Renew smarter. Refinance with purpose.
Your renewal is the one moment you can switch lenders without a penalty. A refinance can unlock equity — if the numbers truly work.
Start 120–180 days before maturityWhen does your term end?
Enter your maturity date to see where you are in the renewal window and what to do next.
- 180 days before
Start your review
Pull your mortgage statement, check your balance and goals, and get a market comparison.
- 120 days before
Rate holds open
Many lenders will hold a new rate for 90–120 days. Lock one in as a safety net.
- 60 days before
Decide your path
Renew, switch or refinance — with penalties, fees and the new term’s rules side by side.
- 21 days before
Renewal statement deadline
Federally regulated lenders must send your renewal statement at least 21 days before maturity.
- Maturity date
New term begins
Your new rate and term start. Switching lenders at maturity avoids a prepayment penalty.
Renew, switch or refinance?
Same home, very different outcomes. The right choice depends on your rate, equity and plans.
Renew
- What it is
- Stay with your lender on a new term.
- Good when
- Their offer matches the market and you like the terms.
- Watch for
- Auto-renewal at a posted rate if you do nothing.
Switch
- What it is
- Move the same balance and amortization to a new lender at maturity.
- Good when
- Another lender offers a better rate or terms.
- Watch for
- Discharge and legal fees; many lenders cover them.
Refinance
- What it is
- Replace the mortgage with a larger or restructured one.
- Good when
- You need equity, debt consolidation or a new amortization.
- Watch for
- Requalifying at the stress-test rate, plus penalties before maturity.
Since November 2024, insured and uninsured borrowers who straight-switch at renewal generally do not need to requalify under the stress test.
Your equity is an asset. Treat it like one.
A refinance can borrow up to 80% of your home’s appraised value. A HELOC can make up to 65% of it available as a revolving line.
- Penalty compared with interest saved — in dollars, before you decide
- Fixed-rate penalties can be three months’ interest or an interest-rate differential
- Blend-and-extend or a second mortgage when breaking the term costs too much
Why homeowners call us.
Every option has costs. We show them next to the benefit.
Renewal before maturity
Compare offers early so you are not stuck with the renewal letter rate.
Switch or transfer
Move your balance to a new lender at maturity, often with legal costs covered.
Debt consolidation
Roll high-interest debt into your mortgage to cut monthly payments.
Renovation funds
Finance improvements through a refinance, HELOC or purchase-plus-improvements.
Equity take-out
Access tax-free cash from your home for investing, education or family.
Investment planning
Use equity as a down payment on a rental or second property.
Payment restructuring
Extend amortization or change frequency to ease cash flow.
Private or alternative
Short-term options when a traditional lender says no.
A clear plan before you sign anything.
Buying, renewing or refinancing — a 30-minute review shows your options, the trade-offs and the documents to gather first. No obligation.