Assignment of Interest

An assignment of interest in a mortgage most commonly occurs when switching a mortgage from one lending institution to another.
Instead of the borrower incurring high legal costs to discharge one lender’s mortgage and register documents from another, a legal ‘assignment of mortgage’ is registered with the Land Titles Office. The assignment document recognizes that the debt has been legally transferred from one lender to another.

 

Special conditions apply. Rates subject to change.