If you’re renewing your mortgage this year, then it’s important to start working on it sooner than later. With the recent interest rate increases, if you’re renewing for the same amoritization period but at a higher rate, then your mortgage payment will increase. Many Canadians will stay with the same lender, but shopping around for a rate 30, 40, 50 basis points lower will save you thousands of dollars over your next five-year term. If you switch, then there may be fees that offset these savings. Starting 6 months prior to your renewal date will give you time to explore all your options and find the one that’s right for you.

Read more: Start early and do your research when renewing your mortgage