When your mortgage term is coming to an end do not "early renew" with what your lender offers you. Rates are likely to continue to go down for a while so it isn't really in your best interest to take your lenders first offer.
Things to think about when up for renewal:
1. Do you have any high interest credit cards or loans you would like to roll into your mortgage?
2. Can you qualify for a re-advanceable mortgage?
3. How long are you planning on staying in your existing home? Why sign for a 5-year term when you might move in the next 2-3years?
4. How does your existing lender calculate mortgage penalties?
5. No matter what you have time, so don't succumb to bank pressure.
At the very least, give me a shout and I can tell you whether or not the interest rates offered are decent or not. And we can discuss what other options are out there. You might be surprised!
