What happens if I can’t get a mortgage? Do I lose my entire Deposit?
Depends. In the Contract or Offer to Purchase did you have a Mortgage Contingency?
When you need to borrow money from a lender to purchase a house, it would be very wise to put in a Mortgage Contingency i.e.”Subject to Buyers securing a first mortgage in the amount of ______ for a term of 30 years, at the prevailing rate. Buyers agree to make application for mortgage within ___ days from the date of acceptance of this offer. In the event Buyers are unable to secure the aforesaid mortgage within 30-45 days from the date of acceptance of this offer, then all funds shall be refunded to the Buyers, and this agreement shall thenceforth be null and void.”