Mortgage Renewal Coming Up? 6 Things to Do Before You Sign

Many homeowners simply sign the renewal letter their lender sends. It’s easy, but it can also be expensive. Your renewal is one of the few times you can switch lenders without a penalty.

1. Start 120 days early

Many lenders let you lock in a rate about four months before your maturity date.

2. Don’t auto-renew

The first offer is often not the best one. Compare before you sign.

3. Review your goals

Planning renovations, consolidating debt or paying down faster? Renewal is the time to restructure.

4. Check your term

Choose a term length that matches when you might move or refinance next.

5. Ask about switching

Moving your mortgage to a new lender at renewal is often simpler than people expect.

6. Get a second opinion

A broker can compare offers from multiple lenders at no cost to you.

Even a small rate difference adds up over a five-year term. A few minutes of comparing can mean real savings.