Moving to Alberta? Here's How To Get Your Mortgage

Your Edmonton Mortgage Broker: Natalie Wellings

How to move to Alberta and get a mortgage!

The cost of living in Ontario and BC has become unaffordable to most families. Consequently, I’ve seen a surge in interest from buyers from those provinces, and wanted to create a breakdown of the variety of ways to facilitate a move to Alberta.

Step one is to give me a call or send me an email and we can begin the process of figuring out how best to make your move a reality. Here is a breakdown of the most common ways to get approved for a mortgage on a property in beautiful Alberta.

Option 1: Transfer your employment or work remotely

If your job allows you to work remotely 100% of the time you can technically live anywhere! So, in this case, it’s pretty straightforward. I’d need a letter from your employer confirming that you exclusively work remotely and we can use all of your income from that employer to qualify.   

If you don’t work remotely, but your employer has locations in Alberta or you work for a trades union in your current province and you can transfer here, then you can qualify for the mortgage under the basis that you will be transferring your current employment to Alberta. I’ll ask for a job transfer letter from your employer or union confirming that you are transferring to Alberta. Your letter will need to state the details of your position and if there will be any changes to your pay upon your move. Often, you will need to show the mortgage lender that you have relocated and started your job here before your possession/closing date on your new home. As such, we’ll need to work closely together to co-ordinate your move to time everything appropriately.

Option 2: Purchase the property in Alberta as a second home

If you don’t work remotely and aren’t being transferred here you may be able to purchase a home in Alberta well before your make your move.

If there is room in your ratios to carry your living costs in your current province and also to carry a mortgage on a property here in Alberta, we can set the new mortgage up as a second home purchase. This would allow you to purchase the home in Alberta well in advance of moving with as little as 5% down. The key here is qualifying as you’ll need to be able to carry your living expenses (we call them shelter costs) in your home province plus the carrying cost of the new home in Alberta.

Option 3: Purchase the property in Alberta as a rental property

If you do not work remotely, do not have a transfer from your employer and your ratios DO NOT work to stay in your current province and to carry the Alberta property as a second home then another option could be to purchase the property as a rental property. In this case, you’d need at least 20% down (this can be gifted) and I would have a property appraiser here in Alberta provide me with a report outlining how much the property would likely rent for. I could then use that rental amount to help to offset the cost of the property. You could carry the property as a rental until you are ready to make the move to Alberta, at which point you’d move into the home.

The above are the most common ways we facilitate an out of province property purchase. There are also non-traditional (sub-prime) mortgage lenders who have additional options but these mortgages often come with higher interest rates and fees.

Your best bet is to touch base with me and I can delve into the unique circumstances of your situation and we can work together to achieve your goal of moving to Alberta!

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