Get started before my current mortgage expires

Are you holding off switching to Manulife One because you want to avoid a penalty for breaking your fixed-term mortgage? We understand – but you don’t have to wait to start using this innovative financial tool that can help save you money. If you’re locked into your current mortgage, you may be able to open a Manulife One account in the second position now.

It pays to get started early
Opening a Manulife One in the second position offers a number of benefits:

  • Reduced interest costs. Opening a Manulife One account could immediately help you reduce your interest costs in three ways:
    1. Most fixed-term mortgages allow you to make extra payments to reduce your debt more quickly. If your fixed-term mortgage has a higher interest-rate than Manulife One, you could use your Manulife One account to pay down your fixed-term debt.
    2. If you have other higher-interest rate debts (credit cards, vehicle loans etc), you can consolidate this debt at a lower rate within your Manulife One account.
    3. Use your savings to pay down your Manulife One debt. This will likely save you more in interest than you’re earning in your savings account. And remember, as long as you don’t exceed your borrowing limit, you can access that money again at any time.
  • Simplified finances. Switching to Manulife One allows you to start bringing together all of your day-to-day finances so you can spend less time managing your banking.
  • Easier switching later. By consolidating your finances and setting up your automated bill payments now, there will be less for you to do when your fixed-term mortgage matures and you switch to a first-position Manulife One account.1

Who can open a second-position account?
To be eligible for a second-position Manulife One, you must:

  • Have at least $50,000 in borrowing room between your outstanding mortgage balance and 80% of the appraised value of your home.2 For example, if your home is worth $200,000, your current mortgage debt would need to be $110,000 or less.
  • Be locked into a fixed-term mortgage, with five years or less remaining on your term.

Don’t let the threat of a fixed-term mortgage penalty keep you from enjoying the benefits of Manulife One today. There’s no time like the present to open a Manulife One in the second position.

1 The interest rate available on first-position Manulife One accounts is also available as an introductory rate for second-position Manulife One accounts. This second-position rate is available until the first mortgage term renews.  If you choose not to roll the balance of your mortgage debt into Manulife One when your first mortgage matures, a higher rate may apply. Call Manulife Bank at 1-877-765-2265 for details.

2 If you are approved for a borrowing limit of less than 80% of the appraised value of your home, you’ll need to have $50,000 of borrowing room between your outstanding mortgage  balance and the applicable percentage of your appraised home value.



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.