Mortgage Center
One place for all your mortgage tools
Check your buying power, get pre-approved, plan a renewal, or explore a refinance with a licensed Alberta mortgage broker.
Affordability Calculator
Find out the maximum home price you qualify for under Canadian mortgage stress test rules.
Your maximum purchase price
$480,176
Max monthly housing payment
$3,250
Qualifying rate
7.49%
Based on $100,000/yr income, $0/mo debt, and $40,000 down payment. Qualifying rate of 7.49% is the greater of a 5.49% contract rate and the 7.49% federal stress-test rate. Assumes a GDS ratio of 39%, a TDS ratio of 44%, and a 25-year amortization. Estimates only, not a formal pre-approval.
How this is calculated
Estimates only. Speak with a licensed mortgage broker for a formal pre-approval. Chabi is not a lender.
Frequently Asked Questions
Is this calculator a guarantee I'll be approved for this amount?+
No. This is an estimate based on the Canadian mortgage stress test formula using the numbers you enter. Your real maximum depends on your credit history, employment type, existing debts, and the specific lender's policies, confirmed only through pre-approval.
Why is my qualifying rate higher than posted mortgage rates?+
Federal stress-test rules require lenders to qualify you at the greater of your contract rate plus 2%, or the federal minimum qualifying rate (currently 5.25%), whichever is higher. This protects you from payment shock if rates rise, but it does lower the maximum price you qualify for compared to your actual contract rate.
What counts as a monthly debt?+
Car loans, student loans, minimum credit card payments, lines of credit, and any other mortgages or loans you're currently paying. It does not include everyday expenses like groceries or utilities.
Does a bigger down payment always increase my max purchase price?+
Yes, directly, since it reduces the mortgage amount needed. A down payment of 20% or more also lets you avoid mandatory mortgage default insurance, which can further improve your affordability.
Why get pre-approved first?
Pre-approval is the single most useful step you can take before house-hunting in Alberta's market. Here's what it actually gets you.
You'll know your real budget before you shop
Pre-approval tells you the maximum a lender will actually offer, based on your income, debts, and credit, not a rough guess. That keeps you from falling in love with a home you can't finance, or underestimating what you can afford.
Your offer gets taken seriously
In a competitive market, a seller weighing two similar offers will favour the one backed by a pre-approval. It signals financing is very unlikely to fall through, which matters most on multiple-offer properties.
Your rate can be held while you shop
Most Alberta lenders will hold your quoted rate for 90-120 days once you're pre-approved. If rates rise while you're house-hunting, you keep the lower rate; if they drop, your broker can usually still get you the better one.
You surface problems early, not at closing
Income documentation gaps, credit issues, or debt-ratio problems show up during pre-approval, when there's time to fix or explain them, instead of during a firm-offer financing condition with a ticking clock.
How pre-approval works
Check your buying power
Use the calculator below to see your estimated maximum purchase price under Canadian stress-test rules.
Tell us about you
Share your contact details and we'll match you with a licensed Alberta mortgage broker partner.
Talk to a broker
Book a time directly below, or a broker will call within one business day to review income, down payment, and credit.
Get your pre-approval letter
Once documentation is reviewed, most Alberta lenders issue a written pre-approval within 24-48 hours.
What you'll need to get pre-approved
Frequently Asked Questions
Does getting pre-approved cost anything?+
No. Pre-approval through our mortgage broker partners is free, with no obligation to use them for your final mortgage.
Will this affect my credit score?+
The buying power calculator does not touch your credit at all. A broker will only run a credit check once you speak with them and choose to proceed, and a single mortgage pre-approval inquiry has a minimal impact on your score.
How long does pre-approval take?+
Most Alberta lenders can issue a pre-approval letter within 24-48 hours once you've provided income and down payment documentation.
How long is a pre-approval valid for?+
Typically 90-120 days. If you haven't found a home by the time it expires, your broker can usually renew it, though your rate hold may need to be re-confirmed if market rates have moved.
Is pre-approval the same as final mortgage approval?+
No. Pre-approval is a lender's conditional estimate based on your stated financial picture. Final approval happens after you have an accepted offer on a specific property and the lender completes full underwriting, including an appraisal if required.
Is Chabi a lender?+
No. Chabi is a real estate brokerage. We connect you with licensed, independent Alberta mortgage broker partners for financing.
Why shop your mortgage renewal?
Renewal is the single easiest time to improve your mortgage, and the easiest to let slide by without a second look.
Your lender's renewal offer is rarely their best rate
Most lenders' renewal letters quote their posted rate, not the discounted rate a new customer or a customer who negotiates would get. Studies from Canadian mortgage brokers consistently find borrowers who simply accept the renewal offer pay more than borrowers who shop it.
