A renewal offer is a useful starting point. Before signing, review how the term fits your plans and compare the features that affect flexibility and cost.
Look beyond the payment
Check the rate, term, payment frequency, prepayment privileges, portability, penalties, and what happens if your plans change.
Allow time to compare
Switching lenders can involve qualification, legal or appraisal steps, and timing requirements. Start early enough to understand what applies.
Ask for the full picture
Compare costs over the term and ask how a different amortization or payment changes the total interest. A lower payment alone may not mean a lower total cost.