What is an emergency mortgage, and how does it work?

What is an emergency mortgage, and how does it work?

An emergency mortgage is a last-minute, short-term loan. Mortgage lenders can withdraw their offer to lend homebuyers money at any time — and there are several reasons why.

If a bank or broker revokes your mortgage financing at the last minute, you might find yourself in need of an emergency mortgage loan. The definition is simple: it's a short-term, last-minute mortgage loan for homebuyers whose financing has fallen through. 

About the author

Jane Switzer

 

​Jane Switzer is a writer, editor and native Torontonian. She got her start working in daily journalism, and was formerly a content manager for LowestRates.ca. She has written about personal finance and investing for websites like Wealthsimple, Tangerine Bank and Ratehub.ca. You can find her on Twitter: @janeswitzer.

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