The process of renegotiating your mortgage terms at the end of your current term.
At renewal, you can stay with your current lender, switch to a new lender, or change your mortgage product (fixed to variable, adjust amortization, etc.). Your current lender cannot charge a penalty at renewal. If switching lenders, the only costs are legal fees to discharge and register ($800-$1,500). As of 2024, the mortgage stress test no longer applies when switching lenders at renewal. You should start shopping rates 120 days before your maturity date.
Related terms: Mortgage Term | Mortgage Stress Test