The renewal letter is an invitation to review—not an obligation to accept.
Read the proposed term, rate type, payment, prepayment privileges, portability, and restrictions. Then compare them with your next likely move, not only with today’s payment.
Decision Tool · Renewal
Review the next term before you sign.
Use a renewal review to organize questions about term, rate type, prepayment options, portability, and the next decision point.
Knowledge base · Key considerations
Create time before the deadline.
A renewal becomes harder to evaluate when the review starts at the last minute. Gather the existing mortgage details early and identify the questions that require confirmation from the lender or broker.