When your mortgage is up for renewal you do have options. Believe it or not nearly 85% of Canadians sign their mortgage renewal letter without actually considering other options for a better rate or product. When you receive a renewal letter from your lender, they (mainly banks) will not offer you the best discount rate. They are hoping (and in most cases are correct) that the client will just sign the letter and send it back to the lender. The lenders save allot of money by taken this approach.