Hello Roma, if your mortgage term is coming to an end and you have not made a decision or signed renewal papers with your bank they will expect the mortgage to be paid out. if it is not paid out most lenders will automatically renew your mortgage to an open product (if they have such a product) and that will give you an opportunity to make a decision and change your mortgage without penalty. I wouldn`t count on an open term being issued though. Any product the lender automatically puts you into will most likely have a higher interest rate than any product you would choose for yourself so make arrangements before that renewal deadline. The good news is that this is the perfect opportunity for you to shop your mortgage around. Your lender will give you a rate and that rate will most likely be beaten by another lender who will also pay most of the costs involved in moving the mortgage over. In most cases the lender that does not have your business wants it more than the lender that already has your business so the discounts are usually higher. This is because the banks know that it can be a little bit of a pain to go from lender to lender sourcing out the best rate and there is an application process and signing to do. BUT don`t forget a mortgage is most likely to be the largest loan you will ever need so shopping your rate around can save you thousands over the next 5 years, and if you do this every 5 years those thousands add up to quite a bit of money that you never would have had otherwise. A Mortgage Agent can make your life a whole lot easier because we do the running around for you and as an intermediary strive to make every mortgage application as easy and convenient for our clients. Let us do the work for you. We can source out the best rates with all the available lenders, report back to you and you can decide if your bank is the best place to stay based on how much money will be saved over the term of your new mortgage. Loyalty should not play a part in your decision because the bank is not paying your monthly payments you are working hard for it each and every month. I would be happy to discuss mortgage rates with you or any reader. Give me a call; Abraham Niyazi - Mortgage Agent - Lic#M08010640 - Centum One FInancial Corp - Lic 10758. Cell: 416-993-4082 Toll Free: 1-866-728-3708 x 115 http://www.centum.ca/abraham_niyazi/ I deal with 25 lenders and can do mortgages across Canada except Quebec.

If your mortgage is expired you don`t have to renew it and can stay on an open mortgage until you decide how you want to proceed. You should shop around to see if other lender will be able to give you a better offer then the current bank. Learn your options before committing to a new mortgage.