WHAT DOES "MORTGAGE MATURITY" MEAN?

A mortgage maturity occurs at the end of your mortgage term. Mortgage terms are generally around 5 years, but can range anywhere from 1 to 10 years. At the end of your term, you are required to renew your mortgage into a new term and new interest rate. You can either complete this by signing your renewal offer from your existing lender or can explore your options elsewhere.

WHAT ARE MY OPTIONS AT RENEWAL?

At maturity, you can:

• Renew with your existing lender: you can simply sign the offer sent to you by your lender. Renewing directly with your lender (no changes to your principal amount owing or amortization) does NOT require requalification.

• Transfer to a different lender: you can use this opportunity to ensure you're still in the best product and rate available. You can explore moving your mortgage to a different lender while maintaining the same amount owing and amortization. Transferring to a different lender requires requalification

• Refinance: you can use this opportunity to evaluate your financial situation. Thinking about renovations? A trip? Consolidating some debt? Now is a great time to consider wrapping in some extra funds! Refinancing requires requalification.

Not sure what makes sense for you? Click HERE to find out what option may be best for your situation!

WHEN SHOULD I LOOK INTO MY OPTIONS?

About 3 months prior to your maturity date allows you ample time and opportunity to explore your options. If you are an existing client of ours, we will be in touch annually to make sure you are aware of when your mortgage is maturing.



WHAT FEES ARE ASSOCIATED?

Generally speaking, you shouldn't have a penalty to complete any of the below listed options, provided you are completing your transfer or refinance on your maturity date. Legal fees (~$2,000) and an appraisal (~$500) may be applicable depending on the situation.



MY MORTGAGE MATURES NEXT WEEK... HELP!

Not to worry, we can get things started or you and let you know what option would be best for your situation and goals. If time is not on your side, most lenders allow us to request your mortgage be temporarily renewed into an "open" mortgage. This will allow you to renew your mortgage after your maturity date without incurring a penalty. An open mortgage is typically at a higher interest rate, so is best if there is a fixed end date in mind to have it moved over to a different lender and product.



IF I LOOK INTO OTHER OPTIONS, DO I LOSE MY ABILITY TO RENEW WITH MY CURRENT LENDER?

No! We are able to explore options for you and present them alongside your current renewal options. If it is best for you to stay with your current lender, we will happily present that as your ideal option.