Traditional mortgage lasts for 25 to 30 years, but it does not need to wait until you receive a renewal letter from your lender to start renewing your mortgage. You can start contacting a mortgage broker or various lenders a few months before the end of your mortgage term to check the better choice. This is usually a great method to save money, because mortgage rates changed dramatically in time, so updates may be a wonderful decision.
Of course, you do not have to renew your mortgage with the same lender, although whether it is to reassess your needs before switching to a new, and check whether you are eligible for discounts with your current lender.
However, if you decide to go to a new one, you should have your new loan application is approved, and the criteria may be different than the first lender you. Some costs must be taken into account. Of course, when your mortgage deal expires, renew without understanding the implications is not a wise decision.
You will most likely find that switching to a different lender or change your terms will not only save money but time, too, because it can reduce the term of the loan. The best way is to consider a lower interest rate as well as the overall benefits package as an extension of mortgage can save up to thousands every year, so it was a wonderful way to save money.