Manulife One: Rates, Reviews & More - K5 Mortgage Corp

Manulife One: Rates, Reviews & More

Manulife One is a groundbreaking account offered by Manulife, which we can help coordinate for you. Manulife One is named after the ability to merge a lot of your finances into one single account, which ensures that more of your money is going to work for you at any given moment, rather than sitting dormant and collecting dust in a regular savings account.

Interest rates are low for cash deposits in regular checking or savings accounts, but keeping that money in a Manulife One account means that you’re paying less interest in your mortgage, therefore saving more money that would have otherwise gone towards interest payments. These savings can add up, and they can help to pay off your mortgage sooner.

How Does Manulife One Work?

A Manulife One account combines your debt and savings into one place, which means that your savings and even your paycheques and other cash deposits will work for you by reducing your debt while still offering you full access to your money.

Manulife One gives you more control over your mortgage, with many interesting and unique features designed to empower you as a borrower. Manulife One gives you the keys and lets you take the driver’s seat.

You’ll be able to simplify your finances, save a lot of money on interest, and make adjustments to your mortgage on the fly so that you’re able to adapt to anything that comes your way.

Manulife One is a flexible alternative to traditional mortgage products, and it’s great for people who want:

  • The freedom to increase or decrease their monthly mortgage payments as needed,
  • To access the equity in their home anytime they need it,
  • And to reduce the amount of money, overall, that they end up paying in interest.

By paying off your mortgage sooner using the flexible options, including being able to make additional payments or to increase your monthly payments as your income increases, you’ll end up paying a lot less in interest costs. This ensures that more of your payments will have gone towards equity in your home when it’s all said and done, and you’ll have had the opportunity to save a lot and to own your home sooner.

Here Are Some of the Benefits of Manulife One Mortgages

The ability to reduce or increase your monthly payments is huge. If you come across some extra money, you can deposit it into your Manulife One account. On the other hand, if you’re laid off, or you have to go a couple of months without work for whatever reason, you can reduce your payments to ensure that you’re able to take care of all of your other bills.

This little bit of breathing room can go a long way if you run into difficult financial situations for whatever reason. A lower monthly payment will mean that you end up paying a bit more in interest and that it will take you longer to pay off your mortgage, but in the short term, it can be an invaluable pressure-release valve. Once things are more stable again, you can bring the payments back up.

Manulife One Statements

Your Manulife One statement is the simplest bank statement you’ll ever see. It tells you clearly the minimum payment you’ll need to make to cover that month’s interest costs to maintain your account. This amount is much lower than a typical mortgage payment, but you’ll also have the freedom to make much larger payments anytime you’d like to.

Do you get tired of having multiple bank statements showing up each month from a variety of institutions? Reducing this can help you feel less overwhelmed and less burdened by your finances.

There’s a lot to be said about simplifying something, especially when it’s something like financial accounts. If you have two or three different banks that are always sending you statements and special offers that you aren’t interested in, and it’s just more work for you to have to open and deal with those each month, you could be done with them altogether by switching to Manulife One and consolidating and simplifying your money. Using a mortgage calculator for Calgary homes can help you crunch the numbers on your own, or just reach out to us, and we’ll go over everything with you.

Streamlining Your Banking Process and Simplifying Your Banking

Manulife One makes banking easier by streamlining all of your different accounts, including your cash accounts and your credit accounts, into one product. Are you tired of keeping track of transfers between different accounts at different financial institutions that make it hard to keep track of everything?

Have you ever forgotten to make a transfer when a bill was due and had to pay a late charge, or worse? Having more of your money in one place makes it much easier to see how your finances are doing at a glance, rather than having to jump between different accounts at different banks.

You can deposit your paycheques and other savings into your Manulife One and bring down your debt, which can save you a small fortune in interest costs over the course of your mortgage. When money enters your Manulife One account, it goes to work for you. You’ll start to wonder why you ever left money sitting in checking accounts before, even if it was just for the period of time that it takes to enter the account until you use it to pay your various bills. It all adds up, and once things start to tilt in your favor, it feels really good.

