How To Save On Hidden Mortgage Fees By Asking The Right Questions
In this episode, Scott Dillingham shares valuable tips on how to save money when qualifying for a mortgage. He discusses strategies such as hoarding CMHC fees, lowering fees at closing time, understanding mortgage penalties, considering fixed vs. variable rates, utilizing lines of credit, and adding improvements to your mortgage. Scott emphasizes the importance of asking the right questions and working with a knowledgeable lender to save the most money.
- (00:00) - Introduction and Overview
- (01:31) - Porting CMHC Fees
- (04:19) - Understanding Mortgage Penalties
- (08:08) - Fixed vs. Variable Rates
- (10:30) - Utilizing Lines of Credit
- (15:17) - Adding Improvements to Your Mortgage
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Takeaways
- Saving money on a mortgage goes beyond just getting the lowest interest rate.
- Hoarding CMHC fees and lowering fees at closing time can result in significant savings.
- Understanding mortgage penalties and selecting the right lender can save you money in the long run.
- Considering fixed vs. variable rates and utilizing lines of credit can provide flexibility and potential savings.
- Adding improvements to your mortgage can be a cost-effective way to finance renovations.
- Asking the correct questions and working with a knowledgeable lender is crucial to saving money on a mortgage.
If you're looking to access the best financing for Real Estate Investors in Canada & the U.S.A., then I suggest you Book A Free Strategy Call with a specialist on my team.