How to Pay Your CMLS Mortgage with Chexy

Quick Summary

Updating your CMLS mortgage payment account can typically be completed entirely online. Before submitting your request, have your updated banking information and Chexy void cheque ready to upload. Once your request has been submitted, CMLS will review your information and send a confirmation email once the update has been processed, including the effective date for your new banking information.

Overview

Your mortgage payment is one of the largest recurring expenses you'll make each month. If you have a mortgage serviced by CMLS and want to start paying through Chexy, the first step is updating the bank account linked to your mortgage payments.

Unlike many lenders that require a phone call or an in-person branch visit, CMLS allows you to complete the entire process online. Once you've submitted your updated banking information and Chexy void cheque through CMLS's banking information update form, you'll receive an email confirming that your request has been processed and letting you know when the changes will take effect.

Completing everything online makes updating your mortgage payment account simple and convenient. With a little preparation beforehand, you can submit your request in just a few minutes without needing to schedule an appointment or speak with customer service.

This guide covers everything you need to know about updating your CMLS mortgage payment account, including what documents you'll need, how to submit your request online, what happens after your request has been submitted, and helpful tips to ensure your updated banking information is ready before your next mortgage payment.

Understanding the CMLS Mortgage Payment Update Process

CMLS mortgages are typically paid through a pre-authorized debit (PAD), meaning your mortgage payment is automatically withdrawn from the bank account you've authorized on your scheduled payment date.

If you'd like to change the account used for these automatic withdrawals, you'll need to update your banking information with CMLS. Unlike many traditional lenders, CMLS allows homeowners to submit this request online, eliminating the need for a phone call or branch appointment.

As part of your request, you'll provide your updated banking information and upload your Chexy void cheque. After reviewing your submission, CMLS will email you to confirm that your banking information has been updated and provide the effective date for the change.

Because mortgage payments are one of your largest recurring financial obligations, it's always recommended to complete the update well before your next scheduled payment. Allowing enough time for processing helps ensure future payments are withdrawn from your updated account without interruption.

Before You Submit Your Request

Preparing your information before starting the online form can make the process much quicker.

Having your required documents ready also helps reduce the likelihood of delays if additional information is needed while your request is being reviewed.

Required Information

Before completing your request, have the following ready:

• Your updated banking information
• Your Chexy void cheque

Keeping these documents readily available allows you to complete the online form in one sitting.

Why This Information Is Required

Updated Banking Information

Your banking information identifies the account that will be used for future mortgage payments.

Before submitting your request, verify that your institution number, transit number, and account number are accurate. Confirming your information beforehand helps reduce the risk of delays or payment issues after the update has been processed.

Chexy Void Cheque

As part of the online request, you'll be asked to upload your Chexy void cheque.

This document helps verify your banking information and allows CMLS to confirm the account that should be used for future mortgage payments.

Saving a digital copy of your void cheque before beginning the request can make the process faster and more convenient.

How to Update Your CMLS Mortgage Payment Account

Once you've gathered your banking information and Chexy void cheque, you're ready to begin updating your mortgage payment account.

Because the entire process is completed online, there's no need to contact customer service or visit a branch.

Step 1: Complete the Online Banking Information Update Form

Begin by accessing CMLS's banking information update form.

Complete the required fields using your updated banking information and attach your Chexy void cheque where requested.

Before submitting the form, take a few moments to review all of your information carefully. Confirming that everything has been entered correctly can help prevent delays while your request is being processed.

Once you've submitted the form, CMLS will begin reviewing your request.

Step 2: Watch for Your Confirmation Email

After your submission has been processed, CMLS will send you an email confirming:

• Your request has been received.
• Your banking information has been updated.
• The effective date for the change.

This confirmation allows you to know exactly when your updated banking information will begin being used for future mortgage payments.

How Long Does the Process Take?

One of the biggest advantages of updating your CMLS mortgage payment account is that the request itself can be submitted in just a few minutes.

