Wouldnt it be nice if your mortgage had a reset button? Pressing it would let you find a new rate, change your term and find a mortgage that better suits you. Well, that button doesnt quite exist, but a mortgage renewal gets you most of the way there.

Mortgage renewals happen at the end of your current mortgage term. The most popular mortgage term is five years, but they can range anywhere from one to 10 years. Youll have to renew your mortgage at the end of every term until your mortgage is fully paid off. You have until the end of your amortization period (usually 25-30 years) to pay off your entire mortgage.

Renewal time is the best time for you to change providers to get a better rate, or refinance to get a mortgage that better suits your current needs. Here are six things that will give you the best chance at doing so successfully.

1. Evaluate your current goals

Your financial needs have probably changed since you first got your mortgage. Here are some important decision points to consider at renewal:

• Fixed or variable rate: Fixed rates stay the same for your entire mortgage term, while variable rates fluctuate throughout. Variable rates are directly tied to your lenders prime rate. So, when your lenders prime rate drops, you could benefit; but if they go up, so does your mortgage rate. If you want stability in your monthly payments, then fixed rates are the way to go. If youre OK with some risk and expect rates to drop, then you might consider a variable-rate mortgage.
• Your term length: Depending on your plans and current financial situation, a new term length might suit you better. If you dont expect any major lifestyle changes, a longer term can help you keep a great rate for longer. If you want more flexibility, go for a shorter term.
• Customer service: Are you happy with the service your current lender provides? If not, renewal time is a great opportunity to consider other providers who might better meet your needs.
• Do you need extra cash? You can access some of the equity youve already built into your home with a Home Equity Line of Credit (HELOC), or by refinancing. Both are powerful options, but both have some drawbacks.

2. Dont accept your renewal offer right away

Before your renewal date your current lender will ask you to renew early. Most lenders send renewal letters out 6 months before your renewal date, and then again at 4 months. Theyll offer you a new rate which, while slightly lower than their current available rate, is typically not the best rate you can get.

Your renewal offer is often not the best deal you can qualify for. Although its quite tempting to simply sign the letter and conveniently continue on with your current provider, you may lose out on a lot of potential savings by not considering your other options.

Remember, your current provider will often hold the rate they offer you until your renewal date, so it doesnt hurt to shop around. If you cant find something better, you can always accept their offer anytime before your renewal date.