Emergency Mortgage
We know how hard life can be, so we want to help. If you were rejected for a mortgage recently and are in need of emergency funds quickly - just contact us at Toronto Private Mortgage! We have the right team on board that will work with your unique situation within 48 hours or less* (*depending upon specific circumstances). You deserve quality service which is why our professional staff provides only high-quality products tailored specifically towards meeting each client's needs as best they could ever hope for.
Banks and Private mortgage lenders sometimes back out of the deal at the very last minute without any warning. A lot of the time the application will reveal enough information about the borrower and will either get you an approval or a denial within an acceptable time frame. However there have been many cases where applicants have not disclosed all the information regarding their financial health which can result in surprises that lenders only find out about when the deal is about to close. Borrowers have to understand that lenders dive in to the due diligence process after initially approving your application at which time a thorough underwriting process begins.
You may be surprised to find out that a last minute mortgage can be available for those who were denied a mortgage at a bank at the last minute and now require an emergency mortgage. Borrowers who have a low credit score, self employed, low income or have newly arrived to Canada are eligible for a emergency mortgage.
Whatever your situation or location, we can help you get a last minute mortgage with a little effort.
Whether you are located in Toronto, GTA, Brampton, Mississauga, Burlington, Oakville, London, Guelph, Kitchener or Barrie, we can help you get a mortgage in most of Ontario.
Faced with a last-minute mortgage crisis, you may be surprised to find that there are plenty of lenders and Private lending companies who will work quickly and efficiently. While these quick closing options won't suit everyone's needs perfectly, they typically come at higher rates but with no waiting period as approvals happen quickly.
Reasons a bank or lender might cancel an application after a commitment has been issued
You may not know that your lender has the right to cancel an application for a loan or mortgage at any time before closing, even with a signed commitment. Most borrowers have no idea that traditional lenders (BANKS) and private lenders have the legal right to back out of any deal they don’t feel comfortable with. Canceling applications can happen without warning so be sure not to hide any important information about your financial situation so you are not surprised when the lenders are doing their due diligence and underwriting.
Submitting wrong or false information can lead to an application getting canceled
Here are a few reasons why a lender might back out:
Sometimes sudden lifestyle changes may no longer qualify you for the mortgage you originally applied for and you might have to make some changes to the terms and conditions.
Other reasons a mortgage might be suddenly canceled can include acts of God and pandemics like COVID-19
What to do if your mortgage gets denied at the last minute
It is never easy having to worry about whether your mortgage application will close or will be denied.
Sometimes you follow all the guidelines and hope for the best. In today's market it is especially difficult to meet lenders' criteria for approval. From booming home prices to having sufficient income are all obstacles one must overcome in order to qualify for a mortgage. It might seem that the odds of getting approved for a mortgage are against you, banks and lenders are making it very difficult for borrowers to qualify for a mortgage. Mortgages getting canceled at the last minute are very common these days, even when you have proven to banks and lenders that you are a trustworthy applicant.
The good news is that at Toronto Private Mortgage we have brokers that specialize in helping clients who have been turned down by banks and B-lender alike. We have closed last minute emergency mortgages for Canadian resident all over Ontario. We have helped people from Toronto, Richmond Hill, Thornhill, Woodbridge, Vaughn, Brampton, Mississauga, Brantford, Muskoka, Burlington, Oakville, Hamilton, London and all the way to Ottawa.
We are available to sit down with you and discuss all of your options and find a mortgage product that suits your needs and increase your chance for approval with a customized solution. We will analyze your application and decide which type of lender will suit your needs the most and which lender will get you approved quickly and with the lowest possible rate.
We will figure out if you need a traditional lender such as a bank or a B-lender or whether we have to approach on of the Private lenders we work with. Over the course of our existence we have built quality and solid relationships with all types of lending institutions and companies, from banks to Private lending companies. We have confidence that our services and connections are rare in the mortgage industry and your financial well being is our top priority.
Our consultation services are complimentary and in a rare scenario where we can’t help you (unlikely) we will point you in the right direction, that is our promise to you.
If you're denied for any reason, don't hesitate to reach out - we'll work with you and come up with the right plan in 48 hours!
Banks and Private mortgage lenders sometimes back out of the deal at the very last minute without any warning. A lot of the time the application will reveal enough information about the borrower and will either get you an approval or a denial within an acceptable time frame. However there have been many cases where applicants have not disclosed all the information regarding their financial health which can result in surprises that lenders only find out about when the deal is about to close. Borrowers have to understand that lenders dive in to the due diligence process after initially approving your application at which time a thorough underwriting process begins.
