Mortgage Maturity

Maturity means the end of a mortgage term.

A maturity date is therefore the date when the principle balance of a mortgage comes due.

Once your mortgage matures, you can either pay it all off or renew it.

Most lenders send out renewal letters 30-60 days before maturity.

Tip:  Never sign a renewal letter without having a mortgage planner present all your options.  Very often you’ll find better deals by switching to another lender.

 

Source: CanadianMortgageTrends.com