For most Canadians, the renewal process is easy: they simply stay with the same lender and with the same terms. This makes sense - looking for a new lender takes time and energy. However, most mortgages are based on a 5-year term, and many things can happen in that time. You could have changed careers, started a family, or incurred sudden medical expenses, all of which could mean your current mortgage is no longer right for you. If your income has increased, you might benefit from a mortgage with a higher monthly payment and shorter amortization, meaning you will pay off your total mortgage faster. Conversely, a new mortgage with a longer amortization can mean lower monthly payments, easing your financial burden each month.