INVIS: The Siemens Group Explains What It Means to Refinance at Maturity

As you may already know, the date of maturity is the very last day of your mortgage term at which you must decide whether you will be paying in full, renewing, or refinancing. Although any of these options can be ideal depending on your individual needs, refinancing may be the best choice for you. This is because oftentimes, mortgage interest rates are lower than your initial issued rates. Moreover, if your mortgage has prepayment penalties, you will be able to completely avoid the cost of your previous prepayment penalties.

That is why when your mortgage is coming close to maturity it is important to give yourself the benefit of a big picture overview of the changes to the products since you last took your mortgage out. You need to understand the current mathematical formula used to payout the new mortgage early.

Do you plan to renovate and need access to funds? Should you be adding that to the mortgage now? Many mortgages can be transferred to another lender without charge. Sometimes you must pay a small legal fee to move your mortgage if your lender opted to register their charge as a collateral charge which is meant to prevent you from moving the mortgage easily.

At INVIS: The Siemens Group, our independent and fully licensed professionals will help you evaluate the mortgage market and deliberate on what you should do the day of your maturity, whether that means refinancing, renewing, or paying off your mortgage in full. Contact our experts at INVIS: The Siemens Group to learn about any of our mortgage services by phone at 604 351 7438 or toll free at 1 888 961 7438.