Mortgage Brokers

What should I expect when qualifying for a mortgage for an assignment purchase?

  • First of all, not all lenders are on board with assignment purchases.  But the ones that ARE have all the same features and conditions you would expect for standard mortgage qualification.  You will receive the same interest rate as though you were qualifying for a regular real estate transaction.  Also, the income qualification and credit score requirements all remain the same.
  • the main difference entirely has to do with the property and the actual assignment contract:
  • there will likely be additional documentation that will be required pertaining to the purchase contract and the newly drafted assignment contract (i.e. amendments, addendums, builder disclosures that include their terms & conditions pertaining to the assignment, and so on)
  • Some lenders will finance only on the original purchase price (which may be a deal-breaker for many), but most will finance on the newly negotiated assignment price.

  • And finally, depending on your loan to value ratio, appraisals will be required on a case by case scenario…and that’s it!

If you are in need of a mortgage broker who can assist you with your assignment  email us at

Mortgage broker vs bank: which is the better option?

Mortgage BrokersBanks
Assessing your payslips and documentsCredit officers will look at your home loan application and work out a favourable outcome.Credit officers might misinterpret payslips as they don’t understand how to assess your income.
SpecializationMortgage brokers know the home loan process and lending policies of the lenders they work with. They are experts in home loans.Since they offer an array of services, they lack mortgage expertise. They only have knowledge about their own lending policy.
Home loan optionsMortgage brokers will have a variety of home loan options and interest rates. They are more concerned with matching you with a home loan that fits your situation.Home loan options are limited as they can only offer their own products. If you don’t fit their lending criteria, then you’d be declined for a home loan.
ConvenienceWith the advent of online mortgage brokers, you can apply and submit documents online without ever visiting the office.While banks do have online application options, most of them will still require you to physically visit the branch to submit documents.
Interest ratesThey will review your home loan at regular intervals to ensure you’re still getting competitive rates on your mortgage.Banks are not obliged to ensure that your interest rates are competitive.
Point of contactThey are your point of contact during the entire process of buying a home and will work towards your best interest.They are working towards the interest of the bank.


This is what our clients, customers and affiliates had to say about Assign Circle and the team.

We were searching for a home for years, we were very indecisive about purchase and discouraged with the current housing market situation. Neville was not just our realtor but our educator, he broke down the bottom line for us, he instilled so much confidence in us, listened to our needs and helped us to accomplish our goal. Thanks to him we purchased our very first home and is so looking forward to our next one. He also put us in touch with some great mortgage professionals to secure financing. Thank you so much Neville for all your patience and encouragement.
by Shernett Case
Proud Home Owner, Company Inc.
Neville is a master at what he does, his profound professionalism has impact me in a special way ,this is my 3rd home so far and the experience I had with Neville is that I didnt have to worry about nothing I sold my existing home with him and perched my new home with him at the same time, he has been so helpful along the way ,hes got a very humble spirit I didnt feel worried at all ,I will definitely use Neville and Assign Circle again in the future
by Kemroy Marshall
Proud Home Owner
You are in great hands with Neville (MrTorontoRealtor) & Assign Circle team. He has his finger on the pulse of the Real Estate market. Whether you want to buy/ sell or invest he can help you. He always contacts me with new information with regard to investment opportunities. This platform keeps me connected. Grateful.
by Elaine Morrison

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