Lowering your mortgage rate is one thing... lowering your principal is another!
Interest = Rate x Principal
We all know the mathematics of interest costs. So why choose a mortgage solely on rate? You're only dealing with half the equation. Why not try a mortgage that gives you a great rate while it also lowers your principal?
Manulife one is not a traditional mortgage.
Manulife one is a flexible mortgage account. It works by combining your mortgage with your chequing and savings account. As a result, the moment your income enters the account it immediately pays down the principal.
Of course, you'll need to draw on that income throughout the month to pay for your expenses. But, since interest is calculated on a daily basis, every day that even one dollar of your income is in the account, you have less debt than you had before and so, you pay less interest.
A typical Canadian could pay off a 20 year mortgage in 13 or 14 years and save $20,000 to $30,000 without any lifestyle or financial changes, except using Manulife one. You can keep doing the things you do today (perhaps even more) and still have money.
And, it's completely open!
Unlike some special rate mortgages, assuming you keep the account at variable rate only:
• you aren't locked in for a set number of years,
• you don't have a fixed monthly payment - you can pay as little as interest only,
• there are no interest penalties to close the account, and
• you aren't restricted to a limited number of options should you decide to change your arrangement.
Manulife one is so 'open' they even reimburse you up to $500 to move back to the way you were banking if you decide the account doesn't do what they said it would.
Run your numbers on this , then figure out how low a traditional mortgage rate would have to be to save you the dollars Manulife one could. When you're ready, we're here to help save your money.
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