Get out of debt sooner

Interest = Rate X Principal

We all know the mathematics of interest costs. But, when you choose a mortgage based solely on rate, you’re only dealing with half of the equation.  Why not try a mortgage that gives you a great rate and makes it easier to lower your principal?

Manulife One does this in four ways.

First, with Manulife One, there is no restriction on how quickly you can repay your variable-rate debt.  And, unlike traditional mortgages, you don’t need to worry about losing access to the money you’ve used to lower your debt.  You can always withdraw it again, up to your borrowing limit.

Second, Manulife One allows you to consolidate your debts at one low rate.  This can reduce your overall borrowing costs, leaving you with more money to pay down your debt.

Third, Manulife One makes it easy for you to use your short-term savings to pay down your debt.  After all, that money could save you far more in interest costs than you’d likely earn in a savings account or GIC. 

Finally, because Manulife One works as your day-to-day chequing account, you can have your income automatically deposited into the account.  Each deposit immediately pays down the principal.

When shopping for a mortgage, it’s important to consider interest rate and principal reduction.  You could be debt-free years sooner, without any lifestyle changes, simply by changing the way you bank.

Next steps

Try our calculator to see what Manulife One could do for you.

Find out how to apply or learn more.

Is your bank telling you they offer “the same thing”?  Try our Ten questions to ask your banker.

What’s your Manulife One Number?
Discover your Manulife One Number – it’s the amount of interest you could save over the life of your mortgage, simply by switching to Manulife One.  This all-in-one account can help save you money, reduce your debt faster and simplify your finances. Because your chequing account, savings account, line of credit and mortgage don’t need to be separate.