When your mortgage is about to mature, it’s a great opportunity to make sure that you’ve got the right mortgage for your present needs. Since the mortgage is fully open at this time, this is the perfect opportunity to pay down your mortgage. Whatever you can afford, even a small amount, will have a significant impact in terms of interest you will save over the life of the mortgage. It is also a great opportunity at this time to consider a more frequent payment method, such as bi-weekly or weekly, if you are not already doing it. And of course, choosing the new term is important. Consult with one of our mortgage specialists at Homefund.
Save thousands of dollars in interest by looking for renewal rates lower than the rate you just had. Keep the payments the same with the lower rate and start planning for the mortgage-burning party.