If you're a first-time homebuyer, many aspects of the purchase process can be confusing and stressful, including financing. While the mechanics of a mortgage are relatively simple, choosing the right mortgage product can be far from it, as many of the choices available to buyers are obscured by complex and unfamiliar terminology.

To help you cut through the jargon, here's an alphabetical list of common mortgage terms and their definitions:

While budgets, like rules, are often made to be broken, there are some additional costs associated with the purchase of a new home that buyers should keep in mind to avoid breaking the bank.

Hiring a REALTOR^® when purchasing a resale home seems like a no brainer, but many new-build homebuyers don't take advantage of this valuable resource.

When you buy a home, you're also buying the lot, so it's important to make sure you pick the right lot for your needs.

Mariah Wilson - Generation Z

Housing situation

Living at home with her parents, while she waits to take occupancy of her new condo.

Housing goals

Wilson recently purchased a one-bedroom condo in the Annex, a new development in vibrant Kensington. She and her partner are excited to move in when the project is completed in late 2020.

If you think young people are less focused on the housing market than previous generations, you haven't been paying attention. Generation Z, which roughly encompasses everyone born in 1997 or later, is poised to have a massive impact on real estate, in Calgary and beyond.

The planning and development of liveable, vibrant neighbourhoods has gained in popularity over the past few decades to increase physical activity, prevent chronic diseases, and promote health and well-being among community residents.

However, there are mixed opinions among homebuyers and sellers, real estate professionals, and community developers about what features contribute to a livable, vibrant and healthy neighbourhood.

Are you a prospective homebuyer? Onto your second or "forever" home? Whatever your situation, preparing for homeownership requires you to arrange your finances so you can put your best foot forward dealing with your mortgage, taxes and home maintenance.

Before you start the process of looking for a home, consider the following:

For most people, the purchase of a new home is the largest expenditure they'll ever make. Whether you're spending $200,000 or $600,000, there's little margin for error, which means finalizing your purchase and mortgage documents is no time to cut corners.

A real estate lawyer can help reduce stress for buyers by ensuring all necessary documentation, payments and fee disbursements are in place.

A rising number of homebuyers in Canada are turning to alternative lenders for a mortgage, says the Canada Mortgage and Housing Corporation (CMHC).

Mortgage investment corporations (MICs) held between $13 and $14 billion of outstanding mortgages in Canada in 2018, capturing one per cent of the market share, according to a CMHC report.