Mortgage renewal: why you should shop before you sign
Doorvia Guides · May 20, 2026
Renewal letters rarely start at the lender's best rate, and straight switches have become simpler.
A renewal letter is an offer, not a rate you have to accept. Lenders know most borrowers sign the first document, so the initial offer is often above what the same lender would give a new customer.
Start shopping 120 days out, when most lenders will hold a rate. Get a competing quote, then ask your existing lender to match it.
Switching lenders on a straight switch - same balance, same remaining amortization, no new money - has become more straightforward, and rules were eased so borrowers are not blocked by requalification in that scenario. If you need to increase the balance or extend amortization, that is a refinance and full qualification applies.
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