Mortgage 101 joins CIOE

Clinton Wilkins joins Cecil Wright on CIOE 97.5 FM’s Morning Magic to discuss the benefits of working with an independent mortgage broker, changing conditions in the Halifax real estate market, the growing popularity of variable-rate mortgages, and the arrival of Mortgage 101 on CIOE.

Cecil Wright

Cecil back with you here on Morning Magic, and I am so delighted to have a special guest on the phone here talking to us. I’m talking about Clinton Wilkins.

And Clinton, you’re a well-known man about town. Tell me a little bit about yourself.

Clinton Wilkins

Well, Cecil, I feel like this is a reunion. You know, we went from our old place that we were doing our contributions, and now we’re here on the radio again. So I feel like it’s a bit of a reunion.

Cecil Wright

Well, it is in a sense, isn’t it?

You have been involved in the financial, the mortgage business for quite some time. Tell me, what exactly is an independent mortgage broker, and what’s the difference between that and a banker?

Clinton Wilkins

Well, I’ve been doing this coming up on about 21 years, and I love it more today than I did, you know, 20 years ago.

You know, I think the big difference in what we do is we really try to own that relationship with the client, and we’re biased to the client, not to the lender.

Now, we deal with all kinds of different lenders, Cecil. So, you know, for us, we want to make sure that we’re putting the client in the best financial position, and our main objective is for the customer.

Where the difference with the banks and that type of situation, their main objective is really to return the profits to the shareholder. So the objective is different.

And I think when you’re working with an unbiased mortgage professional, it’s really the customer first.

And we want to build that relationship, and we want to have a long-term relationship with the client.

You know, a lot of people have their mortgages for 25 and 30 years. So, you know, it’s really a long-term relationship. We want to make sure that we’re putting people in the best financial position.

Cecil Wright

All right, excellent.

Well, Mortgage 101 is coming to CIOE, and what is it that our listeners can expect to hear?

Clinton Wilkins

Well, I’ve been doing the show for nine years.

You know, originally I started doing some stuff with Rick Howe, who I know that you know, and then I had a weekend show with Todd Veinotte, and most recently Dan Ahlstrand has taken the co-hosting chair, and we’re keeping the show going.

You know, originally we were on one radio station that doesn’t exist anymore, and now we are going to be here for your listeners to hear, which is excellent.

And we have some other community radio stations that we’re supporting across the province and our region.

The show, same format that we were doing before, you know, it’s really about mortgage lending. It’s about real estate. It’s about personal finance. We talk about the Bank of Canada. We talk about economics and what’s going on in the news.

It’s a show that we run once a month. It’s an hour show. Basically, we break it up into four sections, and it will be on the news waves here on Saturday and Sunday, which I’m very excited to be launching with you guys and having the listeners get to learn and hear about mortgage lending and real estate.

We know it’s a super hot-button topic right now.

You know, when I first started doing the show nine years ago, Dan said, “Okay, we’re going to give Clinton one season about talking about mortgage lending. It sounds kind of boring, and after that one season we’ll be done.”

But as we know, things really changed when COVID happened, and a huge focus on real estate and mortgage lending now in our region and really across the country.

Cecil Wright

Well, we’re really delighted. You’ll be on the air here Saturday and Sunday on CIOE at 12 noon each day, and I know that our listeners are really going to be listening for your advice.

Tell me, how is the real estate market right about now?

Clinton Wilkins

You know, I think from a buyer standpoint, I think that there are some more opportunities.

We’re really coming off of a time where it was a super seller’s market, where sellers had all the power and buyers really had to bow to whatever their desires were.

Now we’re seeing more real estate on the market, and the real estate that’s on the market is sitting for a longer period of time.

So from our perspective, it’s certainly becoming more balanced here in Halifax, and I would say that there’s some areas of Atlantic Canada that it’s even becoming maybe more of a buyer’s market.

You know, having a more balanced market is good for both sides.

We came off of a time where some properties were selling $50,000, $100,000 over the asking price, and there were 20-plus offers on some properties. We’re not seeing that now today.

And I think that the buyers and the sellers are being better protected. You know, there’s more conditions. I think there’s a longer condition period, and I think people are making more educated decisions.

And it’s giving us, as mortgage brokers, more time to make sure that we’re putting clients in the best product.

You know, there was a time where we were just trying to stay above water. We were just going as quickly as we can, and it was more of a commodity business.

I think we’ve really shifted back to the advice business, and that’s where I think it gives the most value for the consumer.

Cecil Wright

Well, before I let you go, can you tell me what are the mortgage rates right now, and are they going to be doing a little bit better later this month?

Clinton Wilkins

Well, you know, I think our listeners are going to be tuning into the show here this weekend to get the real hot tips, Cecil.

But what I will say is a huge percentage of our customers today are choosing to do a variable-rate mortgage, which is a big shift in the trend.

Historically, 60% of customers were taking a five-year fixed. That is not the case today.

More and more consumers are coming in asking for a variable-rate product.

I’m in a variable rate myself, and we’re watching and listening all the time on what’s going on with the economists and what’s going on with the Bank of Canada.

So I really do encourage listeners to tune in. There’s lots of great feedback, and we have a lot of interesting guests on the show over the year.

So I really encourage everyone to tune in.

I think there’s probably some listeners that have never heard our show or heard me before. So really, it’s worthwhile if you own a home or if you’re wanting to become a homeowner. Certainly a lot of value that you’re going to get from the show.

Cecil Wright

Well, very few people have not heard your voice before on the radio.

We’re looking forward to working with you here. Mortgage 101 will be heard Saturday and Sunday on CIOE at 12 noon each day.

That’s Clinton Wilkins, and be listening for his voice because we’re going to hear more from him very, very soon.

You’re listening to Morning Magic right here on CIOE 97.5 FM, The Blend.