What are the potential benefits of mortgage renewal?

Mortgage renewals offer several benefits:

• If rates are lower at renewal, you can secure a new interest rate, potentially saving money on your mortgage payments. Keep in mind that the opposite is true if you renew in a higher-rate environment.
• You can adjust the term length or amortization period to better align with your financial goals.
• You can switch lenders to access better terms or new features.
• You can reevaluate your mortgage in light of changing financial circumstances.