You may be surprised to find out that a last minute mortgage can be available for those who were denied a mortgage at a bank at the last minute and now require an emergency mortgage. Borrowers who have a low credit score, self employed, low income or have newly arrived to Canada are eligible for a emergency mortgage.
Whatever your situation or location, we can help you get a last minute mortgage with a little effort.
Whether you are located in Toronto, GTA, Brampton, Mississauga, Burlington, Oakville, London, Guelph, Kitchener or Barrie, we can help you get a mortgage in most of Ontario.
Faced with a last-minute mortgage crisis, you may be surprised to find that there are plenty of lenders and Private lending companies who will work quickly and efficiently. While these quick closing options won't suit everyone's needs perfectly, they typically come at higher rates but with no waiting period as approvals happen quickly.
Reasons a bank or lender might cancel an application after a commitment has been issued
You may not know that your lender has the right to cancel an application for a loan or mortgage at any time before closing, even with a signed commitment. Most borrowers have no idea that traditional lenders (BANKS) and private lenders have the legal right to back out of any deal they don’t feel comfortable with. Canceling applications can happen without warning so be sure not to hide any important information about your financial situation so you are not surprised when the lenders are doing their due diligence and underwriting.
Submitting wrong or false information can lead to an application getting canceled
Here are a few reasons why a lender might back out:
- Problems with the source of downpayment and origin of the downpayment
- Government banking policy changes
- Discrepancies in your current living situation
- Changes to your financial situation and employment status
- Missing bill payments and lowering your credit score
- Adding new debt and obligations such as a divorce or a new car loan
- Problems with the appraisal
- Property not insurable
- Title issues and or other legal problems
- New negative findings relating to the physical shape of the property
- Inconsistencies on your application and inconsistencies when interviewed in person
- A realtor or mortgage broker might offer you a property or a mortgage product that you do not qualify for
Sometimes sudden lifestyle changes may no longer qualify you for the mortgage you originally applied for and you might have to make some changes to the terms and conditions.
Other reasons a mortgage might be suddenly canceled can include acts of God and pandemics like COVID-19
What to do if your mortgage gets denied at the last minute
It is never easy having to worry about whether your mortgage application will close or will be denied.
Sometimes you follow all the guidelines and hope for the best. In today's market it is especially difficult to meet lenders' criteria for approval. From booming home prices to having sufficient income are all obstacles one must overcome in order to qualify for a mortgage. It might seem that the odds of getting approved for a mortgage are against you, banks and lenders are making it very difficult for borrowers to qualify for a mortgage. Mortgages getting canceled at the last minute are very common these days, even when you have proven to banks and lenders that you are a trustworthy applicant.
The good news is that at Toronto Private Mortgage we have brokers that specialize in helping clients who have been turned down by banks and B-lender alike. We have closed last minute emergency mortgages for Canadian resident all over Ontario. We have helped people from Toronto, Richmond Hill, Thornhill, Woodbridge, Vaughn, Brampton, Mississauga, Brantford, Muskoka, Burlington, Oakville, Hamilton, London and all the way to Ottawa.
We are available to sit down with you and discuss all of your options and find a mortgage product that suits your needs and increase your chance for approval with a customized solution. We will analyze your application and decide which type of lender will suit your needs the most and which lender will get you approved quickly and with the lowest possible rate.
We will figure out if you need a traditional lender such as a bank or a B-lender or whether we have to approach on of the Private lenders we work with. Over the course of our existence we have built quality and solid relationships with all types of lending institutions and companies, from banks to Private lending companies. We have confidence that our services and connections are rare in the mortgage industry and your financial well being is our top priority.
Our consultation services are complimentary and in a rare scenario where we can’t help you (unlikely) we will point you in the right direction, that is our promise to you.
If you're denied for any reason, don't hesitate to reach out - we'll work with you and come up with the right plan in 48 hours!
