The Freedom of Flexibility

Looking for something a little out of the ordinary for your mortgage? Manulife Bank might have just what you’re after.

Flexibility and freedom may not be the first things that come to mind when thinking about a mortgage. But with Manulife One you can really manage it the way that works best for you. Andy Kuyper, Product Director, Retail Lending at Manulife Bank breaks down the benefits of Manulife One and helps put you one step closer to your goals.

Play the long game

Repaying your mortgage quickly may seem like the best approach when it comes to financial health, but that’s not always for everyone, especially if it’s not aligned to your near term goals. “We are realizing, especially with the younger generation, that lifestyle and living better are becoming more important to people than paying down debt as fast as possible,” says Kuyper. “Instead, what you may need is a mortgage product that adapts to you and your needs, now and in the future. You can accelerate your debt repayment if this is a primary goal. Or if it’s not, you could still combine all of your emergency savings and debts under the one account. You have the freedom to draw down as you require additional money for things like a new car, vacation, RRSP loan, children’s education, etc. In this scenario, you may not be accelerating your debt repayment, but you are enjoying life and potentially increasing your net worth in other areas (investment, property appreciation through renovations).”

Big differences, big rewards

It’s hard to choose from the sea of sameness, but Manulife One stands apart primarily because, well, it’s not really a mortgage. “In its simplest form, it’s a bank account that allows you to consolidate all of your bank debt and assets to save you interest costs and bank fees (versus the traditional banking method of having a separate account for each purpose.),” says Kuyper. “But the biggest advantage is its flexibility. As more people begin to identify living better as a key priority, they will look for flexible banking products like Manulife One to help them achieve their life goals.”

A perfect match

The key thing Manulife One requires for success is discipline and planning. “People who have not been managing their debt well or who are already living close to their means may be better suited to an amortizing mortgage (such as Manulife Bank Select) or a Manulife One that has a sizable amount in a fixed rate sub account,” says Kuyper. But if you have a handle on your finances, it’s truly suited for every life stage. “The new homeowner has the benefit of accelerated debt repayment with the flexibility to draw down for home renovations, or to meet short term income gaps due to starting a new family,” explains Kuyper. “People in their second or third homes who have older children may have greater equity in their home sitting dormant. This product allows them to activate their real estate to finance large purchases, or to purchase a second home/cottage, or to help their kids go to school and start their journey to becoming homeowners. People approaching, or in, retirement can use Manulife One as part of their retirement planning. In many cases, drawing on your real estate holdings in retirement as part of an overall plan can yield certain tax advantages and allow one to stretch out retirement savings longer.”

Find out if Manulife One is right for you!

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