Renewal is the one time you can switch lenders with no penalty
Once your term ends, you're free to move your mortgage to a new lender without paying a prepayment penalty, as long as you act before your current term matures. Missing that window means waiting years, or paying a penalty, to make a change.
Rates and your life circumstances both change over a term
A 3-5 year-old mortgage was priced for a different rate environment and a different you. Renewal is a natural checkpoint to revisit your amortization, consider a blend with extra payments, or fold in a HELOC for other goals.
A broker can compare lenders you'd never see on your own
Your current lender only ever offers you their own rate. A mortgage broker partner can compare rates across many Alberta lenders at once and tell you honestly whether staying or switching comes out ahead once fees are considered.
Your renewal timeline
120 days before maturity
Start shopping. Don't wait for your renewal letter: a federally regulated lender, such as a bank, only has to send your renewal statement at least 21 days before your term ends.
90-120 days before maturity
Best window to compare rates. Many lenders will let you lock a new rate this early and still adjust it lower if rates drop before your term ends.
30-60 days before maturity
If you're switching lenders, this is when your new lender needs your documents to complete the switch before your old term matures.
At maturity
If you do nothing, most lenders auto-renew you, usually at their posted (higher) rate, on a term they choose.
What to have ready when you talk to a broker
Frequently Asked Questions
What happens if I do nothing when my mortgage matures?+
Almost all lenders will automatically renew your mortgage, typically at their posted rate and a term of their choosing, which is rarely the best deal available to you.
Is there a penalty for switching lenders at renewal?+
No. A penalty only applies to breaking your mortgage mid-term. At the end of your term, you're free to move to a new lender with no penalty, provided the switch completes around your maturity date.
Can I renew early if rates are good right now?+
Some lenders allow an early renewal or a rate hold well before maturity, sometimes with an early-renewal blended rate. A broker can tell you what your specific lender allows.
Will switching lenders affect my credit score?+
A lender switch typically involves a credit check, similar to a new mortgage application, with a minor and temporary impact on your score.
Should I consider a HELOC at renewal?+
Renewal is a common time to add a home equity line of credit alongside your mortgage, since you're already re-underwriting your file. It's worth asking about if you have upcoming renovation, investment, or debt-consolidation plans.
Refinance or HELOC: put your equity to work
If you've built up equity in your home, refinancing or a home equity line of credit can turn it into usable funds. Here's why homeowners consider each.
Access your home equity for other goals
Refinancing lets you borrow against the equity you've built, up to 80% of your home's value in Canada, to fund renovations, investments, a child's education, or to consolidate higher-interest debt into your mortgage rate.
Consolidate high-interest debt
Credit card and personal loan rates are typically far higher than mortgage rates. Rolling that debt into a refinance can meaningfully cut what you pay in interest each month, though it does extend that debt over your mortgage's amortization.
Change your mortgage terms mid-stream
A refinance is also how you switch from a variable to a fixed rate (or the reverse), change your amortization length, or remove a co-signer, without waiting for your term to mature.
A HELOC offers flexible, revolving access
Unlike a lump-sum refinance, a home equity line of credit lets you draw funds as needed and pay interest only on what you use, useful for ongoing renovation projects or as a financial cushion.
Refinance vs. HELOC
Refinance
One lump sum, rolled into your mortgage at a new rate and amortization. Best for a single large, known expense like a renovation with a fixed budget or debt consolidation.
HELOC
A revolving credit line secured against your home, typically at a variable rate. Best for ongoing or uncertain expenses where you want to draw funds over time.
What to consider before you refinance
Frequently Asked Questions
How much of my home's equity can I access?+
Canadian lenders generally allow you to refinance or draw a HELOC up to a combined 80% of your home's appraised value, minus what you still owe on your existing mortgage.
Will I pay a penalty to refinance before my term ends?+
Likely yes, if you're mid-term on a fixed-rate mortgage. The penalty is typically the greater of three months' interest or an interest-rate-differential calculation. A broker can estimate this for your specific lender before you commit.
Is a HELOC's interest rate fixed?+
Most HELOCs carry a variable rate tied to the lender's prime rate, though some lenders offer a fixed-rate option on a portion of the balance.
Can I refinance to remove someone from my mortgage?+
Yes. Removing a co-signer or co-borrower, such as after a separation, generally requires a refinance, since the lender needs to re-qualify the mortgage under the remaining borrower's income alone.
Do I need a new home appraisal to refinance?+
Yes, in almost all cases. The lender needs a current appraised value to calculate how much you can borrow against your equity.