What Not to Do After You’re Mortgage Pre-Approved

You’ve done the hard work to get pre-approved—great start. Now your goal is to keep that approval intact until the keys are in your hand. Here are the most common slip-ups that can derail financing in Alberta (and across Canada), plus what to do instead.

1) Don’t take on new debt or open credit

New credit cards, a car loan, or “don’t pay for 12 months” furniture deals can change your debt ratios and lower your score. Do this instead: wait until after possession to finance purchases.

2) Don’t change jobs (or switch to self-employment)

Even a promotion with a probationary period can create issues. Moving from salaried to contractor/self-employed, or reducing hours/overtime, may reset income history requirements. Do this instead: talk to your broker before accepting changes—especially if relocating from Ontario to Alberta.

3) Don’t move money around or make large unexplained deposits

Lenders must verify the source of your down payment and closing costs. Big transfers, cash deposits, or crypto liquidation without a paper trail can stall underwriting. Do this instead: keep funds parked in one account, save statements, and use gift letters when needed.

4) Don’t miss or pay bills late

A single late payment on a credit card, line of credit, or car loan can drop your score. Do this instead: set auto-payments and monitor balances.

5) Don’t co-sign for anyone

Co-signing adds liability and can push ratios over the limit. Do this instead: postpone co-signing until after your purchase closes.

6) Don’t ignore property specifics

Acreages, condos with high fees, properties with secondary suites, wells/septic, or new builds can need extra documents and may have lender restrictions. Do this instead: share the MLS sheet early so your broker can vet the property type.

7) Don’t waive your financing condition too early

In Alberta, keep the financing condition until the lender and insurer (if applicable) have reviewed the file, the property, and the appraisal (when required). Do this instead: align the condition date with realistic timelines from your broker and realtor.

8) Don’t switch banks or close accounts

Closing old cards or moving chequing accounts mid-process can change your score and disrupt document trails. Do this instead: keep your banking stable until after possession.

9) Don’t let your rate hold or documents go stale

Pre-approvals and rate holds expire. Income docs and bank statements need to be current. Do this instead: track dates and refresh documents promptly when your broker asks.

Need help navigating pre-approval to possession—especially if you’re moving to Alberta? Book a free consultation, download my mortgage calculator app, or subscribe to my newsletter for the latest mortgage tips.