The industry standard mortgage term is 5 years. I agree that for most clients 5 years is the best mortgage term as it provides you stability for the foreseeable future, and usually offers the most competitive rates at the time of initiation. With that being said, it is always good to still watch your mortgage rate compared to the current market. Within a 5 year mortgage term usually the market has some change. With these changes there can be big opportunities to save a lot of money (varies depending on your mortgage size and the rate difference). CLICK HERE to sign up for my free mortgage rate watch so I watch your rate for you and update you if there is an opportunity for you to save a substantial amount of money! What is usually involved in switching lenders for a lower rate? You would complete a mortgage application, similar to when you got your last mortgage. I will guide you every step of the way and make the transaction as simple as possible! The good news is that there are usually no or little up front costs to switch for a lower rate. For example, most lenders will pay for your legal fees. If you are midterm and you have a penalty to break your current mortgage you can usually roll it into your new mortgage amount so you do not have to pay up front. The amount you can roll in varies from lender to lender. I have been able to save clients thousands of dollars by switching, even after they pay their current mortgage penalty! I highly recommend you sign up for my rate watch today! If you have any questions feel free to get in touch as well. Mortgages with Tess Excel Mortgage Canada Connection Office in Cambridge, Ontario Servicing Mortgages Ontario Wide!