What is an assignment of mortgage and how is it processed?
An Assignment of Mortgage is a process by which you can refinance your mortgage while saving money on mortgage taxes (this process is also known as a CEMA). We do allow assignments on existing credit union mortgages, however, we do not allow assignments on home equity products. The details, including associated fees, can be found in the Assignment of Mortgage requirements document attached below.
If you have a mortgage with another lender and are looking to refinance with the Credit Union under an assignment, you must first find out from the current lender if they allow assignments, any documentation they require, and all fees associated with the assignment. Once you are ready to move forward, you can apply with us.