I always tell my clients renewals are just as important as the original term. My relationship does not end at the time of funding on your home, it lasts as long as you have or need a mortgage. About 6 months prior to renewal time, your current lender will send you a letter in the mail looking for a signature to renew with them.

Most renewal offers are +0.50% higher than what is market competitive. More importantly, rates & products available to the market change all the time. Just because your current lender was offering the best rate & product a few years ago most certainly does not mean they have the best product today. Switching your mortgage from one lender to another does not require any other significant banking account changes. In almost all cases there is no appraisal or legal fees involved.

Rather than letting the banks prey on convenience, let a mortgage broker do the work for you. Convenience and independent advice, but at a much lower cost to you.