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1. Start Now. Seriously right now.
Getting ahead of the game is the most important thing you can do, as it allows you to be proactive in your decision making. You want to start looking at your options as soon as possible to make sure nothing is getting in your way of securing the best mortgage.
2. Don't just sign your lender's initial renewal offer.
There is a good chance the lender you are with currently is a great place for your next mortgage. However, don't ever just sign their initial renewal letter; they haven't offered you their best rate yet. Why would they? Banks and lending institutions are in the business of making money, and as 70%+ of people simply sign their initial renewal offer (without negotiating a better rate) they don't feel they have to put their best offer forward at first. They actually make more money by doing exactly the opposite. At the very least, call them directly and say I know you can do better than this.
3. Don't get stuck on rate alone.
We're conditioned to think that the lowest price is always the best, and although that might be the case when buying stuff at the dollar store, it certainly isn't the case when talking about mortgage financing. Rate is only one factor you should consider when renewing your mortgage. Life is full of changes, make sure that the features of your mortgage (term, penalties, portability, prepayment privileges) line up with your life goals.
If you have a mortgage renewal coming up this year, it's never too early to start the process. Let's talk.
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