When you bought your home, you probably signed a mortgage agreement that remains in effect for a certain period, called the term . When your mortgage term comes to an end, you will have to pay off your mortgage, renew it for another term or switch your mortgage to another lender. Your options are different depending on whether you have a standard or collateral charge mortgage. Standard charges are also known as conventional charges, non-collateral charges, traditional charges, traditional residential mortgages, residential mortgages, deeds of hypothecary loan and retail mortgages. You might want to renegotiate your mortgage if your financial situation has changed. Or perhaps you might want to take advantage of changes in the interest rates that are available from mortgage lenders. Renegotiating generally involves breaking your mortgage contract and may result in some significant costs. Before taking this step, it’s important to consider carefully the costs and benefits. Whether you plan to renew or renegotiate, knowing what questions to ask can help you get the best mortgage for your needs.