Many homeowners choose to stick with their current lender because they believe that switching lenders will be time-consuming. However, it is important to assess the rates and terms offered by their current lender during mortgage renewals. For this reason, homeowners are encouraged to contact a professional for guidance. It is also important for homeowners to evaluate any life changes that may impact their finances. This includes considering options such as debt consolidation, using home equity, or making property plans. Homeowners should also explore refinancing options if they want to pay down their mortgage faster or utilize their home equity. Refinancing can also be beneficial if there are changes in interest rates, home equity use, increased mortgage amounts, or amortization adjustments. Rather than simply signing renewal forms without questioning, homeowners are advised to question and negotiate to secure the best rate. Additionally, they can benefit from having multiple lenders compete for the best rate. Finally, homeowners in Canada have access to innovative tools that can help streamline the mortgage process and provide them with optimal options.