While most Canadians spend a lot of time and expend a lot of effort shopping for an initial mortgage, the same is generally not the case when looking at mortgage term renewals. Omitting proper consideration at the time of renewal costs Canadians thousands of extra dollars every year. Homeowners should never accept the first rate offer from their existing lender. Without any negotiation, simply signing up for the market rate on a renewal is unnecessarily costing the homeowner a lot of money on their mortgage. It may be worth your while to enlist the free services of a mortgage professional to get the lenders competing for your mortgage business at renewal time to ensure you receive the best mortgage options and rate catered to your specific needs.