If you decide to not renew your mortgage with your current lender and want to look around for lenders with better terms and rates, you should ideally start shopping at least 4 months before your current mortgage term's maturity date. You could use the assistance and the expertise of a mortgage broker who, with their expertise and connections, can find you the best deal on the market.

During your current mortgage term, there might have been a few changes that might have affected you financially. Increase in income, children's expenses or even retirement could have changed your financial position today. If you want to access some of the equity from your home for upcoming expenses, or if you plan to move in a few years, these are some factors that you should be mindful of. You should then choose a mortgage term, rate and lender keeping these financial commitments in mind.

If you think your monthly budget can handle an increase in mortgage payments, you can decide to do so. This will effectively pay down your mortgage much quicker. Also, if you have a lumpsum of money, you can put it towards your mortgage. Similarly, making additional payments, paying down your mortgage, or borrowing more money are all things you should consider at the time of renewal.

Your current lender should send you a mortgage renewal statement at least 21 days before the end of your term. By this time, you should have researched the market enough to negotiate for a better rate with your current lender, or a better rate from another lender.

After you have finished looking around and have completed your research, it is now time to make your decision. If you decide to stay with your current lender, you can either choose to sign and return the mortgage renewal offer they sent in the mail or sit down and try to negotiate a better offer. Switching providers will require a little more paperwork, but you'll find that doing so could potentially give you access to better mortgage rates. Keep in mind, a mortgage broker will have to submit your mortgage application, as the new lender's qualifying criteria might be different from that of your current lenders. There may also be fees involved with making the switch, including an appraisal fee to verify your property's value ($150-$500), a discharge fee ($5-$395), an assignment fee ($25-$300) and legal fees (up to $1,500). However, with all these costs it might still make sense to switch if the rate is better and the interest savings are there.