Preferred Rate Mortgage
Whether you are purchasing your first home, making a move or looking to refinance, Manulife Bank's Preferred Rate Mortgage provides a variety of options to suit your specific needs. Plus, with the Preferred Rate Mortgage, you’ll get up to 95% of the appraised value of your home at one of the lowest fixed rates available. You don’t have to haggle and you don’t need to waste time comparing rates or reading the fine print on so-called “special” offers.
Pre-approval
Before you start shopping for your new home, it’s easy to arrange a pre-approved mortgage with Manulife Bank. Pre-approval is based on your financial situation and allows you to search for your new home with the confidence of knowing your maximum mortgage amount. Plus, there is no obligation and getting pre-approved costs you nothing.
Payment Options
When it comes to choosing your mortgage payment frequency, it's important to consider your options. The Preferred Rate Mortgage offers you a range of payment frequencies, including:
- Monthly
- Semi-Monthly
- Bi-weekly and bi-weekly accelerated
- Weekly and weekly accelerated
You can also choose the day of the week or day of the month of your mortgage payment. When it comes to budgeting, scheduling your payment with your payroll frequency can make things easy.
Flexible Terms
The interest term that’s right for you depends on many things, including your comfort level with knowing your mortgage payment into the future, and where you believe interest rates may be headed. You must choose your interest term when your mortgage is set up, and each time you renew. The Preferred Rate Mortgage offers the following fixed interest rate terms to meet your needs:
- 6 month closed
- 1 year open
- 1 year closed
- 2 year closed
- 3 year closed
- 4 year closed
- 5 year closed
- 7 year closed
- 10 year closed
In addition, your amortization is the estimated amount of time your mortgage will take to pay in full. Your mortgage amortization can be as much as 35 years, although you may wish to select a shorter amortization if you want to pay your mortgage off faster, which can save you money in interest costs.
Rate Protection
When you apply for a Preferred Rate Mortgage we'll guarantee you the interest rate in effect on your application date for up to 90 days (120 days for a new construction). This can represent valuable protection should rates rise before your purchase is completed. And, if the interest rate for your selected term is lower on the date the funds are advanced than it was on the date your mortgage was approved, you'll receive the lower of the two rates.
Pre-payment Privileges
The Preferred Rate Mortgage features an attractive pre-payment privilege that allows you to pay up to 20% of your original mortgage amount toward the outstanding principal each year. For example, if your original Manulife Bank mortgage amount was $100,000, you could pay up to $20,000 annually against the outstanding principal.
In addition, you can increase your payments by up to 25% per year, following the anniversary date. These are great ways to pay your mortgage off sooner, saving you hundreds, even thousands of dollars in interest over the life of your mortgage.
Getting started
To apply or to find out more about the Preferred Rate Mortgage, contact your financial advisor or contact us:
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