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CTV Morning Live: Merry Debtmas – January 14, 2021

CTV Morning Live: Merry Debtmas 2021

Clinton meets up with Ana from CTV Morning Live to talk about Merry Debtmas 2021 and what to expect this year!

Don’t feel like watching the video? Check out the transcript below. CTV Morning Live: Financial Literacy Month


It’s that time of year again…

Ana: [00:00:00] Well, it is a new year, and I’m joined by my friend, we have Clinton Wilkins here, he’s a senior mortgage adviser, and I’m really happy because, my goodness, this is the year to ask questions and to, you know, get that help that you may need.

Ana: [00:00:13] You see New Year after the holidays, bills are coming.

Clinton: [00:00:16] It could be New Year, New me, but I think 2021. Financial health and wellness are even more important now than it ever has been in the past, Ana. I think people come up with New Year’s resolutions, but I’m going to get to the gym. I’m getting better. Yeah. You know, I think this year it’s going to be more about, OK, what do my assets look like? Is this a year for homeownership? And how can I better my financial position?

What does Merry Debtmas mean for me?

Ana: [00:00:38] And you’re a good person to come and have those discussions with because sometimes you need that mediator to kind of go through and kind of set you up. Sometimes it’s a really hard discussion to really approach.

Clinton: [00:00:47] Well, I think that opening your bills are just so important and we know this time of year the bills are coming in. And, you know, I think it’s so important to think about things like we call it, Merry Debtmas, open the bills. Obviously, your house is your biggest asset and the mortgage is the biggest debt. But how can we leverage that to put you really into the best position possible?

Ana: [00:01:07] Ok, and what are some of the things that we should be looking into? Would you say like where should we begin if you’re looking for a plan?

Clinton: [00:01:13] Well, I think that because the property values are up and the interest rates are really at historic lows, it’s important now to think about a refinance of a refinance is right for you. There are many Canadians that are in debt that’s real.

It starts with having a plan

Ana: [00:01:26] Especially during a pandemic.

Clinton: [00:01:27] Definitely. You know, people have had their income impacted. They’ve had other financial challenges. So I think looking at a refinance in 2021 certainly can be a value for some consumers. And the way that a refinance works in Canada is you can leverage up to 80 % of the value of your home.

Clinton: [00:01:41] So, for example, if the home is worth $300,000, you can secure up to $240,000 against your home, less how much you owe already. So it can be a great way to really get a consolidation for some of that higher interest, unsecured debt. Maybe you want to do some renovations and maybe you want to leverage on that equity for investments. So I think it’s certainly a good time to look at that, especially because, you know, obviously the rates are so low.

Ana: [00:02:06] Wow. That is a really good idea, especially because many people are not travelling. They want to make their home more accessible to them or, you know, update certain fixtures, certain something, right?

Clinton: [00:02:17] Exactly. Sometimes you just need to be able to access that equity in your home. And I think now is a great year to look at that. And I think January is a great time to really take control of your finances.

Ana: [00:02:27] So it doesn’t have to be the January blues know.

Clinton: [00:02:29] Maybe it can be, you know, New Year, New Me, maybe it’s New Year best finances. Yes. I don’t know what to come up with. A good slogan.

Ana: [00:02:34] Oh, there you go. And how about for those people who are thinking about potentially purchasing property this year like this has been on their goal? This is on their list for the year.

Thinking about buying a property in 2021?

Clinton: [00:02:43] I know, because so many people were maybe in a situation that wasn’t as favorable, being locked down, slow down and maybe they didn’t love their home. And I’m hearing that from a lot of people. And we’re getting more and more consumers pre-approved every day. I know we’re talking about Merry Debtmas in January, but maybe that’s Merry Debtmas, i.e., I’m going to get my first mortgage and buy my first house. So I think starting with a preapproval is just so, so important. And, you know, they’re certainly homeownership is available here in Halifax and across the land of Canada.

So I really encourage consumers to reach out to us or to an unbiased mortgage professional, you know, in your area where if they want more information, where can they find you? They can check us out at, and lots of great information on our website. We have hundreds of blog posts. You know, we’re talking about Merry Debtmas this month and there’s lots of great information for those of you who might want to look at a refinance or get pre-approved.

Ana: [00:03:34] If they want to get pre-approved, They’ve never been a part of this process. What should they start collecting? Like, do you know what I mean?

It starts with getting a pre-approval

Clinton: [00:03:40] So, you know, it’s really three cornerstones its income, its assets and its credit. And we go through all three of those with the consumer, whether it’s a refinance or whether it’s a preapproval. We go through all three of those items together and just figure out what the best solution is,

Ana: [00:03:55] Ok.And I know sometimes people want to refinance their homes, but they shouldn’t feel embarrassed or do you know what I mean?

Clinton: [00:04:00] Yeah, Some people think that it’s a second mortgage, but, you know, it would be a first mortgage secured against your property. And, you know, there’s different solutions for different people. And it’s not about creating more debt. It’s about putting that debt that you have and the best vehicle to serve you serve you the best that we can, especially in 2021.

Ana: [00:04:18] So you have people like yourself who’s there to help.

Merry Debtmas and getting ahead in 2021

Clinton: [00:04:20] Really. And we’re really by far the consumer. OK, that’s so, so important. Yeah. And, you know, I think checking out an unbiased mortgage professional are so important in 2021

Ana: [00:04:29] Treat yourself.

Clinton: [00:04:30] Treat yourself.

Ana: [00:04:31] That’s my advice.

Clinton: [00:04:32] Financial health and wellness this year.

Ana: [00:04:33] There you go. You got to do it. Thank you so much, Clinton!

Clinton: [00:04:36] Thanks for having me!

Ana: [00:04:36] I appreciate it!

Looking for more information about changes in the market, or other mortgage application advice? Feel free to contact us!