When your term ends, your lender sends a renewal offer. The easiest thing to do is sign it - and that's often the most expensive thing you can do.
Why not auto-renew
Renewal offers are frequently above the best available rate, because lenders count on convenience. Even a small rate difference adds up to thousands over a term.
Switching is penalty-free
At the end of your term you can move to a new lender with no prepayment penalty. There's some paperwork, but a broker handles it - and the savings usually dwarf the effort.
Start early
Begin shopping 4 to 6 months before renewal so you can hold a rate and switch smoothly if a better option exists.
Have questions about your situation? An advisor can walk you through it.