When Bank Says No,
We Say YES!

An emergency mortgage is a last-minute, short-term loan to help the homeowner close their purchase potentially leading to a huge financial loss including their initial deposit. If for some reason, a mortgage lenders withdrew their offer to lend the home buyer money at the last minute or their mortgage is not approved — and there are several reasons for that.

If a bank or the private lender does not approve their mortgage financing at the last minute or changes the terms based on new information, the home buyer might find yourself in need of an emergency mortgage. Private mortgage lenders may offer emergency mortgages with quick approval. These loans aren’t subject to a mortgage stress test rules, or the same regulations as regulated banks.

Private lenders can choose to be more flexible when it comes to lending to people who have lower credit scores, have claimed bankruptcy, have a smaller down payment, are self-employed with unsteady income, or are looking to purchase a vacation home or secondary home.

In some cases, depending on the lender and provided you have all of the required documents handy, a private lender could approve the mortgage within hours and have it funded the next couple of days.

Why Might You Need an Emergency Mortgage Loan?

There are many reasons why your bank or lender may deny your request for funding at the last minute. Here are some examples of common reasons you may get turned down, even after a pre-approval:

• A drop in your credit score
• Loss of stable income or employment
• An increase in total debt (extra lines of credit, new car lease, added balance on your credit cards, etc.)
• Suspicious withdrawal or deposit activity
• Legal issues with the property itself
• False information on the initial mortgage application