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Table 5 · 10-02-2008, 08:17 AM

For those in the real estate, I have a question that hopefully someone can answer.

When i purchased a condo 2 years ago, I was tentatively approved for a mortage by a bank (but since they only guaranteed it for 3 months, it long expired). This time around, with the current tricky financial situation, I'm not sure I would be so easily approved. If I don't get approved, can I walk away from my condo without having to pay any sort of penality? Or do they keep my down-payment?

What's the rental market in Calgary like these days? Do a lot of people rent out their condos if they dont live in them?

10-02-2008, 08:17 AM	#395
Table 5 Franchise Player Join Date: Oct 2001 Location: NYYC Exp:	For those in the real estate, I have a question that hopefully someone can answer. When i purchased a condo 2 years ago, I was tentatively approved for a mortage by a bank (but since they only guaranteed it for 3 months, it long expired). This time around, with the current tricky financial situation, I'm not sure I would be so easily approved. If I don't get approved, can I walk away from my condo without having to pay any sort of penality? Or do they keep my down-payment? What's the rental market in Calgary like these days? Do a lot of people rent out their condos if they dont live in them? Last edited by Table 5; 10-02-2008 at 08:25 AM.