Changes to my Manulife One account
If you wish to increase or decrease your borrowing limit
- If the appraised value of your home has increased, we may be able to increase the borrowing limit of your Manulife One account. Note that the limit increase would be subject to additional underwriting. Fees may apply.
- At your request, we can also reset the borrowing limit at a lower amount than the original approved maximum. Fees may apply.
- If you’d like to request an increase or decrease to your borrowing limit, please call 1-877-765-2265.
If your Manulife One is currently in the Second Position and your current first-position mortgage is maturing.
- If you opened your Manulife One account as a second position mortgage (i.e. you’re waiting until your first mortgage renewal date so you do not incur interest penalties or cancellation fees from that financial institution), it is beneficial for you to roll your first position mortgage into your Manulife One account when your first mortgage renews, if approved.
- Prior to the renewal date of your first-position mortgage, Manulife Bank will review your account and contact you regarding your Manulife One account. Manulife Bank can make arrangements with your first mortgage lender to close the loan at renewal and move the outstanding balance to your Manulife One account, if approved. A new appraisal and underwriting may be required.
- You can also contact Manulife Bank at 1-877-765-2265 at any time to initiate the transfer of your Manulife One account into the First Position.
- NOTE: The interest rate* available on first-position Manulife One accounts is also available as an introductory rate for second-position Manulife One accounts. If your first-position mortgage renews and your Manulife One account remains in second-position then:
- Your maximum borrowing limit will not increase and
- A higher interest rate* will be charged. Call 1-877-765-2265 for details.
* Note: Rates are subject to change without notice. Click here for current rate information.
If you’re planning to sell your home and purchase another home
- Please contact Manulife Bank at 1-877-765-2265 as soon as possible once you’ve decided to sell your home.
- We’ll let you know what’s involved in transferring your Manulife One account to your new property and also provide estimates for any fees that may apply.
- Bridge financing: If the sale date for your current property is after the purchase date of your new property, ask us about bridge financing.
- Construction financing: If you are purchasing a home that is under construction, building financing is not normally available under Manulife One. Nonetheless, if you are purchasing a home that is being constructed, Manulife Bank will appraise the property upon completion, or just prior to closing, to ensure the home is complete. Generally, 10% of the appraised value of the home will be initially withheld from your Manulife One borrowings to ensure that there are no outstanding construction liens on the property.
Please note that if your maximum borrowing limit increases, the increase may be subject to re-qualifying and you may need to put part of your borrowings in a term sub-account.