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Episode 1
Understanding Mortgage Pre-Approvals: Your First Step to Smart Homeownership
In our debut episode of the Smart Moves Podcast, we break down one of the most important (but often misunderstood) steps in the home buying process: getting pre-approved for a mortgage.
Whether you’re a first-time buyer, upgrading, or refinancing, this episode walks through what lenders consider, how pre-approvals work, and why starting with one gives you a major advantage in today’s market.
We’ll also explore some foundational real estate guidance—what to expect when entering the market, how to align your goals with your budget, and tips to avoid common pitfalls that trip up buyers at every stage.
Delivered in an easy-to-follow format by our AI-powered hosts and backed by expert insights from Property Smart Advisors, this episode sets the tone for what Smart Moves is all about: helping Canadians make confident, informed real estate and mortgage decisions.
Tune in now to get inspired, get informed, and start making smart moves today.
What Is a Mortgage Pre-Approval?
A mortgage pre-approval is a lender’s written estimate of how much you may qualify to borrow when buying a home. It’s based on a review of your income, debts, credit score, and down payment. Think of it as your financial green light. It shows real estate agents and sellers that you’re serious and ready to make an offer.
Why Pre-Approvals Matter in Today’s Market
In a competitive real estate market like Edmonton, being pre-approved gives you an edge. It allows you to:
- Lock in an interest rate for 90–120 days (depending on the lender)
- Shop confidently within your budget
- Move quickly when you find the right property
And with interest rates still shifting in 2025, getting pre-approved early helps you stay ahead of any sudden market changes.
Common Mistakes First-Time Buyers Make
Navigating your first mortgage can feel overwhelming — and small missteps can delay your approval or cost you money. Some common mistakes include:
- Assuming you’re approved without a written confirmation
- Applying for new credit (like a car loan) right before buying
- Not factoring in closing costs or property taxes
- Submitting outdated documents to your lender
Working with our Mortgage Brokerage can help you avoid these pitfalls and stay organized throughout the process.
Budgeting Tips for Homebuyers
Your mortgage approval amount isn’t always your true affordability range. Be sure to factor in:
- Monthly carrying costs (property taxes, utilities, insurance)
- Future interest rate changes (especially with variable rates)
- Lifestyle goals (travel, savings, childcare, etc.)
Use your pre-approval as a guide—but stay realistic. We always recommend working with an advisor who understands the bigger picture of your financial life.
Tools to Help You Move Smarter
At Property Smart Advisors, we combine technology and personal guidance to help you buy smarter. Use these tools to take the next step:
- Mortgage Pre-Approval Tool – Get started in minutes with a trusted expert review
- Smart Search AI – Search homes by lifestyle, features, or even design style
- Instant Home Value Tool – Get a data-backed estimate in seconds
Smart Moves Episode 1: Structured Transcript & Key Insights
This transcript summary highlights the major themes, smart takeaways, and key guidance from Episode 1. It’s a cleaned and organized version of the full conversation—perfect for reviewing quickly or referencing while listening.
Click to expand full summary transcript
Welcome to Property Smart Advisors, the real estate and mortgage podcast. Whether you’re a first-time buyer or just curious, this episode is packed with tools you need to find, fund, and fortify your future. Because success isn’t left to chance — it’s built with precision.
Getting Started on the Real Estate Journey
Buying, selling, or just exploring what’s out there? We’ve got insider tips to help you make smart decisions. Think of this as your crash course in real estate savvy — no surface skimming here.
Introducing Brandon Scott
Meet Brandon Scott — a licensed realtor and licensed mortgage broker. With experience on both sides, Brandon offers a strategic, personalized approach. He’s been featured nationally in The Globe and Mail, Edmonton Journal, and City TV.
Setting a Budget & Getting Pre-Approved
Before house hunting, figure out your finances. Pre-approval is not just a formality — it’s a power move. It helps you shop within your budget and makes you a serious buyer in the eyes of sellers. In Canada, the minimum down payment is 5%, with tiered rules for homes over $500,000. Don’t forget closing costs like legal fees and taxes!
Saving Tips & Mortgage Types
Set up automatic transfers, reduce high-interest debt, and stay consistent. Then decide between fixed and variable rate mortgages. Fixed rates offer predictability, while variable rates offer flexibility but come with risk.
Understanding CHMC Insurance & Terms
If you’re putting less than 20% down, you’ll need mortgage insurance. It protects the lender, not you. Terms are usually five years, and breaking them early can result in penalties.
Why Work with a Mortgage Broker
A mortgage broker accesses multiple lenders and negotiates on your behalf — like a personal shopper for your loan. They demystify the process, explain documents, and can save you thousands.
Home Search Tips & Offers
When house hunting, research neighborhoods, stick to your budget, and consider Alberta’s RMS for consistent measurements. Offers don’t have to match listing prices. Consider market conditions, include conditions like inspections, and understand holdbacks as financial protection.
Legal Steps & Title Insurance
After your offer is accepted, your real estate lawyer handles the legal transfer. Title insurance protects you from fraud or undisclosed liens. Do a pre-possession inspection before you get the keys.
Congratulations — You’re a Homeowner!
Celebrate your new home but double-check that everything is as agreed upon. If not, your lawyer is there to help.
What’s Next?
This is just the beginning of your journey. Stay tuned for Episode 2 where we explore the fascinating world of AI-powered real estate insights.
Enjoyed Episode 1?
Don’t miss Episode 2 where we explore how AI and emotions influence the home buying journey.
