How to Legally Assign a Construction Mortgage

Tonia Jacobsen • September 30, 2026

Why More Mortgage Options Matter—Especially for Assignment Purchases

One of the biggest advantages of working with an independent mortgage professional is access to choice.


Instead of being limited to one lender and one set of products, mortgage brokers work with multiple lenders—each with different guidelines, risk tolerances, and mortgage solutions. That flexibility becomes especially valuable when your situation doesn’t fit neatly into a “standard” box.


A great example of this is purchasing new construction through an assignment contract.


Why Assignment Purchases Can Be Challenging

Assignment purchases are often viewed as higher risk by traditional lenders. Rather than declining these deals outright, many lenders quietly make them difficult by adding layers of conditions, restrictions, or uncertainty.

This can lead to delays, frustration, or financing falling apart late in the process.


The Good News

There are lenders—available exclusively through the broker channel—that have clear, favourable policies for assignment purchases. With the right lender and proper planning, these transactions are absolutely doable.


Typical Financing Requirements for Assignment Purchases

While every situation is unique, many lenders that allow assignment financing look for the following:

  • Standard purchase qualification, including income verification, credit, and down payment
  • Assignments accepted at either the original purchase price or current market value
  • Minimum 620 credit score, with no prior bankruptcies or consumer proposals
  • The full down payment must come from the purchaser—seller incentives cannot be used


Required Documentation

To secure financing, lenders typically require:

  • The original purchase agreement signed by all parties
  • The MLS listing (if applicable)
  • The assignment agreement signed by the builder, original purchaser, and new buyer
  • Any side agreements outlining changes to the purchase price
  • A full appraisal to confirm value


This list isn’t exhaustive, but it highlights that while assignment purchases require more coordination, they are very achievable with the right lender and guidance.


Final Thoughts

Assignment contracts can open doors to great opportunities—but only if your financing supports the transaction. This is where access to multiple lenders and specialized policies makes a real difference.


If you’re considering purchasing new construction through an assignment, or if you’d like to explore more traditional purchase options, feel free to connect anytime. I’d be happy to walk you through the mortgage products available and help you choose an option that doesn’t limit your financing possibilities.


Tonia Jacobsen

Mortgage Expert

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Fell Behind on a Payment? Don’t Panic—Here’s What to Do

By Tonia Jacobsen • November 4, 2026
Missed a Credit Card or Line of Credit Payment? Here’s What to Do If you’ve missed a payment on a credit card or line of credit and you’re worried about how it might affect your credit—or your future mortgage—this is for you. First things first: 👉 If you currently have an overdue balance, log in and make the minimum payment now. Seriously. Do that first. Everything else can wait. If You’re Only a Few Days Late Here’s the good news: Credit bureaus don’t record late payments until they reach 30 days past due. So if you missed a due date by a few days and paid it as soon as you noticed, it typically won’t show up on your credit report as a late payment—as long as you’re under the 30-day mark. That said, it never hurts to double-check. You can call your credit card company, explain what happened, and confirm the account is back in good standing. If you normally pay on time, they may even reverse the interest charged. It doesn’t hurt to ask. If You’re 30, 60, or 90 Days Behind If payments have gone past 30 days, your credit has likely been impacted—but the situation is still fixable. The most important step is to: Bring all accounts current as soon as possible Make at least the minimum payment on every account The faster you catch up, the more you limit the damage. Ignoring missed payments only makes things worse. If Cash Flow Is Tight If you’re struggling to make payments, communication matters. Contact your lender and keep them informed—even if you can’t pay right away. Lenders are far more willing to work with you when you’re transparent. What hurts your credit most is silence . If lenders don’t hear from you after repeated missed payments, they may write the balance off as bad debt and send it to collections. Collections can significantly impact your credit and stay on your report for years. How This Affects Mortgage Qualification Repeated missed payments can make qualifying for a mortgage more difficult—but timing matters. Once you’re back to making regular, on-time payments: Your credit can improve over time The impact of past mistakes becomes less significant If you’re planning to buy a home in the next couple of years, addressing credit issues early gives you far more options later. Final Thoughts Missing a payment doesn’t mean you’re “bad with money,” and it doesn’t mean homeownership is off the table. What matters most is how quickly you respond and how consistent you are going forward . If you’d like help reviewing your credit report or understanding where you stand from a mortgage perspective, feel free to connect. I’d be happy to walk through it with you and help you create a clear path forward.

Bank of Canada Raises Rate to 2.5% — October 28, 2026

By Tonia Jacobsen • October 28, 2026
On October 28, 2026, the Bank of Canada raised its key interest rate by 0.25%, bringing it to 2.5%. If you have a mortgage, are shopping for a home, or have a renewal coming up, this decision matters. Here is a plain-language look at what changed, why it happened, and what it could mean for you.