How To Save On Hidden Mortgage Fees By Asking The Right Questions
- Author
- Scott Dillingham
- Published
- Sun 08 Aug 2021
- Episode Link
- None
In this episode, Scott shares insider knowledge about saving money on mortgages beyond just getting the lowest rate. Drawing from over 10 years of lending experience, he reveals strategies that many brokers and bankers don't know about.
Key Timestamps:
[0:00] 📘 Introduction & Overview
- Free guidebook announcement
- Overview of hidden savings opportunities
- Why rate isn't everything
[2:15] 🏠 CMHC Fee Strategy
- How to port existing insurance
- Savings examples on home upgrades
- Questions to ask your lender
[5:30] 💰 Closing Costs Deep Dive
- Full vs. partial charge differences
- Real example: $2300 savings case study
- Future financing benefits
[8:45] 📊 Understanding Mortgage Penalties
- Variable vs. fixed rate implications
- Why penalty calculations matter
- Average 3-year mortgage lifecycle data
[12:30] 🔄 Refinancing Strategies
- Fee-free options explained
- Refinance blend opportunities
- Long-term savings potential
[16:45] 📈 Rate Selection Strategy
- 25-year rate comparison data
- Fixed vs. variable analysis
- Market timing considerations
Key Insights for Listeners:
1. CMHC Fee Management:
- Port existing insurance when possible
- Get credit for previous coverage
- Understand top-up calculations
2. Strategic Registration:
- Choose partial over full charge registration
- Potential for significant title insurance savings
- Maintain future borrowing flexibility
3. Penalty Prevention:
- Understand calculation methods
- Choose lenders with favorable terms
- Plan for the average 3-year term reality
4. Smart Refinancing:
- Look for blend-and-extend options
- Avoid unnecessary penalties
- Maintain future flexibility
Resources Mentioned:
- Free Mortgage Savings Guide at Lend City office (4769 Wyandotte Street East, Windsor)
- Digital version at LendCity.ca
- 25-year rate comparison chart
Special Offer:
$300 Appraisal Rebate available to all LendCity clients
- No expiration date
- Available for purchases and refinances
- Must present coupon from guidebook
*Note: While these strategies represent significant savings opportunities, always consult with qualified mortgage professionals for your specific situation.*