Manulife One Sub-Accounts For Your Mortgage

If you’re having a hard time deciding between a fixed-rate mortgage and a variable rate mortgage, or an open or closed mortgage, this is a fantastic solution. Using Manulife One’s sub-accounts, you can lock in different portions of your debt as either fixed or variable and on an open or closed term. This will separate this portion of your debt from your main Manulife One account and can be a useful tool for people who are trying to optimize their debts as much as possible or to hedge against changes in interest rates without having to go all-in on one style of mortgage or another.

This offers a level of diversification that was previously unheard of for mortgage holders. Homeowners are often forced to guess between different styles by predicting the future to determine which choice will be best for them. Still, Manulife One allows you to dabble in different styles of mortgages thanks to their sub-accounts feature.

When you get the best of both worlds without having to choose and without having to play into a paradigm that’s been set by banks with their traditional styles of mortgages, you’re gaining a new type of financial freedom. Why should you always have to play by someone else’s rules when you work hard to earn your mortgage payments, and they should be happy to have you as a client?

The Manulife One mortgage product understands that everyone is unique and has their own needs when organizing their finances. There are different timeframes, different risk tolerances, different personality types, and many other factors that could impact your need for flexibility in your mortgage.

Getting The Best Manulife One Rates

Getting the best mortgage rates will depend on a number of factors, with which we’re very familiar. We can go over your financial situation to ensure that you’re in a position to get the best Manulife One rates that you’re entitled to. By taking a consultation before you apply, looking over your credit score, and considering your current financial situation, it’s possible to take steps to help you pay less interest on your mortgage.

Manulife One has fixed rates and variable rates, depending on whether you’re looking for the predictability of a fixed rate or the potential savings from a variable rate.

Manulife, in 1993, was the first insurance company to open a bank in Canada. While they don’t have branches that you can visit, their products are available through a number of mortgage brokers across Canada. If you’re curious what the current best Manulife One rates are, give us a call or send us a message, and we’ll be happy to assist you in choosing a Manulife One setup that benefits you.

We can explore the rates, the different ways to use this product, and the best steps to take to ensure that you’re able to meet your financial goals in the short term and the long term, even if there are some bumps along the way. It’s all about being prepared so that you can weather any storm, even when you’re hoping for smooth sailing.

Is Manulife One a Good Idea?

An important aspect of choosing a mortgage, or any financial product or strategy for that matter, is ensuring that it’s a good fit for you. With so many diverse options to choose from, not everything will be a perfect fit for everybody, so the key is to choose what’s right for you.

The perfect mortgage for your neighbour may not be the one that’s ideal for you in your own financial situation. People have different timelines for investing (and a home is very much an investment, in fact, it’s the largest investment that most people will make). Having a mortgage that fits into your timeline is just part of the puzzle, however.

It’s important to consider your unique financial goals.

  • Do you plan on trying to pay off your mortgage early?
  • Do you plan on trying to leverage it to purchase more property down the road, like income properties?
  • Do you plan on this being a major part of your portfolio, or do you have many other investments?
  • Do you plan to sell your home at any point or spend the rest of your life in it?

We’ve only started to scratch the surface to explore all of the things you’ve got to consider when choosing a mortgage. The good news is that if one thing is apparent, it’s just how important it is to have the option to be flexible.

Being flexible is where Manulife One really shines. You can choose between different types of mortgages, which used to be a major make-or-break decision for homeowners, and you can even mix and match them together as you see fit.

Variable rate Manulife One mortgages are often priced the lowest, with a short-term fixed-rate six-month mortgage being the most expensive option. Rates can vary greatly depending on what the Bank of Canada’s interest rate is and how it’s expected to move in the short and longer term.

The Manulife One Pros and Cons You Need to Know About

Here’s a quick list of some of the Manulife One pros and cons that are important to keep in mind. As with every financial product, there are pros and cons, and a Manulife One mortgage might not be a perfect solution for everyone, but if it’s the best option for you, that’s always good to know!

