A mortgage renewal is the process of extending your existing mortgage term with your current lender or obtaining a new mortgage with a different lender. When you sign up for a mortgage, you agree to a term during which you will make regular payments to pay off the mortgage balance, and when that term is up, you must renew your mortgage if you still have a balance to pay.

During the renewal process, you can negotiate new terms with your current lender or search for a new mortgage with different terms from another lender. This process can seem daunting, but with the right knowledge and preparation, it can be a simple and beneficial process.

What is a Mortgage Renewal?

A mortgage renewal is a process of renewing your mortgage agreement with your current lender or choosing a new lender for a new term. When you renew your mortgage, you’ll agree to a new interest rate and term length, and you’ll continue to make regular mortgage payments as usual. If you choose to switch lenders, you’ll need to go through a new application process, including a credit check and an assessment of your financial situation.

How Does a Mortgage Renewal Work?

When your mortgage term is coming to an end, your lender will send you a renewal offer outlining the new terms and conditions of your mortgage. This offer will include the new interest rate, term length, and payment schedule. You’ll have the option to accept the renewal offer or negotiate different terms with your lender. If you choose to negotiate, you’ll need to provide your lender with your current financial situation, including your income, expenses, and credit score.

If you decide to switch lenders, you’ll need to apply for a new mortgage with a different lender. This process can take several weeks, and you’ll need to provide your new lender with all the necessary documentation, including income verification, employment verification, and credit history.

What Should You Do Before Your Mortgage Renewal?

Before your mortgage renewal, it’s essential to review your current financial situation and make any necessary adjustments. This can include paying off debts, increasing your savings, or improving your credit score. You should also consider your long-term financial goals and how your mortgage fits into those goals. For example, if you plan to retire soon, you may want to consider a shorter term for your mortgage.

You should also research the current mortgage market and compare rates and terms from different lenders. This will help you determine if you’re getting a competitive offer from your current lender or if you should consider switching to a new lender. Keep in mind that you may need to pay fees to switch lenders, so make sure to factor those costs into your decision. Use this calculator to estimate how much you can save.


Renewing your mortgage can seem daunting, but it’s a necessary step to continue owning your home. Whether you choose to stay with your current lender or switch to a new lender, it’s important to research the current market rates and terms and negotiate different options if necessary. By taking the time to prepare and review your financial situation, you can ensure a smooth and successful mortgage renewal process. Reach out to our mortgage specialists at the Ingram Mortgage Group to ensure you receive the best rate on your mortgage renewal!