We encourage our clients looking to get out of debt to consider a Manulife One account.
Manulife One is Canada’s first flexible mortgage account. It works by combining your mortgage with your chequing and savings account. As a result, the moment your income enters the account it immediately pays down your debt.
You’ll need to draw on that income throughout the month to pay your expenses. However, since interest is calculated on a daily basis, every day that even one dollar of your income is in the account, you are reducing your debt and saving money on interest.
Consolidate your debts: When you open a Manulife One account, Manulife One could lend you up to 80% of the appraised value of your home. You use this money to pay off the balance of your existing mortgage, personal lines of credit and any other outstanding debts you might have. Now you pay one low interest rate on every dollar you borrow.
Put your savings to work: If you’re tired of earning little or no interest on your chequing account, savings balances and short-term investments, Manulife One can help put that money to work for you. Apply those balances against your borrowings, reducing your debt faster…potentially saving you much more in interest costs than you’d likely ever make in interest earnings. And, you can take it back out whenever you want (up to your borrowing limit).
Put your income to work: By adding your regular income to your Manulife One account, you further reduce your debt the instant the deposit is made.
By using Manulife One, you could save thousands of dollars in interest and take years off your mortgage. The best part is, you won’t have to compromise your lifestyle in order to pay off your debt. For more information, please fill out the form below.