1. Shop the Market for You - Get better interest rates, better terms, more flexible features.

2. Negotiate with Your Current Lender - Push your lender to improve their renewal rate, match or beat competing offers, adjust terms to better suit your plans.

3. Review Your Current Mortgage Terms - A broker will look beyond the rate and explain things like: Penalties if you break the mortgage early; Prepayment privileges; Portability if you might move; Restrictions that could cost you later. This helps avoid “cheap” rates with expensive strings attached.

4. Align the Renewal with Your Life Plans - Brokers ask the right questions, such as: Are you planning to move, refinance, or upgrade soon? Do you want to pay the mortgage down faster? Do you need access to equity in the near future? They’ll recommend a term and product that fits those plans—not just the lowest rate.

5. Help You Switch Lenders (If It Makes Sense) - If switching saves you money, a broker can: Handle the paperwork; Arrange appraisals and approvals; Often have switching costs covered by the new lender. They make the process much smoother and lower-stress.

6. No Direct Cost to You (Usually) - In most cases, the lender pays the broker’s fee. For a straightforward renewal or switch, there’s typically no out-of-pocket cost to the borrower.