knows the market inside and out.
Jumping into showings without a mortgage pre-approval is like shopping without knowing your budget. Pre-approval gives you a clear picture of how much you can afford and shows sellers that you’re a serious buyer.
In competitive neighborhoods like Glenora, Strathcona, or Windermere, pre-approval can make or break your offer. Get pre-approved early to avoid disappointment later.
Many buyers underestimate the impact of their credit score on their mortgage rate. A few missed payments or high credit utilization can result in higher interest rates—or a mortgage denial altogether.
Before applying, pull your credit report and check for errors. Pay down high balances and avoid new credit applications. A small boost in your credit score can save you thousands over the life of your loan.
Not all mortgages are created equal. Fixed-rate, variable-rate, open vs. closed terms—choosing the wrong type based on assumptions instead of strategy can lead to higher costs or limited flexibility.
Work with a mortgage broker in Edmonton who understands your goals. Whether you’re buying your forever home in Summerside or flipping in Alberta Avenue, the right product should match your lifestyle, income stability, and long-term plans.
Yes, your mortgage rate matters—but so do the terms, penalties, and lender flexibility. A slightly lower rate may come with strict prepayment penalties or limited portability.
Ask your broker to compare the total cost of borrowing, not just the headline rate. It’s about the full picture, especially if you plan to upgrade, refinance, or sell within a few years.
Online calculators and bank offers can only go so far. A local Edmonton mortgage broker brings real-time market knowledge, access to multiple lenders, and personalized advice that’s tailored to your unique situation.
Brokers often have access to exclusive rates and products not available through big banks. Plus, they can advocate on your behalf and help you avoid unnecessary delays or denials.
Navigating the mortgage process can feel overwhelming—but it doesn’t have to be. By avoiding these common mistakes and working with an experienced Edmonton mortgage broker, you’ll not only save money but also gain peace of mind throughout your home buying journey.
Whether you’re a first-time buyer or looking to refinance, I’m here to help. Contact me today for a free consultation and let’s find the right mortgage for you.
Posted by MortgageApplyOnline On April 15th, 2025