mortgage renewal

My $310,000 mortgage is maturing on April 15. However, my house is going up for sale on April 1.
What are the best cost effective option to “renew” this mortgage – without a prepayment penalty – as it will be fully paid off within 60-90 days, when I close.
And I am not purchasing another house immediately.
Thank you

Terry Says:  OK, I checked with my mortgage specialist, Leslie Struthers (Leslie@guaranteedrate.com) and we both had the same first question:  What do you mean by saying “my mortgage is maturing”?  Is there a balloon payment due?  Obviously, you don’t mean that your mortgage will be paid off, in the traditional sense of the mortgage “maturing.”   Leslie suggests that if there is a balloon due, you have two choices:  Either do a “no cost refi” — because there is no penalty for prepaying this loan when the house is sold — or take a chance on a home equity line of credit (which exposes you to higher payments if you don’t sell the house).

BUT, she issues a strong warning.  Get the refinancing done BEFORE you put the house on the market — a process that could take 30-40 days.  She says:  “Once a home is on the market any inexpensive option will disappear.    Lenders are not fans of refinancing only to see the loan get paid off quickly.   My first call would be to the lender.”   So get your ducks in order — do the refi first, then sell the home!  (And if you get stuck on the refi feel free to contact Leslie!)