When your mortgage term is over and your mortgage is up for renewal you have some options.  Your current lender will send you an renewal agreement outlining the terms and conditions of the new products they are offering you.

You can accept this offer or shop around to other lenders to compare products and rates.  At your renewal time your mortgage is completely OPEN so you can switch to a new lender with no penalty.  The mistake most people make is signing the renewal form without comparing other options.  Most likely your current (mainly banks) lender will offer you rates that are not aggressively discounted.  They hope (and in most cases are correct) that the client will sign the renewal form with out questioning the terms and conditions.  Nearly 80% of clients sign their renewal forms without considering other options and as a result the lender gets a new mortgage without having do discount the interest rate.  Do yourself a favour and consult with a mortgage consultant (me) for better terms and rates in the market before signing your renewal agreement.  Start the process early, say 120 days before renewal date so you have the time to compare rates and conditions so you can make  a calulated decision that is best for you.  Believe me you can save thousands of dollars in interest by doing this.

Have a great day.