Mortgage renewal is the process of renewing your existing mortgage agreement with your current lender or switching to a new lender. In Canada, there are several mortgage renewal options available to borrowers, including:

1. Renewing with Your Current Lender: Borrowers can choose to renew their existing mortgage with their current lender, which may offer the convenience of a streamlined process and the potential to negotiate a better interest rate or other terms.
2. Switching to a New Lender: Borrowers may choose to switch to a new lender at the time of mortgage renewal to take advantage of better rates or terms. This process is known as mortgage refinancing.
3. Negotiating Better Terms: At the time of mortgage renewal, borrowers can negotiate with their current lender for better interest rates or other terms. This may involve providing proof of income or employment or demonstrating that you have improved your credit score since the time of the original mortgage agreement.
4. Making Prepayments: Borrowers can make prepayments on their mortgage before the renewal date to reduce the principal amount owed and potentially qualify for better rates or terms at the time of renewal.
5. Amortization Adjustment: Borrowers may be able to adjust the amortization period of their mortgage at the time of renewal, which can help reduce monthly payments or allow for quicker repayment.