Moving to Alberta can be exciting. You may be coming for a new job, more affordable housing, a different lifestyle, or because you have finally decided that spending half your paycheque on a tiny apartment is no longer a charming urban experience.

For first-time buyers, though, relocating adds a few extra wrinkles to the mortgage process. The good news is that with some planning, those challenges are usually manageable.

Your new job can affect your mortgage approval

One of the first things I look at with someone relocating to Alberta is employment.

If you’re transferring with your existing employer, the process can be fairly straightforward. If you’re starting with a new company, lenders may want to know whether you’re on probation, whether the job is permanent and whether your income is guaranteed.

That doesn’t automatically mean you have to wait until you’ve been working in Alberta for months before buying. Different lenders handle new employment differently, which is one reason it’s helpful to discuss your move with a mortgage broker before you start making offers.

Selling a home isn’t the only way to be a first-time buyer

You may qualify for first-time homebuyer programs even if you’re moving from elsewhere in Canada, provided you meet the program’s definition of a first-time buyer.

Programs such as the First Home Savings Account (FHSA) and Home Buyers’ Plan can potentially help with your down payment. Your eligibility depends on your individual circumstances, so don’t assume you’re either eligible or ineligible based solely on whether you’ve owned property at some point in your life.

Alberta housing may stretch your budget differently

For buyers arriving from some of Canada’s more expensive housing markets, Alberta can be a pleasant surprise. Your budget may buy you considerably more house here than you expected.

That doesn’t mean you should immediately use every dollar the lender says you can borrow.

A larger home also comes with larger heating bills, property taxes, insurance, maintenance and the occasional mysterious trip to Home Depot that somehow costs $287.

I recommend building your Alberta budget around the total cost of owning the property, not simply the mortgage payment.

Don’t underestimate location

Relocating buyers sometimes start searching based almost entirely on house prices. But Alberta cities are spread out, and where you live can have a major effect on your daily routine.

A home that looks like a bargain may be less exciting after you discover your commute involves 45 minutes of Deerfoot Trail every morning.

Before buying, consider your workplace, schools, transit, shopping, recreation and how much driving you’re comfortable doing. If you’re considering one of the communities outside Edmonton or Calgary, factor that commute into the decision as well.

You may have opportunities you didn’t expect

Relocating can also give you a chance to rethink what your first home looks like.

Instead of stretching for a small property in your previous city, you may have options ranging from condos and townhomes to detached homes or newer communities. You might even be able to keep some money aside for emergencies instead of putting absolutely everything into the purchase.

That financial breathing room can be extremely valuable during your first few years as a homeowner.

Start the mortgage conversation before you move

Ideally, talk to a mortgage broker while you’re still planning the relocation. We can look at your employment situation, down payment, credit, debts and expected purchase price and identify potential issues before you’re standing in an Alberta showhome mentally arranging the furniture.

Moving provinces already gives you enough things to organize. Your mortgage shouldn’t be the surprise waiting at the end. Send us a message and we can get started on some free customized advice.