There are a couple of options for you to decide on when renewing your mortgage.
One, you can do a straight up renewal. Here the mortgage and amortization amount stays the exact same. We basically find you the best new terms to renew into whether it is a variable or fixed rate mortgage. Currently the 5 year fixed is hovering around 2.89% and variable is at 2.95%. It is early season so we may see some rates drops over the next few months or rates could increase. It is hard to say these days.
Second, this could be a time to tap into the equity in your home. You have probably built up quite a bit of equity over the past 5 years so now is a time to take advantage of that. For example are you planning on purchasing a new property or need funds for another type of investment or purchase. I always encourage my clients who have equity in there home to add on a secured line of credit. This is a great tool to have and has helped me tremendously overs the years to build up my real estate portfolio. If you have no immediate need right now adding on a secured line is a great asset for the future. It allows you to make quick decisions known the funds are there when you need them. You only pay on the balance so if not used there is no cost.
If you have an immediate need today for funds or in the very near future then I would add the funds into your mortgage. Reason been the mortgage is cheaper then lines of credit (line of credit currently prime +.50% or 4.45%). Another idea could be to consolidate debts so to lower your borrowing cost and increase cash flow. A lot of people carry a lot of debt paying really high interest. By adding these debts into your mortgage your costs come down and you have more money in your pocket each month. If you apply some of those savings back into the mortgage by increasing your mortgage payment you will find that you will pay down your mortgage sooner (with all the debt included) then you would have done in your current situation.