Maturity date
Definition
The date on which the mortgage term ends. Before then, the financing must be renewed, repaid, or replaced. It is not the end of amortization: the unpaid balance carries on into a new term. The lender sends a renewal offer before maturity, and the deadline to compare or switch lenders without a penalty falls before the last day. Put it in your calendar a year ahead.
For your plans
Start comparing before the renewal offer arrives, so you still have time to switch the mortgage or change its terms.