What Is a Mortgage Renewal?
A mortgage renewal occurs at the end of your current mortgage term, typically every 3 to 5 years. At this point, you have the option to renew with your current lender, switch to a new lender, or renegotiate your terms. Most homeowners simply sign and return their renewal letter – often missing the chance to secure a significantly better rate.
When Does a Renewal Review Make Sense?
- •Your renewal date is within 120 days
- •You’ve received a renewal offer from your current lender
- •Your financial situation has changed since your last term
- •Interest rates have shifted since you last locked in
- •You want to explore shorter or longer term options
Common Mistakes at Renewal
- •Signing the renewal letter without comparing rates
- •Assuming your current lender is offering the best rate
- •Not reviewing your amortization or payment frequency
- •Ignoring prepayment privileges and penalty structures
- •Waiting until the last minute to explore options
How We Help
We review your renewal offer, compare it against options from dozens of lenders, and present you with clear alternatives. Whether you stay with your current lender or switch, you’ll know you made an informed decision. Our goal is to ensure your mortgage continues to align with your financial goals – not just today, but for the full term ahead.
Mortgage Renewal FAQs
When should I start looking at my mortgage renewal options?
We recommend starting the conversation at least 120 days before your renewal date. This gives you enough time to compare rates and explore alternatives without feeling rushed.