Paid off the mortgage

Have paid off the mortgage

Manulife One is a great tool for helping homeowners become debt-free sooner. But it can be an effective financial tool for homeowners who have already paid off their mortgage. Here are four compelling reasons to consider making Manulife One a part of your financial plan.

Be your own banker

Being debt-free today doesn’t mean you’ll never need to borrow again. Manulife One provides you with convenient access to your home equity, up to your borrowing limit. If a borrowing need arises, such as a car purchase, vacation property or children’s education, you can simply write a cheque, use your debit card or transfer funds online. You may never need to apply for a loan again.

Super-size your rainy-day fund

Most financial professionals recommend having a rainy-day fund that would cover three to six months of expenses. This is good advice, but what if that’s not enough? With Manulife One, you have access to your full borrowing limit – typically 50%-80% of the appraised value of your home. You may never need to borrow – but it’s good to know you have that option.

Know where you stand financially

When you consolidate your chequing and savings within Manulife One, together with any debts you may have today or in the future, it becomes very easy to know exactly where you stand financially. Each month you’ll get a comprehensive statement that includes a graph showing the change in your debt or savings. With Manulife One, managing your day-to-day finances is much easier.

A great everyday chequing account

When your account is in a positive balance, you’ll earn a competitive rate of interest on every dollar – there’s no minimum balance. Plus, if you’re short of cash one month or need to write a big cheque, you won’t need to worry about going into “overdraft” as long as you remain below your borrowing limit.

Looking for another innovative mortgage solution?  Check out Manulife Bank Select