In this episode of The Wisdom, Lifestyle, Money Show, host Scott Dillingham shares expert strategies to maximize savings on your mortgage, emphasizing that the lowest rate is just one small factor. Drawing from over 15 years in lending, Scott reveals options often unknown to brokers and bankers, inspired by his free eBook available at lendcity.ca/ebooks. Key tips include porting CMHC fees to avoid full premiums on new purchases (e.g., crediting the original amount and topping up the difference), opting for partial charges at closing to reduce title insurance fees (saving $2,300 on a $2M home example), and choosing lenders with discounted-rate penalty calculations to halve breakage costs.
He discusses penalty-free refinancing via "refinance blends," the fixed vs. variable debate (variables averaged 4.75% over 25 years, safer amid 2025's improving economy with BoC cuts to 2.25%), combining mortgages with segmentable lines of credit for flexible borrowing (e.g., for cars or investments), maximizing prepayments up to 20%, and incorporating renovations via "mortgage plus improvements" (up to $40,000 or 20% of purchase price) to avoid high-interest credit. Scott also offers a $300 appraisal rebate for LendCity clients. With 2025 forecasts showing slight affordability gains from lower rates (prime at 4.95% mid-year) but 10% higher renewal payments, this episode equips Canadian homebuyers and refinancers in Ontario and beyond to save an average $45,000 on a $500K mortgage by aligning needs with lender features.
Host Bio
Scott Dillingham is the founder and CEO of LendCity Mortgages, a premier online mortgage brokerage specializing in financing for real estate investors across Canada and the USA. As host of The Wisdom, Lifestyle, Money Show, Scott draws from his own journey—from sales excellence at Future Shop to building a multi-property investment portfolio—to educate listeners on mortgages, investing, and personal growth. Based in Windsor, Ontario, he has achieved top national rankings in mortgage sales and now leads a team helping Canadians secure creative financing solutions. Connect with Scott on Facebook at facebook.com/scott.dillingham or visit lendcity.ca for mortgage advice and resources.
Key Takeaways
- Port CMHC fees when upgrading homes to credit the original amount and only top up the difference, potentially saving thousands in premiums.
- Request partial charges at closing to register only the borrowed amount, slashing title insurance fees (e.g., from $3,000 to $700 on a $2M purchase) and preserving equity access.
- Choose lenders using discounted rates for penalties on fixed mortgages to cut breakage costs nearly in half compared to posted-rate calculations.
- Opt for penalty-free refinancing via "refinance blends" to access equity without fees, blending remaining terms with new rates.
- Consider variable rates (averaging 4.75% historically) amid 2025's low BoC rates (2.25%), with the option to lock into fixed if the economy improves.
- Combine mortgages with segmentable lines of credit for penalty-free payoffs on bonuses, inheritances, or investments, keeping statements separate for easy accounting.
- Maximize prepayments (up to 20% with some lenders) and build in renovations via "mortgage plus improvements" (up to $40K) to avoid high-interest credit and customize your home upfront.
- Claim LendCity's $300 appraisal rebate with the eBook coupon, plus align with lenders matching your goals to save an average $45K on a $500K mortgage.
- (00:07) - Saving Money on Your Mortgage
- (01:31) - Porting CMHC Fees
- (02:29) - Lowering Closing Fees
- (04:05) - Understanding Mortgage Penalties
- (05:43) - Fee-Free Refinancing
- (07:08) - Fixed vs. Variable Rates
- (09:26) - Line of Credit Strategies
- (12:22) - Prepayment Options
- (14:28) - Mortgage Plus Improvements
- (16:30) - The $300 Appraisal Rebate
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