The rules have changed.
Nothing is wasted. And now you’re securely in control.
A Manulife One Mortgage is an all-in-one income/billing system that includes your mortgage. Instead of creating various bank accounts for different purposes, you can bring together all of your income and expenditures, short-term savings and loans, together with your mortgage, and create ONE stream where all of your financial activity is taking place.
It’s like creating a secure network of all of the factors impacting your financial situation so you can make every dollar work for you.
See? Nothing is wasted.
How Does It Work?
With this unique banking product from Manulife, you can save thousands of dollars while experiencing more clarity and control over your finances than ever before.
Reduce interest costs over many individual debts.
With the Manulife One Mortgage, everything is consolidated. Many small debts get rolled into one. You’ll be able to see what is “still owed” and where, but every dollar of income you bring in or accumulate in savings can immediately be counted toward those debts. This essentially takes the guesswork out of having to wonder if you’ll have any extra at the end of the month to put toward paying down debt. It’s like a built-in repayment program that takes any free amounts from your month-to-month dealings and uses it to pay down the debt. Erasing any high-interest debt is one of the best ways to become financially healthy and have more to play with at the end of the day. This is one of the best and easiest ways to address issues and build amazing credit.
Increase or decrease mortgage payments with ease.
Changing your mortgage payments to suit your budget is often a pain with a traditional mortgage. If you are making changes at any time besides the scheduled renewal date, you are often subject to annoying fees – even if you want to give them more money! The Manulife One Mortgage challenges this line of thinking and puts the control back in your hands.Within a maximum predetermined amortization period, you have the freedom to change the rate of payment. This flexibility will give you the breathing room, when you need it, without creating more stress and added costs before your scheduled renewal.
Access your home equity when you need it.
Conveniently access equity that has accumulated in what you’ve paid into your home mortgage, just like a Home Equity Line of Credit (HELOC) – without the additional time and energy of setting it up. It’s already prepared for you! When you create a Manulife One Mortgage, it’s like a HELOC is automatically created for you to access up to a predetermined borrowing limit. And just like a traditional mortgage, your money is there, securely waiting for you if you need it. But not like a traditional mortgage, it’s already working for you, counting toward your other debts and reducing the interest that you pay. So, it’s actually earning you money.
No Debt = No Worry
With the new Manulife One Mortgage, you can see how it is possible to become debt-free years sooner than with a traditional mortgage model. All of your short-term savings, income, and home equity are all living under the same roof, pulling in the same direction – reducing the balance of your debts when and where possible, and reducing the amount of overall interest.
And it’s not just a debt-free status you’ll earn. All of those positive financial factors, income, short-term savings, and equity – count as assets towards possible borrowing capabilities.
So debt-free might as well be worry-free, as you realize the many small steps that will catapult you closer to the next expansion, investment, dream home, travel or otherwise stress-free lifestyle you are working so hard to achieve.
A new type of mortgage and a simpler way to save!