Technically, you can. However, this would be considered refinancing your mortgage, your mortgage, and not just switching or renewing. You can do this with your current lender, or a new one. Refinancing at the time of renewal would increase your mortgage rate, usually by 0.10% to 0.20%. The benefit to refinancing at the time of renewal is that you’ll avoid the prepayment penalty, should you wish to choose a new lender (see below for more on this). Otherwise, you could refinance mid-term, too. Switching lenders at the time your mortgage comes up for renewal is typically done to get a better interest rate. The two strategies are used in different contexts. So the answer here should really be: “it depends.” It’s not that you can’t, it’s about why you’d want to. A mortgage broker can help you figure out the best deal for the scenario you have in mind. Please see more on our website.