If you have a five-year mortgage, your mortgage lender will ask you to renew your mortgage after five years. It will usually provide you with the new interest rate and monthly mortgage payments. Your payment frequency will usually stay the same if it’s monthly, weekly, or biweekly. You’ll have option to renew for another five years, or you can choose a shorter term if you think rates will be lower in the future and want to get a better rate sooner.