Mortgage renewal: don’t just sign the letter

When your term ends you can shop around without a new down payment.

Key points

• Start comparing about four months before renewal; many lenders hold a rate for 120 days or more.
• Switching lenders at renewal is often free or the new lender covers the costs.
• Your credit range matters again, so check your estimate first.

What to do next

See renewal offers in the Mortgages section.