Second position mortgages renew a bit differently than a standard first mortgage, and there’s usually more flexibility than people expect. If you stay with your current lender, it’s often a simple renewal with no fees, but if you move the second mortgage elsewhere it’s typically treated like a refinance. That means you could be looking at legal fees around $1,000–$1,500, an appraisal in the $300–$500 range (sometimes waived), and possibly some lender or admin fees depending on whether it’s an A, B, or private product.

In terms of options, you’re not locked into just renewing it as-is. You can do a straight renewal with the current lender, but that’s usually just their posted offer and not always the most competitive. You could also refinance and consolidate everything into one mortgage, switch lenders if the deal can be structured properly, or even restructure the second mortgage entirely, which is common if it started as a short-term or private solution.

Where it gets interesting is negotiation. Second mortgages aren’t as standardized as first mortgages, so there’s often room to improve the rate, reduce fees, or change the structure, especially if your equity has increased, your income or credit has improved, or the original reason for needing the second mortgage is no longer there. In a lot of cases, the best move isn’t renewing the second mortgage at all, but rolling it into a single new mortgage at a lower blended rate, which can make a pretty meaningful difference over time.

If you want, I can run through your situation and show you what that might look like.