Renewal

Your lender mails a renewal offer 3–4 months before maturity, and signing it back is the easiest — and usually most expensive — option. Banks count on inertia; the first offer is rarely their best rate.

You have leverage. You can negotiate, or switch lenders entirely (a 'transfer/switch'), where the new lender typically covers the legal and appraisal costs. Switching may require re-qualifying at the stress-test rate, so a broker checks that you'll pass before triggering it.

Start ~120 days out so a rate hold protects you if rates rise during the process. Our renewal-comparison calculator shows the lifetime cost of your bank's offer versus the open market side by side.