It’s important that you start your mortgage renewal process early, at around 120 days before the maturity date of your current mortgage term. This is an ideal time to start your mortgage renewal process without the risk of your current lender imposing any kind of prepayment penalty because of breaking your mortgage term early. Starting early will also give you enough time to conduct your own research online and obtain as much information as possible before approaching any lender or mortgage broker. This will give you some leverage during the negotiations.