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Manulife Bank Mortgage of february 2023

Apply for Mortgage from Manulife Bank verified by our specialists. On 08.02.2023 you have access to 2 home loans with a low rate. Increase your chances of getting money — fill out a multi-application with a free credit rating check.

Offers: 2

Updated
30.12.2022
06:34
Manulife Bank Select
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
Rate
i

Effective interest rate on the product

4.45% to 6.24%
Term
i

Loan term for the financial product

6 months to 10 years

Get 1% cashback on your mortgage value (Up to $9,250*) mortgage cashback

Manulife Bank One
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
Rate
i

Effective interest rate on the product

4.45% to 6.24%
Term
i

Loan term for the financial product

6 months to 10 years

Calculate the mortgage
Loan amount
i

Loan amount

CAD
CAD
USD
50000 C$
5000000 C$
Down payment
i

Specify the percentage of the down payment

%
C$
5
50
Your loan amount
C$
Loan term
i

Specify the loan term for the calculation

years
months
1
25
Interest rate
i

Choose the interest rate on the loan

4 %
6 %
Type of payments
i

Specify the type of payment for calculating

Online application for a mortgage

Mortgage amount:
200000 C$
2500000 C$
Term:
5
30 years
Online application for a mortgageOnline application for a mortgageOnline application for a mortgageOnline application for a mortgageOnline application for a mortgage
Your data is securely protected. Will not affect your Credit Score.
Loan amount
0 C$
Loan term
0 months
Monthly payment*
40 383 C$
More

Types of mortgage loans

GoDay
1.6
JUDGEV
JUDGEV
26.05.2022 at 15:46
the application is easy and takes less then 5 mins to fill out. but the funding time is quite long. if looking for instant funding then its not here...
Review
Manulife Bank Mortgage of february 2023

Types of Manulife Bank mortgages

Manulife Bank One. Manulife Bank One is a comprehensive financial solution combining a mortgage, a bank account, short-term savings, income, and other debts. Manulife One allows you to use your income and short-term savings to repay your loan balance. An approved borrowing limit allows you to access money whenever you need it. In addition, you can increase or decrease your mortgage payments with access to your home equity as needed.

Manulife Bank One also enables you to split your mortgage into up to 5 portions and set up different terms, rates, and payment schedules for each of them. This way, you can have portions with fixed and variable rates, open and closed terms, thereby protecting yourself from rate fluctuations and prepayment penalties.

A variable rate changes with Manulife One Base Rate, which is 5.20% at the moment of writing this review. A fixed rate for closed mortgages ranges from 4.45% to 6.24%, depending on the term. The terms for closed mortgages range from 6 months to 10 years.

An interest-bearing Manulife Bank One account provides a 1.25% interest rate for positive balances and involves a $16.95 fee for unlimited daily banking. For seniors aged 60 and older, this fee is $9.95. Maintaining a balance of at least $5,000 allows you to waive the unlimited daily banking fee.

Manulife Bank Select. Manulife Bank Select is a solution combining a customizable mortgage and a high-interest chequing account. With Manulife Bank Select, you can split your mortgage into up to 5 portions with different amounts, rates, terms, and payment schedules.

A variable rate for a 5-year closed mortgage is 4.70%, and a 5-year open mortgage is 5.70%. A fixed rate for closed mortgages ranges from 4.45% to 6.24%, depending on the term. The terms for closed mortgages range from 6 months to 10 years.

A chequing account you get with Manulife Bank Select mortgage is available either for a $9.95 monthly fee or on a pay-as-you-go basis. Maintaining a balance of at least $5,000 allows you to waive monthly and transaction fees.

How to apply for a Manulife Bank mortgage?

There are several ways to apply for a Manulife Bank mortgage:

  • By filling out the form to connect with a mortgage specialist
  • By calling Mortgage Bank representatives at 1-844-239-4677
  • By reaching out to your local advisor or mortgage broker

Requirements

To qualify for a Manulife Bank mortgage, you must be a Canadian resident of the age of majority in your province. Before applying, prepare your social insurance number (SIN).

A mortgage specialist will look at your credit score and income when reviewing your application. Be ready to provide information about your sources of income, your gross household income, and other financial obligations you might have.

Pros and cons

Mortgage options from Manulife Bank have definite advantages:

  • Comprehensive solutions combining a mortgage, a bank account, short-term savings, income, and other debts
  • An opportunity to split a mortgage into portions with different terms, rates, and payment schedules
  • Easy mortgage loan repayment once you have an account funded
  • An opportunity to use interest income to repay your loan balance

Still, there are certain disadvantages:

  • Manulife Bank mortgages involve one-time fees — legal fees and a discharge preparation fee
  • If your down payment is less than 20%, you will have to buy mortgage default insurance

How to make a payment?

To pay for your Manulife mortgage, you need to fund an account you get with a chosen mortgage option. There are many ways to deposit funds into your account — by setting up direct deposit, transferring funds between your accounts, depositing funds through an ATM, depositing a cheque through the Manulife Bank mobile banking app, or setting up Interac e-Transfers.

Once you do, you can use funds from your account to make a mortgage payment online or through the Manulife Bank mobile banking app.

FAQ

How to repay my Manulife Bank mortgage faster?

With both Manulife One and Manulife Bank Select options, you can repay mortgage portions with open terms at any time with no prepayment penalties. Manulife One and Manulife Bank Select mortgage portions with closed terms allow you to make prepayments of up to 20% of the original balance once a year without penalties. With Manulife Bank Select closed mortgage portions, you can also increase your regular payments by up to 25% once a year, penalty-free.

Can I keep track of my mortgage repayment progress online?

You can monitor your mortgage repayment through your online banking account and the Manulife Bank mobile banking app. Go to the “Accounts” page, select your mortgage account and click “Graph View”. Once you do, you will see your progress over the last 30 days. You can change the time frame as needed and see the progress for over up to 1 year.

The Manulife One account also allows you to view a graph of your progress on your monthly statement.

Can I change my mortgage payment terms?

With a Manulife One account, you can increase or decrease the sum of your mortgage payments at any time, as long as you don't exceed your borrowing limit.

To change payment terms for other Manulife Bank mortgages, call the Manulife Bank customer service at 1-877-765-2265. They will inform you about the available options and make the required changes for you if possible.