The online mortgage process, step by step
- Quick conversation (phone, text or video). John asks about your goal, timeline, income type, down payment or equity, and any credit concerns. No documents are needed yet.
- Application and consent. You fill in a secure application and give consent for a credit check. John explains which documents your situation needs.
- Documents uploaded securely. Common items: photo ID, a recent pay stub and employment letter (or T1 Generals and Notices of Assessment if you're self-employed), down payment history and property details.
- Lender options compared. John reviews which lenders fit your file. He compares rate type, term, prepayment privileges, penalties and portability, not just the rate.
- Submission and approval conditions. Once you choose, the application goes to the lender. Approvals usually come with conditions, such as an appraisal, final documents or mortgage insurance approval.
- Lawyer and Land Titles. Your Alberta real estate lawyer or notary prepares the documents, meets with you to sign and registers the mortgage with Alberta Land Titles.
- Funding and follow-up. The lender funds on your closing or switch date. John stays available for questions, including at your next renewal.
Online doesn't mean automated. A licensed person reviews your file and talks you through the choices. Every application is still subject to the lender's approval and conditions.
Working with a mortgage broker vs. going straight to a bank
A bank can only offer its own products. A mortgage brokerage can compare options from multiple lenders, which may include banks, credit unions, monoline lenders and, when it's appropriate and disclosed, alternative or private lenders. That doesn't promise a better outcome for every borrower. It means you see more of the market before you decide.
In Alberta, anyone who deals in mortgages as a broker must be licensed by the Real Estate Council of Alberta (RECA). You can look up any mortgage professional on RECA's public licence search before you share personal information. Ask how the brokerage is paid and whether any fee applies to your file. In many residential mortgages the lender pays the brokerage, and any fee you'd pay must be disclosed to you in advance.
Documents to have handy
Common mortgage documents by situation
| Situation | Commonly requested |
|---|
| Salaried or hourly | Recent pay stub, employment letter, recent T4s or Notices of Assessment |
| Self-employed | Two years of T1 Generals and Notices of Assessment, business financials or registration, proof no taxes are owing |
| Buying | Accepted offer and MLS listing, recent account statements showing where your down payment came from, gift letter if applicable |
| Renewing / refinancing | Current mortgage statement, renewal offer, property tax bill, home insurance details |
Each lender sets its own requirements, so the final list depends on the lender and your file.