Renewals involve extending your current mortgage with updated rates and terms that reflect the current market conditions. This can mean renewing at the current market rate with your existing lender or switching to a new lender, without increasing your mort gage amount. Refinances involve terminating your existing mortgage contract to make substantial changes, such as securing a new rate or adjusting the terms. They can happen anytime and may include adding money to the mortgage or taking advantage of a significant rate drop.