Start early
The best time to negotiate is 4 to 6 months before maturity. That gives you time to compare rates and avoid rushed decisions.
Compare the full offer
Ask about rate, term, prepayment privileges, and penalties. The lowest rate is not always the best contract.
- Confirm the penalty formula in writing.
- Ask about portability if you may move.
- Check if the lender offers a blend-and-extend option.
Use your leverage
A competing offer from another lender can improve your renewal terms. A broker can run this comparison quickly.