Your existing mortgage might be automatically renewed by your lender if you don’t do anything. This can save you time and any mortgage prepayment penalties. But it can also mean leaving money on the table, if you accepted the renewal rate you were given and didn’t shop around to see if you could get a lower one. If you’re renewing with the same lender, you don’t have to qualify for a mortgage again. However, the interest rate and the payment amounts might be higher than what other financial institutions offer.