When you first signed your mortgage, you probably had big plans for the upcoming years. If you bought your first condo, maybe you imagined yourself getting a new job and settling down with Mr. or Ms. Right. If you purchased a new home to accommodate a growing family, maybe you imagined having one or two more children in the next five years. Regardless of what kind of home you purchased or what kind of mortgage you signed, your lifestyle and financial needs may have changed drastically since you signed your first mortgage all those years ago. A number of factors can influence your financial needs, from raises at work to having another child. Mortgage renewals are a great opportunity to access your financial needs and to make changes to better suit your current lifestyle.

The average mortgage loan term is a 30-year fixed mortgage. Think about how much change a person can go through over the course of thirty years! In that time, children are born and start growing their own families. Over time, the house that was purchased by expecting parents is now where the grandchildren come to visit on the weekends. Even with shorter 10-year or 15-year mortgages, lifestyle and financial needs and wants can change drastically between signing the mortgage and the mortgage renewal. While many individuals make the choice to stay in their home when it is time to renew their mortgage, they do not use the opportunity to reassess their financial needs and research other options for mortgage renewals.

Lenders count on the fact that too many individuals are too busy to shop around for new mortgages. With today’s busy schedules, lenders know that few people have the time and energy to research new rates and find a new mortgage that suits their financial and lifestyle needs. Banks and other lenders will send out a notice with a new mortgage rate of their choosing knowing that the average person will simply open the envelope, read the rate, sign the appropriate forms and send it back. While this is the easiest way to complete the mortgage renewal process, it may not be the best financial decision.

Mortgage renewals give homeowners the opportunity to shop around for a new mortgage. With online tools and resources, the average homeowner has access to information and tips that can help them sort through the options for mortgage renewals. A number of factors influence what an individual can afford with their mortgage, and these needs change over time. The mortgage rate that was perfect when you first signed your mortgage may not suit your current lifestyle or financial needs. Taking the time to research your options may allow you to find a better rate and a better mortgage.

Mortgage renewals are an opportunity to reassess your lifestyle and financial needs. If you are planning on staying in your home, do not hesitate to take this opportunity to find a mortgage rate and term that might suit you better. What was the ideal mortgage for you 10, 15 or 30 years ago may be a bad choice for your current lifestyle and needs!