Mortgages

A recent study has shown that Canadians are losing thousands of dollars by not consolidating their debts and by not integrating those debts with the assets they have. Manulife One is an innovative account that does just that. It enables Canadians to use what they ownto reduce what they owe, to simplify their day-to-day finances and to save thousands in interest costs.

If, however, a traditional mortgage is what you're looking for, the Manulife Bank Preferred Rate Mortgage gives you a low fixed rate -- guaranteed to be among the best in the marketplace -- without haggling.

Manulife One

What it is and how it can save you money

Manulife One is an all-in-one account that is different from any other account you’ve heard about. And the differences could save you thousands of dollars.

Integrated banking
Instead of having a separate mortgage, chequing account, savings account, line of credit, and assorted banking products – all at different interest rates and all with different fees – you have one simple “chequing and borrowing” account.

How it works
All of your debt is consolidated at one low rate of interest, which means, immediately, you could start saving on interest costs. Next, any of your short-term savings (chequing and savings accounts balances – even your income) are deposited into the account to reduce your debt. Again, saving you interest.

Then, you simply use the account as you would any regular chequing account, with a debit card, cheques, pre-authorized withdrawals, and so on. Now, every time you get paid your income immediately lowers your debt and continues to save you interest until you need to use your money for something else.

Manulife One as a Mortgage – what it is and how it can save you money

Access to 50%, 75% or even 90% of your home's value

When you open a Manulife One account, you will have access to up to 75% (or up to 90%) of the value of your home. You will use this to pay off your existing mortgage and any additional debts you may have, such as car loans, credit card balances and lines of credit.

The key, then, is for you to deposit your short-term savings and chequing account balances into the Manulife One account and arrange to have your income deposited there also.

Incredible savings
By combining your chequing account with your mortgage -- and adding in short-term savings and your income -- you could save a significant amount in interest costs and could pay off your mortgage years earlier and for thousands of dollars less than with a traditional mortgage. The Manulife One account is available anywhere in Canada except Labrador and the northern territories.

Convenience
Even though Manulife One is an all-in-one account, it does allow account holders to segregate certian debts if they need or would like to track them separately. For example, money borrowed for investment purposes may be segregated for tracking the tax-deductible interest. In addition, a fixed-rate sub-account is available to enable account holders to lock-in a portion of their debt (up to 75%) if they'd like to "hedge their bets" on rising interest rates.

We'll help pay for the appraisal and legal fees
Any time a mortgage is set up, there are costs involved. Appraisal fees are charged to assess the value of the property and legal fees result from title searches, witnessing the signatures and registering the mortgage.

When you set up your Manulife One account, Manulife Bank will cover the cost of one appraisal, although sometimes two appraisals are required (specifically for accounts with a borrowing limit in excess of $1 million). And, provided you use the services of our Title Insurance program, we’ll cover the legal fees as well for a straightforward title search on a mortgage renewal. For a purchase, we'll cover the legal costs up to $500.

We do not cover any penalties or fees that your current financial institution charges you for canceling your mortgage early.

Unlimited Transaction for a small fee
Once your account is active, there is a small monthly admin fee that covers the following unlimited transactions throughout the month:
  • Cheque writing
  • ATM access (no charges at THE EXCHANGE network ATMs)
  • Debit card purchases
  • Telephone banking
  • Internet banking
  • Account aggregation
There are no charges on an item-by-item basis, unless you request additional, unusual transactions or use an ATM that is not on THE EXCHANGE network.

Manulife One as a second mortgage

If your first mortgage is not yet up for renewal, you may be able to open Manulife One in the second position (which is basically like a second mortgage) and then roll your first mortgage into the account when the time is right. This helps you avoid costly cancellation penalties for your current mortgage but allows you to enjoy the advantages of Manulife One immediately.
#102, 9802 97 Avenue
Grande Prairie, AB
T8V 7K2

Bus: 780-532-4400
Toll Free: 800-654-3684
Fax: 780-539-6669

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Disclaimer:
  • Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments.
  • Please read the fund's simplified prospectus before investing.
  • Mutual fund securities are not guaranteed, their values change frequently and past performance may not be repeated.