Don't give up! Many consumers will turn to their banks for a "Pre-approval" and then are disappointed to find out they are turned down for a mortgage. My advice to you is don't get discouraged. Usually the bank employees have a little knowledge in a lot of areas. It is important that you get a second opinion from a professional who is well experienced in mortgage lending. There are programs available to assist first time buyers with home ownership. Buying your first home can be overwhelming. We bought our first home when I was 20 years of age and totally confused with all the terminology...and papers to sign!! If you are serious about owning property - don't give up! At least find out the steps you need to take so that your home ownership dreams will come true.

There are four different types of insurance that you might be required to obtain as a Home Owner/Buyer. The first is referred to as mortgage loan insurance (default Insurance). If you are putting less than 20% down on your home purchase the major financial institutions want to make sure the mortgages are covered against default (your payments go in to arrears). This is protection for the Mortgage Companies. The fee is added to your mortgage. All Lenders are required to explain this indepth to the borrower. This type of insurance is allowing more Buyers to qualify for mortgages and invest in real estate with minimal down payments.

The second type of insurance is Property Insurance. Buyer's are required by mortgage companies to obtain this type of insurance and show proof to your Lawyer prior to possession. Home Owner's Property Insurance protects your property financially against incidents that can cause damage such as fire, theft, hail and liability. It is very important to make sure that you have complete and full coverage. Your Lawyer will be able to answer any questions that you might have. You are still required to make your mortgage payments should there be an incident where you have to vacate your property  - remember to ask your insurance company about coverage to pay for your stay in a hotel/other location should this happen. When you own a condominium, the corporation usually obtains insurance for the structure - it is important that you obtain the necessary coverage for your private unit.

The third type of insurance is optional mortgage "life" insurance. The Lender becomes the beneficiary and the mortgage is paid off should the owner passes away. It is important to talk to your Lender about the advantages of this type of policy - you might want to discuss this option with a private insurance company.

There is also Title Insurance - If you are interested in obtaining this insurance it is important to talk to your Lawyer to get the details it might not be necessary.

The Baby Boomer population is starting to explode! Many Canadians are getting ready for retirement and downsizing is a familiar topic in Real Estate. Where do you start? There are many age restricted condominiums throughout Calgary and Area. The minimum age to reside in these properties can range from 18 to 65 years. There are no exceptions! I recently had a call from someone who was interested in buying a 50+ age restricted property - she was just about 50 (46 years now)...sorry! Unless one person residing in the property is 50 - she'll have to wait 4 years. It just doesn't seem right - but there are rules! These age restricted buildings can have wonderful amenities such as swimming pools, bowling alleys, workshops, heated parking and lots of socializing!! For those that are at a stage where cooking is not fun - there are even buildings that offer Dining Facilities!  A good reason to look forward to retirement! All depending on the location and amenities, the price can vary.