My mortgage broker has failed to process pre-approved mortgage one week before closing. Broker cameup with alternative that is beyond my budget.

Please advice alternatives or options available for me.

I am new to canada and would highly appreciate all your inputs at the earliest.

Thanks

It seems, from the information provided, some one ill advised you to go ahead to fix the closing date without a pre-approved or duly approved mortgage. Normally the dealing person(s) may do that to make some bucks, even if it cost a lot to other(s). May I assume, with my own experience, that some desi mortgage broker is involved here and you chose him/ her for communication comforts.

Most of the time, the Buyer/ Seller contracts have a clause which says the deal is 'subject to mortgage approval'. Look for more details in the agreement to find out, what if ... deal is not closed.

All the best.

-Ben

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Originally posted by FirstHome

My mortgage broker has failed to process pre-approved mortgage one week before closing. Broker cameup with alternative that is beyond my budget.

Please advice alternatives or options available for me.

I am new to canada and would highly appreciate all your inputs at the earliest.

Thanks

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