Manulife One mortgage Vancouver – We are able to offer our clients the Manulife One mortgage product in Vancouver BC. We use the Manulife One Mortgage to help our clients save money.
Visit here:- https://bc-mortgage-broker.ca/manulife-one-mortgage/
How does the Manulife One mortgage work?
The video at the top of the page gives a decent overview of the product, but the easiest way to understand the basics of the Manulife One mortgage is by using an example.
Let’s pretend that you need a $400,000 mortgage on a $800,000 house. Instead of a $400,000 mortgage, you get a Manulife One mortgage. Instead of getting you $400,000, we will get you a total of $500,000 instead. However, you only need $400,000, so within that $500,000, we will arrange a $400,000 fixed rate mortgage for you, and the remainder ($100,000) will be a Home Equity Line of Credit (HELOC).
The HELOC is like a regular line of credit like you would get from a bank, but since it is secured by your home, you can get a larger amount and get it at a much better interest rate. Since you don’t need the $100,000 right now, you can leave it un-borrowed and use it at some time in the future when you need it. In this way, you save money instead of borrowing it and putting it into a savings account, which is what you would need to do with a regular mortgage.
Sophisticated mortgage product
The biggest difficulty that I have in recommending this product to borrowers is that it is a “sophisticated” mortgage product. It is a very powerful product that you can do many different things with, it offers tremendous flexibility and possibilities to save and earn money that are amazing. This power and flexibility can be scary for many people who are used to a mortgage which requires you to “just make mortgage payments.” People just have a difficult time understanding how it works (although you won’t find it difficult since I provided an excellent explanation above!) From my perspective as a mortgage broker, this is the greatest challenge I face. I believe I simplified my explanation above greatly, and I still believe many people who read it will not understand it, but it does not mean that it’s not your best option.
Only if you have 20% down-payment or equity or more
Unfortunately, if you have less than 20% down-payment or equity on your home, this product is not an option for you. With less than 20% down, the government requires that the mortgage be insured, and the mortgage insurers do not support this product.
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