A mortgage renewal occurs when the term of an existing mortgage comes to an end, and the homeowner needs to either renew the mortgage with their current lender or switch to a new one. During the renewal process, the homeowner can negotiate new terms, including the interest rate, term length, and any other conditions of the mortgage. This is an opportunity for homeowners to reassess their financial situation and potentially secure a better deal. If they choose to renew with the same lender, the process is typically straightforward, but it’s also a chance to explore offers from other lenders to ensure they’re getting the most favorable terms available.