Traditional banking has you managing daily finances by depositing your income into chequing and savings accounts while borrowing through mortgages, lines of credit, loans and credit cards. Unfortunately, you usually receive little or no interest on the money you deposit and pay higher interest on the money you borrow.
With a non-traditional flexible account like Manulife One, things are different. You have an all-in-one borrowing and chequing account with a borrowing limit that is based on the value of your home.
Q) How does it work?
When you deposit income into your Manulife One account, you reduce your debt and save interest costs until you need to withdraw funds to pay for daily living expenses. Whatever is left over in the Manulife One account goes directly towards reducing your borrowing costs.
Q) What if I need to pay a bill?
At any time, you can write a cheque, make a debit payment or transfer money electronically to access the equity you’ve built up in your home (up to your borrowing limit).
Q) What happens to my debt?
All of your debt, or as much as possible, is consolidated into this account at a competitive low rate. Your income and savings are also deposited into your account. When this happens, your balance immediately drops – and you pay interest on the lower amount until you spend the money.
Q) How is interest calculated?
At the end of each month, you are charged the accumulated
interest for the month – you only pay interest on what you owe on any given day.
We believe that effective management of savings and debt is essential to long-term financial success. By working with One Link Mortgage and incorporating our innovative, integrated banking solutions into your financial plan, you could make your money work harder, enjoy more financial flexibility and become debt-free sooner.
For more information, please call 204-954-7620 and ask to speak to one of our Certified Manulife One Mortgage Specialists.
One Link Mortgage, providing options AND solutions!