Commercial and Industrial Emergency Mortgage
Toronto Private mortgage can get you funding on commercial properties as well as industrial properties in all of the GTA and across most of Ontario. Our team of savvy mortgage brokers are mortgage geeks who love to expand their knowledge all across the financial world, so be sure you are dealing with some of most seasoned and experienced mortgage brokers in the industry. Our brokers have worked for some of the major banks in the past and are personal friends with some of the top private lenders. Through the friendships we have built, we have gotten to know the best commercial and industrial mortgage lenders in the industry. These are not your typical everyday lenders, these are lenders that you would normally not have access to. When you choose us as your brokerage, our connections become your connections and we will work together to find the most suitable and beneficial program for you.
How fast on average can a mortgage close?
Closing times on mortgages vary based on the institution you chose to get funding through. Banks can take up to a month to close a mortgage, especially close to a holiday or near the end of the month when they are backed up the most.
On the flip side if you choose to get funded by a private lender or a private lending company closing can happen within days and as fast as 48 hours. However, in order to get a quick-closing mortgage you’ll need to work with an experienced mortgage broker. That is where you will benefit from our expertise. At Toronto Private mortgage will take you under our wing and make you feel at home.
How to get funding fast
An accepted offer on a home or commercial property does not mean that it is yours to move into, or that you can begin the renovation process. All of that happens after the mortgage gets funded.
When Toronto Private Mortgage stands behind you, you can have confidence that your mortgage will close on time and at the lowest available rate on the market for that particular product. We always secure the lowest rate for you, whether you use an A-lender (Bank) or B-lender (Credit Union or Trust Company) or a Private Lender or Private Lending companies. We have relationships built in place with all the necessary lenders to make it easy and smooth for our client experience.
Doing your part in getting funding as quickly as possible
1. Your mortgage broker needs personal financial information about you, so sharing is caring. You should not keep any financial secrets from your broker as this can work against you funding quickly, so be sure to only provide honest and accurate information so your broker can get you the lowest rate possible and the best terms available.
2. You will need access to important financial documents, so make sure you have a good filing system so you can access things like tax documents and letters of employment, business license and articles of incorporation if you are self-employed and own your own business. If you are refinancing you’ll need your property tax bill and a current mortgage statement and for a new purchase you’ll need the original MLS listing and your purchase agreement.
3. It is important to stay on top of your credit score and not make any major financial decisions near closing. It is very easy to find out what your credit score is through either Equifax credit score or TransUnion credit score. Give your credit bureau a review to stay on top of things. You might have an old debt that you paid off lingering on your credit report, so you need some extra time to have it removed. Simply contacting the credit bureau is often enough action to get your old debt removed and in rare cases a credit bureau might ask for proof and that can be a little more time consuming and annoying and harder to get rid of.
4. Avoid any major decisions that can affect your mortgage for the time being. Let us pretend that you hate your job and you are thinking about quitting and starting that entrepreneur business you always had in mind…BAD IDEA if you just applied for a mortgage of any kind. Changing careers can be rewarding but not for Banks or private lenders, to them that is a red flag. Always keep in mind that lenders are looking for stability and boring repetitive patterns. Lenders love the guy that has been working at the same job for the past decade. Other things to consider are not applying for more credit cards or loans or financing a new car. Basically after you apply for any type of mortgage, stop adding more debts to your portfolio which also means no investments such as buying stock either. Stay clear of all financial decisions until your are funded at which point you are free to spend on what you please.
5. How much down payment do I need?
Having at least 20% of the purchase price as a down payment ensures that a quick and smooth funding can be awarded. If you apply for a mortgage with less than 20% down, your credit score must meet the criteria in order to get approved for mortgage default insurance from insurers like Canadian Mortgage and Housing Corporation (CMHC), Canada Guaranty and or Genworth.
If you're denied for any reason, don't hesitate to reach out - we'll work with you and come up with the right plan in 48 hours!
How fast on average can a mortgage close?
Closing times on mortgages vary based on the institution you chose to get funding through. Banks can take up to a month to close a mortgage, especially close to a holiday or near the end of the month when they are backed up the most.
On the flip side if you choose to get funded by a private lender or a private lending company closing can happen within days and as fast as 48 hours. However, in order to get a quick-closing mortgage you’ll need to work with an experienced mortgage broker. That is where you will benefit from our expertise. At Toronto Private mortgage will take you under our wing and make you feel at home.
How to get funding fast
An accepted offer on a home or commercial property does not mean that it is yours to move into, or that you can begin the renovation process. All of that happens after the mortgage gets funded.
