MANULIFE ONE – An All-In-One Mortgage Solution
Save $1000s Of Dollars In Unnecessary Interest With A Manulife One!
The best way for me to describe ManulifeOne to you is to have you imagine your day-to-day banking account where your mortgage/HELOC (home equity line of credit) is attached to your chequing account as a large overdraft.
MANULIFE ONE CALCULATOR AND SAMPLE STATEMENT
HOW MANULIFE ONE WORKS
As you deposit money into your account (i.e. payroll, gifts, cash) the credit goes right against your mortgage principal. As you spend your money on (groceries, bills, etc.) then interest is charged again. One of the most amazing things is that simple interest is calculated on the balance daily, rather than compounding.
Simply put, simple interest is better when you’re borrowing money.
The ability to have all of your money go against your mortgage principal reduces your interest costs and helps you pay your mortgage faster.
You can borrow up to 80% of the property’s value (20% down/equity requirement). Manulife does purchases, refinances, and transfers. One of our favourite features of Manulife is they are open to rural locations, acreages, and even hobby farms.
RIGHT OF SURVIVORSHIP
RIGHT OF SURVIVORSHIP: This feature is so important, but I was sure where to put it in this post. Should one of the borrowers pass away, the ManulifeOne automatically transfers to the surviving spouse/borrower without having to requalify.
STRUCTURING THE MANULIFE ONE
We can structure your ManulifeOne in a few different ways. The HELOC portion referred to as your MAIN account can be up to 65% of the value of the property. The remaining 15% will be in a fixed-term mortgage referred to as a SUB ACCOUNT. You are allowed up to 5 Sub Accounts which can be very beneficial in laddering your mortgage or purchasing a major asset like a vehicle.
Payments are flexible. Interest only on the MAIN ACCOUNT/HELOC portion. Principal and Interest on SUB ACCOUNTS.
The ability to have all of your money go against your mortgage principal reduces your interest costs and helps you pay your mortgage faster. The MAIN ACCOUNT/HELOC portion is also fully open! You can pay as much or as little of this balance as you like.
This is also an excellent product if you believe interest rates are substantially going to reduce in the next few years. It offers more payment flexibility than a Variable/Adjustable-rate mortgage and doesn’t lock you into a shorter-term mortgage where the rates are higher at the moment. It allows you to ride out the high interest-rate environment while offering less stress on your monthly cash flow.
Qualifying for the product is also easier. Manulife offers:
Self-employed program for clients who have been in business for 2 years.
Net Worth Program for clients who may be retired and collecting pensions and are asset-rich but need a flexible mortgage solution.
All in all, if you are considering purchasing a new home, refinancing your existing home, or even transferring your mortgage upon renewal, you should definitely contact us to go over the features and benefits of the ManulifeONE