Residential Mortgages

Financing a home may be the biggest financial decision you ever make. We’ll help you make sure it’s the right decision.

Our residential mortgage planning specialists will meet with you at your convenience to discuss your financing requirements, show you exclusive mortgage and financing options that are right for your lifestyle and budget.

Manulife One

Manulife One is Canada’s first 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 your debt.

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.

You could take years off your mortgage and save thousands in interest without any lifestyle or financial changes except using Manulife One. You can keep doing the things you do today (perhaps even do more) and still save money.

The idea behind Manulife One is simple: have your income and savings work harder to reduce your total debt faster.

Consolidate your debts

When you open a Manulife One account, they could lend you up to 80% of the appraised value of your home. You use this money to pay off the balance of your existing mortgage and any other outstanding debts you might have. Now you pay one low interest rate on every dollar you borrow.

Put your savings to work

If you’re tired of earning little or no interest on your chequing account, savings balances and short-term investments, Manulife One can help put that money to work for you. Apply those balances against your borrowings, instantly reducing your total debt . . . and potentially saving you much more in interest costs than you’d likely ever make in interest earnings. And, you can take it back out whenever you want (up to your borrowing limit).

Put your income to work

By adding your regular income to your Manulife One account, you further reduce your debt the instant the deposit is made. Your income is immediately working for you to reduce loan interest costs until you need it for your monthly expenses. With even one extra dollar of your income in your account, you have less debt than you did before and so you pay less interest.

We are also able to offer traditional mortgage financing:

Rate options

  • Variable rate mortgage – Our variable rate mortgage offers the advantages of an interest rate that floats based on our prime rate over a five-year term.
  • Lock and roll mortgage – Our lock and roll mortgage offers the convenience of a five-year term mortgage plus the advantage of a preferred short-term rate.
  • Fixed rate terms – Choose from the following terms:
    • Six months and one-year open mortgage
    • Six months and one-year convertible mortgage
    • Two-, three-, four-, five-, seven- and 10-year closed mortgages

Flexible features

Our residential mortgages include several flexible features:

  • Pre-approval
  • Competitive interest rates
  • 90-day rate commitment period
  • Amortization periods up to 25 years
  • Monthly, semi-monthly, bi-weekly or weekly payments
  • Pre-payment privileges:
    • Double payments
    • Up to 15 per cent increase in regular payments
    • Up to 15 per cent annual lump-sum payments
  • Portable
  • Assumable

Special financing options

Our mortgage planning specialists have a complete range of innovative options such as:

  • Low-cost re-advance program
  • Construction financing
  • Refinance option
  • Bridge financing

Mortgage life insurance

A growing number of our residential mortgage clients are protecting their families and futures with mortgage life insurance. Other insurance options are also available such as individually owned term insurance plans that are renewable or convertible.