NO, HAVE A MORTGAGE SPECIALIST* START LOOKING AROUND FOR AN INTEREST RATE AT LEAST 90 DAYS BEFORE MORTGAGE MATURES. MOST LENDERS WILL GUARANTEE AN INTEREST RATE TO YOU AS MUCH AS 90 DAYS BEFORE YOUR MORTGAGE MATURES. AND AS LONG AS YOU ARE NOT INCREASING YOUR MORTGAGE, THEY WILL COVER THE COSTS OF TRANSFERRING TOO. THIS MEANS A RATE PROMISED WELL IN ADVANCE OF YOUR MATURITY DATE, WHICH WILL ELIMINATE ANY WORRIES ABOUT HIGHER RATES. AND IF RATES DROP BEFORE THE ACTUAL MATURITY DATE, THE NEW LENDER WILL USUALLY ADJUST YOUR INTEREST RATE LOWER AS WELL.

MOST LENDERS SEND OUT THEIR MORTGAGE RENEWAL NOTICES OFFERING EXISTING CLIENTS THEIR POSTED INTEREST RATES. THE RATE YOU ARE BEING OFFERED IS USUALLY NOT THE BEST ONE. ALWAYS ASK A MORTGAGE SPECIALIST* TO INVESTIGATE THE POSSIBILITY OF A LOWER INTEREST RATE WITH THE LENDER OR ANOTHER LENDER. IF YOU DON’T YOU MAY END UP PAYING A MUCH HIGHER INTEREST RATE ON RENEWING A MORTGAGE THAN YOU NEED TO.