how do i figure out my maturity date for a mortgage?
Definition of Maturity Date. A maturity date is the last day of a mortgage term. On or before the maturity date, the mortgage must either be renewed, paid in full or refinanced. Example of Maturity Date. On July 1, 2005 Mr. McGillicuddy obtains a $200,000 mortgage with a 30 year amortization rate and a 5 year term. The maturity date of the mortgage is July 1, 2010, or 5 years after the mortgage was issued. Mr. McGillicuddy will need to renew the mortgage, pay it in full, or obtain refinancing for the mortgage on or before July 1, 2010. Normally, a mortgage holder will send mortgage renewal papers to the mortgage borrower a few months before the maturity date.