Manage Debts and Mortgages


What’s the difference between good debt and bad debt? Do you know which are tax-deductible and which ones cost you a fortune?

A home is probably the most expensive thing you’ll ever buy, yet many people neglect to consult a personal finance professional before making such an important decision. And if you’re relying on your home equity to provide income in retirement, there are even more things you should consider. Insurance can be used to offset the costs of larger investments (like your home) and can ensure your family stays in your dream home if you or your spouse dies or becomes disabled. If you have accumulated new debt with credit cards or installment loans, insurance can cover these as well.

Manulife One

Most Canadians manage their finances by doing two things:

    1. Depositing their income and other short-term assets into chequing and savings accounts.
    2. Borrowing when they need to, through mortgages, lines of credit, personal loans and credit cards.

Sounds simple enough. Unfortunately, they usually receive low or no interest on the money they deposit, while they pay high interest on the money they borrow. Wouldn’t it make more sense if the deposits and borrowings were combined? Why not have every dollar you earn paying down your debts until you need to use that money?

Manulife One does just that – and more! It brings your mortgage, savings and income together into one multi-purpose “borrowing and chequing” account.

How Manulife One works

The concept of having an all-in-one account makes perfect sense: bring all your banking together to simplify your finances so your income and savings can work harder to reduce debt faster.

Consolidate your debts
When you open a Manulife One account, we could lend you up to 80%* of the appraised value of your home. Use this money to pay off the balance of your existing mortgage, personal lines of credit and any other outstanding debts you might have and lower your interest costs at the same time.

Put your savings to work
If you’re tired of earning little or no interest on your chequing account, savings balances and short-term investments1, Manulife One can help put that money to work for you. It applies those balances against your borrowings, instantly reducing your total debt… and saving you much more in interest costs than you’d likely ever make in interest earnings! And, you can use that money whenever you need it (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. Your income is immediately working for you to help reduce loan interest costs until you need it for your monthly expenses. With even one extra dollar of your income in your account, you reduce your debt faster, so you pay less interest.

Manulife One could save you thousands in interest costs and help you become debt-free years sooner compared to your old way of banking.

Mortgage and debt protection offered by a lender is usually priced and structured in the bank’s best interest, not yours. Know your options to you can make the best choices for your and your family.

Click here for handy debt and mortgage calculators or contact us to learn more.

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