When you borrow to buy a house, the amount of interest you pay on that loan can be as much as the actual cost of the house itself. It doesn’t have to be that way.
Manulife One is a revolutionary approach to managing your money that could save you significant time and money over traditional financing. It can simplify your finances by combining your debts, savings and income into a single personal borrowing and chequing account.
How it works
First, Manulife One is a secured line of credit based on up to 80% of the appraised value of your home that you use to consolidate other higher interest debt. In this respect, it is similar to a traditional line of credit or home equity line of credit. Now, you’ll be saving interest costs by paying a competitive low rate(s) on your debt.
Next, add your chequing account balance and your short-term savings into that same account. This immediately reduces your total debt and saves you interest costs. After all, you’ll likely be saving more in interest costs by paying down your debt than you would earn in a savings account – even a high-interest savings account.
What is different from a traditional line of credit or home equity line of credit is that you have your income automatically deposited into your Manulife One account. Every time you get paid or make a deposit, it immediately reduces your debt. Throughout the month, the Manulife One account acts as your daily chequing account where you have access to your income as well as a line of credit to pay for expenses.
Every dollar you have works for you to keep your borrowings – and your interest costs – lower.
You could save thousands in interest and be debt-free years sooner
The savings can start from day one
Appraisal cost may be covered. Your Banking Consultant can help assess your current home value quickly and at no cost to you using an online appraisal system. It’s part of our convenient online application process. Note that you may be responsible for the appraisal cost if an in-person appraisal is needed.
No-charge switching. Manulife Bank covers the standard legal fees involved in switching to a Manulife One account when you use our title insurance program. Ask your Banking Consultant for details (excludes any penalties or discharge fees).
Up to $300 of the legal fees on home purchases are covered by Manulife Bank. Actual legal fees relating to home purchases may vary by transaction and by individual lawyer used.