Should I wait for my mortgage to mature?

Lenders will often guarantee an interest rate as much as 90 days before your mortgage matures. And, if you are not increasing your mortgage, they will also cover the costs of transferring your mortgage. Securing a rate in advance of the maturity date eliminates anxiety over possible increased rates. If rates drop before the actual maturity date, the new lender will usually adjust the interest rate down.

Most lenders send mortgage renewal notices offering existing clients their posted interest rates. The rate being offered is usually not the best one. Investigate the possibility of a lower interest rate with the lender or another lender. If you don't, you may pay a higher interest rate on the renewed mortgage than you need to.