Mortgages: Manulife One

Manulife One isn't a traditional mortgage. It's a better idea that could save you tens of thousands of dollars in interest…..without you having to pay a cent more each month.

Manulife One is Canada's first flexible mortgage account. It works by combining your mortgage- and any other debts you have- with your day-to-day finances (including your income!) in a single personal borrowing and chequing account.

What you owe goes into a single account. (Manulife Bank gives you up to 75% of the value of your home.) Then, add your chequing balance into that same account. You can also add your short-term savings- especially those small accounts you use to save for something specific, such as a vacation. (And, you can always access your money when you need it.)

Any deposits immediately reduce what you owe and, since interest is calculated daily, you'll save more interest, using it against your borrowings than you could earn on it.

Then, use that same account as your daily chequing account, depositing your income and paying all your expenses from it. Money you don't spend each month- a dollar or one hundred dollars- stays in the account. The result: every dollar you have works for you to keep your borrowings- and your interest costs- lower.

What are the benefits to you?

You can:

• Potentially save thousands of dollars in interest on your mortgage
• Or pay down your mortgage more quickly
• Get one low rate of interest on all your borrowings
• Make every penny you have work harder for you, all the time
• Give you access to the equity in your home, whenever you need it
• Run nearly all your day-to-day finances with a single account
• Do all these things effortlessly

For more information on the Preferred Rate Mortgage or Manulife One, call or email us today.