So, is your lender not offering a mortgage renewal?When the maturity date of your mortgage is approaching, the process of your mortgage lending reaching out to you with various mortgage renewal options which generally pertain to the mortgage interest rate and mortgage term length. For example, your mortgage lender may offer you various mortgage term options (i.e., 6 months, 1 year, 3 years, 5 years) with the respective mortgage interest rates. Keep in mind that the mortgage renewal interest rates that your existing mortgage lender will offer to you may differ from your existing mortgage interest rate. In most cases, this is simply a result of an increase or decrease to the cost of capital. For example, your existing mortgage interest rate may have been offered to you in a lower interest rate environment that the prevailing interest rates at the time of maturity. It is ultimately your decision as to which mortgage renewal option best coincides with your short and long term goals.Â