Pros of Manulife One

  • Flexible: Manulife One is incredibly flexible. For example, you can have a portion of your mortgage at a fixed rate and a portion at a variable rate without having to choose one or the other.
  • Sub accounts: These make it very easy to track your money, for example, if you have an investment property and want to write-off expenses. Manulife One subaccounts also make your mortgage more versatile.
  • Safety net: If you work on commissions and things are slower for a while, or if you work on large projects where you’re paid at the end, or if your finances can vary from month to month for any other reason, your equity acts as a safety net to keep you afloat. It gives you emergency access to funds without having the very high-interest rates of credit cards.

Cons of Manulife One

  • Requires discipline: This isn’t unique to Manulife One, but when you have a mortgage that’s this flexible, and you aren’t working towards paying off the debt, you can end up just skimming by with minimum payments without making enough of a dent in the principal of the loan.
  • Monthly fee: There’s a small monthly fee until you bring your account into a positive balance. It’s similar to the fees you’ll find for checking accounts with the major banks, and the benefits of Manulife One can easily offset this cost.
  • Costs: Before factoring in some of the very beneficial things you can do with a Manulife One mortgage, like The Smith Manoeuvre, it can look a bit costlier on paper compared to some of the cheapest and most barebones mortgages that aren’t always very customer-friendly when you look closely at the terms. Once you factor in things like that, Manulife One starts to look a lot better than its competitors.

Manulife One Mortgage Calculator

If you want to find out exactly what Manulife one can do for you, the best way is to use a Manulife One calculator. You can reach out to us any time, and we’ll help you run the numbers while exploring ways to maximize the benefits you unlock by using Manulife One.

We’ll help you to ensure that your money is working hard for you while you’re out there working hard for yourself. With prudent financial planning and management, you can reach your money goals sooner than you’d ever imagined.

A Manulife One mortgage calculator will help you compare rates between shorter-term mortgages and longer terms and between variable rate and fixed rate Manulife One mortgages.

Here’s What the Manulife One Reviews Have to Say

We’ve curated a selection of Manulife One reviews and testimonials from people who have actually used this product and shared their opinion of it. While reading through these excerpts and testimonials of Manulife One, please remember that these Manulife One reviews are written by regular people and not by financial professionals. These are homeowners sharing their own experiences with Manulife One, and this is not professional financial advice.

“We’ve experienced many benefits from our Manulife One account. We’ve saved at least $5,000 per year in interest payments, which helped to pay down our debt faster than when we had multiple loans and a mortgage through another bank. We’ve been able to write out a cheque from our Manulife One to purchase RRSPs and then took pleasure in depositing the income tax refund cheque back into it afterwards,” shared Normand and Yvonne from Fort MacMurray in a testimonial on Manulife’s website.

“We switched to a Manulife One account almost two years ago. We have paid off so much of our current mortgage that we were able to purchase our dream house in a perfect neighbourhood while keeping our current house as a rental property. Our Manulife One has given us the ability to break free from conventional mortgages. With all the money we have saved, we are now facing a very bright financial future, and being mortgage-free by age 35 is a very distinct possibility!” This was another testimonial from Manulife’s website, left by a couple named Julia and Chris from right here in Calgary.

While the aforementioned homeowners are still young and plan to pay off their mortgage very early, other homeowners have to think about mortgages for retirees.

“I switched my mortgage to Manulife One, and I have been able to pay myself first. This means paying less interest and reducing my mortgage that much faster. I have been able to take years off my mortgage in just a short period of time it has given me the financial flexibility I’ve always needed,” revealed Celynn from Garson, Ontario.

Also from Ontario, here’s what John had to say: “We were paying significant fees on a variety of loans and credit cards and wanted to lower our repayment times. This was achieved with Manulife One and we will see financial freedom far sooner now. The plan that was put forward is easy to follow and now for the first time, we actually have savings building up.”

Suffice to say; there’s no shortage of testimonials from Canadians who have benefited from the freedom and flexibility afforded to them by their choice to use Manulife One.