If the mortgage is with a major bank they usually send out a notice within 30 - 60 days of the due date outlining your options and interest rates.I would suggest that you arrange an appointment within 60 days of your renewal date and explore your options with a loan representative. Sometimes the banks will guarantee your rates within the renewal notice period; they give you the lower of the existing rate at the time of renewal or the rate they quoted. You will have a pre-payment option on renewal and it is also a good time to shop the mortgage around as well to see if another loan institution has either a lower rate or a more flexible plan. The sooner you look at your options the more time you will have to explore alternatives. I have built up a lot of equity in my house and took out a line-of-credit on that equity to pay off the mortgage. Now I the flexibility as to when I pay and how much; as long as I pay off the monthly interest.