When it's time for your mortgage renewal, follow these steps:

1. Start Early: Begin about 120 days before your term ends to explore options and negotiate.

2. Review Finances: Assess your income, expenses, and goals to see if anything has changed.

3. Shop Around: Compare rates from multiple lenders to ensure you're getting the best deal.

4. Evaluate Mortgage Features: Consider changes like switching from a variable to a fixed rate or adjusting your amortization period.

5. Negotiate: Use offers from other lenders to get a better rate from your current lender.

6. Make a Lump Sum Payment: If possible, reduce your principal without penalties.

7. Reconsider Term Length: Choose a term that aligns with your plans and the current interest rate environment.

8. Consolidate Debt: Consider rolling high-interest debts into your mortgage at a lower rate.

9. Adjust Budget: Prepare for potential payment increases by adjusting your budget now.

10. Seek Advice: Consult a mortgage broker or financial advisor for personalized guidance.

Your mortgage renewal is an opportunity to reassess and improve your terms—explore your options carefully before deciding.