In Canada, 2015 was one of the busiest years for home sales on record. The typical mortgage term is five years, which means that when 2020 rolls around, droves of Canadian homeowners will be faced with a choice: Stay with their current mortgage lender or ditch them for a new one.

In 2017, CMHC released the Mortgage Consumer Survey, which revealed a whopping 79 percent of Canadians opted to stay with their current lender when the term expired. But this decision often comes at a cost: You might not be getting the most competitive rates out there. At least three months before your term is up, ask yourself these five questions:

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