At the time of your mortgage renewal you have to decide whether to take a renewal option with your current mortgage holder or switch mortgage providers. There are benefits to switching your mortgage provider such as:
Obtaining A Lower Interest Rate
Often times at mortgage renewal your current mortgage provider will not offer you the lowest interest rate on the market. Switching lenders could potentially save you thousands depending on your mortgage amount and difference in interest rate.
Obtain Better Mortgage Terms
Another reason to consider switching mortgage providers is to obtain better terms and conditions. For example, if you plan on paying off your mortgage faster it may be worth it to switch providers to a mortgage company that will offer more favourable prepayment options. This will allow you to save on interest costs, as well as any prepayment penalties.
Some lenders will offer to pay for some or all of the fees associated with switching mortgage providers. These can include an appraisal, and legal fees. At the time of renewal it is a good idea to speak with a broker to see if you have an opportunity to save more money.