What is the penalty if I leave?
At renewal, the answer is often “none”. That is precisely the window where changing lenders costs the least. Mid-term, the answer would be very different — which is why the maturity date deserves noting well in advance.
Is this offer the market’s?
The mailed offer is a retention offer. It can be negotiated, provided you have a point of comparison. Without one, you are negotiating against yourself.
Do I need funds?
Renovations, consolidation, a down payment for a child: if so, renewal is generally the simplest moment to refinance without penalty. Waiting six months often costs a great deal.
Do my term and amortization still make sense?
Your situation has changed over five years. The term, payment frequency, and budget room deserve review rather than default renewal.
No rate, price, or recommendation on this page. Amounts and limits change: verify them with official sources before deciding.