In many cases the lender who gave you the original loan will offer you a renewal rate. You as the borrower have the choice of accepting this rate or contacting your mortgage broker and seeing if you can find a better rate at the time of renewal. Borrowers should be aware that some lenders do not automatically give their clients the best rates on renewal. Chatting with your broker can help you determine if your lender has made you a fair offer at renewal or if you would save more money by choosing a new lender. What should you do? Most lenders are able to lock in your interest rate 120 days prior to the renewal date. If you are 4 months away from your renewal, get in touch with your mortgage professional. They will be able to help you evaluate your renewal offer from your current bank. If it makes financial sense to switch over to a new lender your mortgage broker can help!