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.
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