Since everything is completed online, there's no need to wait on hold, schedule an appointment, or visit a branch.

After submitting your request, CMLS will review your banking information and send a confirmation email once the update has been processed. The confirmation will also include the effective date for your updated banking information.

If your next mortgage payment is approaching, it's recommended to submit your request well in advance to allow enough time for processing.

Tips Before Updating Your Mortgage Payment Account

Preparing before submitting your request can help ensure the process goes as smoothly as possible.

1. Have Your Void Cheque Ready

You'll need to upload your Chexy void cheque as part of the online request.

Having a digital copy ready before you begin will allow you to complete the form without interruption.

2. Double Check Your Banking Information

Before submitting the form, verify that your institution number, transit number, and account number are correct.

Accurate banking information helps ensure your mortgage payments are withdrawn from the correct account.

3. Watch for Your Confirmation Email

Once your request has been processed, CMLS will email you confirming that your banking information has been updated and advising you when the changes will become effective.

Keeping an eye on your inbox helps you know exactly when the update has been completed.

4. Submit Your Request Before Your Next Payment

Although the request itself only takes a few minutes to complete, it's always a good idea to submit it several business days before your next scheduled mortgage payment.

Doing so provides additional time for processing and helps ensure your updated banking information is in place before your next automatic withdrawal.

Common Questions About Updating Your CMLS Mortgage Payment Account

Updating your mortgage payment account online is straightforward, but many homeowners have questions before submitting their request.

Below are a few things worth knowing before getting started.

Do I Need to Contact Customer Service?

In most cases, no.

The banking information update can typically be completed online without calling customer service or visiting a branch, making it one of the simplest mortgage payment update processes available.

Will My Mortgage Payment Date Change?

Updating your banking information changes the account your mortgage payments are withdrawn from, but it does not typically change your existing mortgage payment schedule.

Unless you've made other arrangements with CMLS, your payment frequency and due dates should remain the same.

Should I Keep My Previous Bank Account Open?

If your next mortgage payment is approaching, it's generally a good idea to keep your previous payment account active until you've confirmed that future mortgage payments are being withdrawn from your updated account.

Doing so can help prevent returned payments while your banking information is being updated.

Frequently Asked Questions About CMLS Mortgage Payment Updates

Do I need to call CMLS?

No.

Mortgage payment account updates can typically be completed online by submitting the required banking information and supporting documents.

What do I need to submit?

Before completing the request, have your:

• Updated banking information
• Chexy void cheque

ready to upload.

Will I receive confirmation?

Yes.

After your request has been processed, CMLS will email you confirming that your banking information has been updated and advising you of the effective date.

How long does the process take?

Submitting the online request itself only takes a few minutes.

Afterward, CMLS will review your submission and send you a confirmation email once the update has been processed.

What happens after my banking information has been updated?

Once your request has been processed, future mortgage payments will begin withdrawing from your updated bank account on the effective date provided in your confirmation email.

Do I need to visit a branch?

No.

The entire process can generally be completed online without scheduling an appointment or visiting a branch.

Conclusion

Updating the bank account linked to your CMLS mortgage is one of the simplest mortgage payment update processes available. Since everything can be completed online, there's no need to call customer service or visit a branch. By preparing your updated banking information and Chexy void cheque ahead of time, you can submit your request in just a few minutes and wait for CMLS to confirm the changes by email.

If you're planning to pay your mortgage through Chexy, updating your banking information is the first step toward earning rewards on one of your largest monthly expenses. Once your request has been processed and your updated account becomes active, you'll be ready to make future mortgage payments through Chexy while continuing to enjoy the convenience of automatic payments.

Get started with Chexy today and turn your mortgage payments into an opportunity to earn cash back, travel points, or miles on eligible credit cards.

Subscribe to our newsletter below for the latest mortgage, credit card, travel, and personal finance content.