The amount you need for a down payment depends on the type of loan and your financial situation. While 20% is a common benchmark, many buyers put down less, some conventional loans allow as little as 5% 

A pre-qualification is an informal estimate of how much you might be able to afford, based on basic information you provide. It’s a helpful first step, but not a guarantee.

A pre-approval is more detailed. A lender reviews your income, credit, and debt, and may lock in a rate for a set period of time. Pre-approval gives you a clearer budget and makes your offer stronger when buying in Edmonton’s competitive areas.

Your credit score plays a major role in the mortgage rate you qualify for.

Higher credit scores typically mean lower interest rates and better loan options
Lower scores may result in higher rates or additional conditions

Even small differences in your rate can significantly impact your monthly payment over time, so it’s worth understanding your credit before starting the process.

Closing costs are expenses paid on top of your down payment when you purchase a home. In Edmonton, buyers typically budget 1.5%–3% of the purchase price for closing costs. These may include:

Legal fees and disbursements

Title insurance

Home inspection

Property tax adjustments

Planning for these costs early helps avoid surprises on possession day.

From starting your search to getting the keys, the home buying process often takes 30–90 days, depending on the market and your situation.

Once an offer is accepted, possession dates in Edmonton are commonly 30–60 days, but this can be shorter or longer depending on negotiations and financing conditions.

Yes! Many buyers in Edmonton purchase homes while self-employed or with non-traditional income. Lenders may ask for:

Two years of income history

Tax returns or financial statements

Additional documentation to show stability

Working with the right mortgage professional early can make this process much smoother and help you understand what’s possible.