New Line Of Manulife One Mortgages
Tuesday, November 15, 2005
Andrew and I decided to go with a line of credit mortgage instead of a traditional one and it has paid major dividends for us. While on paper Manulife One made sense to us, after actually seeing this product in action it makes me wonder why anyone would ever want to have a traditional mortgage. Well I guess it is not really for people who don't manage credit well.
I guess once you understand how mortgage interest is calculated you can get a better idea of why Manulife One works so well. I would say a lot of homeowners aren't clear on how their mortgage interest is calculated. In a nutshell the bank gets paid first, way before you start paying down any of the principal. Manulife works the opposite way, you pay down principal with every pay cycle.
We are paying down our principal at an accelerated rate, while still being able to invest in side projects.
Anyways they just launched a few new Manulife One products and I was excited about it:
One is for people who have less than the 25% down payment
One is for Small Business Owners
One for Investment Real Estate
Manulife Ones gets an "I Love It" seal approval.
More info here: www.manulifeone.ca
posted by aforward @ 9:48 AM,
1 Comments:
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At 10:48 PM,
said...
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So, did you take manulife up on their offer to pay $500 to help you move back to your traditional banking?