When Toronto Private Mortgage stands behind you, you can have confidence that your mortgage will close on time and at the lowest available rate on the market for that particular product. We always secure the lowest rate for you, whether you use an A-lender (Bank) or B-lender (Credit Union or Trust Company) or a Private Lender or Private Lending companies. We have relationships built in place with all the necessary lenders to make it easy and smooth for our client experience.
Doing your part in getting funding as quickly as possible
1. Your mortgage broker needs personal financial information about you, so sharing is caring. You should not keep any financial secrets from your broker as this can work against you funding quickly, so be sure to only provide honest and accurate information so your broker can get you the lowest rate possible and the best terms available.
2. You will need access to important financial documents, so make sure you have a good filing system so you can access things like tax documents and letters of employment, business license and articles of incorporation if you are self-employed and own your own business. If you are refinancing you’ll need your property tax bill and a current mortgage statement and for a new purchase you’ll need the original MLS listing and your purchase agreement.
3. It is important to stay on top of your credit score and not make any major financial decisions near closing. It is very easy to find out what your credit score is through either Equifax credit score or TransUnion credit score. Give your credit bureau a review to stay on top of things. You might have an old debt that you paid off lingering on your credit report, so you need some extra time to have it removed. Simply contacting the credit bureau is often enough action to get your old debt removed and in rare cases a credit bureau might ask for proof and that can be a little more time consuming and annoying and harder to get rid of.
4. Avoid any major decisions that can affect your mortgage for the time being. Let us pretend that you hate your job and you are thinking about quitting and starting that entrepreneur business you always had in mind…BAD IDEA if you just applied for a mortgage of any kind. Changing careers can be rewarding but not for Banks or private lenders, to them that is a red flag. Always keep in mind that lenders are looking for stability and boring repetitive patterns. Lenders love the guy that has been working at the same job for the past decade. Other things to consider are not applying for more credit cards or loans or financing a new car. Basically after you apply for any type of mortgage, stop adding more debts to your portfolio which also means no investments such as buying stock either. Stay clear of all financial decisions until your are funded at which point you are free to spend on what you please.
5. How much down payment do I need?
Having at least 20% of the purchase price as a down payment ensures that a quick and smooth funding can be awarded. If you apply for a mortgage with less than 20% down, your credit score must meet the criteria in order to get approved for mortgage default insurance from insurers like Canadian Mortgage and Housing Corporation (CMHC), Canada Guaranty and or Genworth.
If you're denied for any reason, don't hesitate to reach out - we'll work with you and come up with the right plan in 48 hours!
What documents do I need in order to get approved faster?
Institutions such as banks and credit unions and trust companies will need a complete set of documents in order to speed up the mortgage application process.
Private lenders and mortgage investment companies (MICs) will typically only request a few necessary documents from you.
Depending on what kind of mortgage you are looking for and what kind of a lender you will be approaching, some of these documents might not be required. Our brokers at Toronto Private mortgage will guide you on every step of the process and we will make sure that you have everything you need in order to obtain the mortgage you require for your needs.
If you're denied for any reason, don't hesitate to reach out - we'll work with you and come up with the right plan in 48 hours!
Private lenders and mortgage investment companies (MICs) will typically only request a few necessary documents from you.
- 2 pieces of identification- Driver's license, Passport, social insurance number and or credit cards are all acceptable forms of ID
- Proof of Down payment and its origin
- T4s from the last 2 years if you are paid hourly or if you are salaried
- T4As from the last 2 years if you are commissioned based
- T1 Generals if you are self-employed or own a business
- Business License for self-employed applicants, this includes a Sole proprietor or partnership
- Articles of Incorporation, if you own a corporation
- Financial statements from your business from the last 2 years
- Your last 2 employee pay stubs
- A job letter from the company you work for dated from The last 30 days
- Personal bank account statements from the last 6 months
- Business bank account statements from the last 6 months
- Mortgage statements from your current property (Refinance)
- Most recent property tax bill (Refinance)
- Rent rolls and lease agreements from properties you are renting out
- Credit Score from either Equifax or TransUnion - With your permission and signature, we can pull your credit for you
Depending on what kind of mortgage you are looking for and what kind of a lender you will be approaching, some of these documents might not be required. Our brokers at Toronto Private mortgage will guide you on every step of the process and we will make sure that you have everything you need in order to obtain the mortgage you require for your needs.
If you're denied for any reason, don't hesitate to reach out - we'll work with you and come up with the right plan in 48 hours!