Don’t sign your mortgage renewal right away without exploring all the available options. You could be missing out on a great opportunity to find a much better deal on the market. Take the time to start reviewing your options ahead of time, so when your mortgage comes up for renewal you will be making a properly informed decision. Here we show you some of the mortgage renewal options that may be available to you.

Renewing your Mortgage

You can renew your mortgage with the same lender if you don’t want to make any changes to the amount or your amortization schedule. Your lender will send you an offer of renewal near the end of your term, which will include the new mortgage term and rate. This can save you time and effort and in many cases costs, but without any further research you may be forgoing a better deal elsewhere.

Renegotiate with a New Lender

You may be able to renegotiate your mortgage amount with different interest rates with a new lender. This could be a benefit to you if they have better interest rates than your current lender. Just be prepared to complete a new mortgage application and to re-qualify.


If you have enough equity in your home, you may have the option to refinance your mortgage. With a refinance, you can take advantage of a new mortgage amount, interest rate, and amortization schedule. You may also be able to get a cash-out refinance that allows you to access cash through the refinancing plan. Generally, there are some costs associated with refinancing your home, usually in the form of a required appraisal to assess the value, along with registration and closing fees. Some lenders may offer to pick up some of the costs so it’s wise to review several lenders to get the best deal possible.

Accessing Equity

As explained above, you may be able to obtain a cash-out refinance to obtain cash that you can use for a home renovation or to pay off high-interest debt. But that’s not the only option. You may also consider taking out a second mortgage, which will sit behind your first mortgage. Or you may be able to qualify for a home equity line of credit that can provide you with some needed equity.  Just be careful to ensure you’re not taking on more than you can handle.

It’s always a good idea to review your mortgage options before your renewal date comes up. Make sure that you take the time to research all the necessary options so you know you’re getting the best deal possible that aligns with your financial goals.


Have questions? Contact us!