Emergency Mortgages & Loans
Emergency Mortgages
If You Need A Last Minute Emergency Mortgage/Loan We Can Get You Approved And Funded In As Little As 48 Hours!
Was your mortgage cancelled last minute?
Did you receive the bad news that your mortgage was cancelled last minute or just before closing? At 911 Mortgage Brokers – The Mortgage Centre we have a highly experienced broker team who can help you get an Emergency Mortgage in as little as 48 hours. Our 911 Mortgage Brokers have experience in dealing with these mortgage cancellations that arise at the last minute. In fact, our 911 Mortgage Brokers – The Mortgage Centre was founded out of the need to provide emergency mortgages and out-of-the-box financing solutions for borrowers who had been denied or rejected by their traditional bank or mortgage broker. We have built a network of strong and reliable lenders who are willing to lend, from small to large mortgages, while our brokers process them at lightning speed. This has been a strong suit for our brokerage. We have helped with emergency mortgages in many different scenarios. We have helped buyers who were denied their mortgage last minute before closing, homeowners on the verge of foreclosure, homeowners whose mortgage renewal never arrived, and homebuyers who were faced with a last minute cancellation due to unexpected events, such as it happened to many people during the most recent pandemic.
Is it legal to cancel a mortgage at the last minute?
This situation happens more frequently than you can imagine. It is a little known fact to most borrowers; however lenders have the legal right to deny a mortgage up until the day of funding, even if all agreements have been signed. Needless to say, it is both a stressful and scary situation for any buyer/borrower facing this situation, which is why it is all the more necessary to rely on a professional team with proven expertise in providing emergency mortgages. Here at 911 Mortgage Brokers, we pride ourselves in helping home buyers and home owners with Emergency mortgage solutions successfully and without hassles.
Why would a bank cancel a mortgage last minute?
It may not be common public knowledge, but did you know that a bank or mortgage lender can cancel applications for loans and mortgages for housing at the very last minute? Even after you signed their commitment contract and even on the day of closing, lenders have the legal rights to go back on the mortgage commitments they issue and deny mortgages with very little reason at all.
Here are several of the most common key reasons why banks and lenders cancel mortgages.
- Discrepancies or wrong information in your mortgage application (can also be the fault of your realtor or mortgage broker)
- Discrepancies in your current housing or living details
- Changes in your employment status (job loss, new job started, etc.) and other financial
- Changes in your debt payments, debt status, or an additional new loan. Continue to pay everything on time.
- New negative findings on your credit bureau agency report
- Issues with the property appraisal report
- Property is not insurable and other property insurance issues
- Title issues or other legal issues
- Changes and/or additional findings in the physical condition of the property
- Errors or inaccuracies on your mortgage application (might be caused by an inexperienced realtor or mortgage broker)
- Misrepresentations or inconsistent information during your mortgage phone or in-person interview when compared to the original application
- Issues surrounding your down payment and the sources where it is coming from
- Online search results that portray the borrower in a negative or questionable fashion severe enough to deter a lender from lending to them
- Discrepancies in subject property from the information disclosed on the application
- Federal and Provincial government and banking policy changes
- Pandemics like COVID-19 in 2020 or other Acts of God
- Sudden drops in the pricing and values of housing and commercial real estate based on the area and place where your home or commercial is located
- Increases to the Federally regulated stress-test
- Your mortgage broker put you into the wrong mortgage program to begin with
- Recent changes in your life no longer qualify you for that specific lender product and you may need to re-qualify under a different program
Every mortgage lender has a different policy when it comes to reasons for cancelling a mortgage. Our 911 Mortgage Brokers will guide you during your entire mortgage process, from beginning to end, so you can enjoy a smooth mortgage closing experience.
How do I qualify for an emergency mortgage?
Each lender has its own policies and qualification criteria. However, a last minute mortgage can be available to you even if you have bad credit, poor income, self-employed, or are new to Canada. We can help whether you need an emergency mortgage in Toronto, the GTA, Mississauga, Brampton, Oakville, Burlington, Aurora, Newmarket, Ajax, Pickering, Oshawa, Barrie, Innisfil, Collingwood, London, Kitchener, Waterloo, Cambridge, Windsor, Niagara Falls or other parts of Ontario. We have mortgage brokers and lenders who are ready and willing to help you with your last-minute mortgage needs.
What do I do if my mortgage falls through last minute?
If your mortgage has been denied/canceled/rejected, please contact us right way so we can “get the ball rolling” and start working on your emergency mortgage immediately. We will match you with the right lender and emergency mortgage so you can close on your purchase or refinance without further delay!
Emergency Loans
Have you ever found yourself in a position where you are unable to cover unexpected expenses? When you find yourself stuck with an unexpected expense, accessing the equity in your home may be a good option.
Whether it is an accident, property damage, or an unexpected life event, our 911 Mortgage Brokers are experts who will be able to provide you financing options to help you get the money you need quickly.
If you are considering getting an emergency loan, please give us a call at 1-888-377-0911 so we can explain the process and answer any questions you may have. We can fund most loans within 24-48 hours with an easy-to-fill-out application form.
Our 911 Mortgage Brokers will get your mortgage approved and funded!
