Get out of debt sooner
Interest = Rate X Principal
We all know the mathematics of interest costs. But, when you choose a mortgage based solely on rate, you’re only dealing with half of the equation. Why not try a mortgage that gives you a great rate and makes it easier to lower your principal?
Manulife One does this in four ways.
First, with Manulife One, there is no restriction on how quickly you can repay your variable rate debt.
Second, Manulife One allows you to consolidate your debts at a competitive low rate(s). This can reduce your overall borrowing costs, leaving you with more money to pay down your debt.
Third, Manulife One makes it easy for you to use your short-term savings to pay down your debt. After all, that money could save you far more in interest costs than you’d likely earn in a savings account or GIC.
Finally, because Manulife One works as your day-to-day chequing account, you can have your income automatically deposited into the account. Each deposit immediately pays down the principal.
And, you always have access to your money when you need it, up to your borrowing limit.
When shopping for a mortgage, it’s important to consider interest rate and principal reduction. You could be debt-free years sooner, without any lifestyle changes, simply by changing the way you bank.