At the time of getting your mortgage you may have thought that you had gotten the deal of a lifetime, your friends and family would be jealous of your super low mortgage rate. But what we have seen over the last 5-10 years that interest rates, at their all time low, can go lower. Some people may want to take advantage of today's rates. It can be very easy to update the mortgage rate however, as you may have guessed it can be quite complicated or costly, depending on the product you are in.

If you chose an open rate mortgage, you can easily make changes to your mortgage without a penalty or fee. You can lock in at a low rate at any time. However, most choose closed rate mortgages and it can be difficult to get out of your current rate and replace it for a lower one. In some cases, the lender might require you to increase your mortgage by a minimum of $10,000 and then you can negotiate the terms including rate, but this often comes with a fee. Alternatively, you can shop around and try a new lender who wants your business and they may give you the low rate, however, as mentioned before, the current lender will not let you leave with some repercussions. If you are lucky your new lender might have some incentives to help ease the penalty.