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 Post subject: Manulife One Mortgage
PostPosted: Sun May 05, 2013 8:52 pm 
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Location: Milton
Hi,

Need some advice and feedback, I am thinking to transfer my mortgage to Manulife One, any one dealing with them ? would greatly appreciate the feedback, I have met the rep from Manulife on paper the proposal seems good.

http://www.manulifeone.ca/

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PostPosted: Mon May 06, 2013 7:12 am 
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It's 100% the same as having a line of credit where all your pay goes into it and all your expenses come out of it. You can go to a regular bank, get a HELOC, WITHOUT paying the annual fee's, have access to your money at a regular bank rather then having to go to a credit union (you pay fee's to withdraw money at a regular bank, depositing cash or cheques is a pain in the ass with the One account too).

I looked into extensively a while ago - it's nothing special except a good marketing scheme. Same rates as a bank but with the One account you have an annual fee that you have to pay.


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PostPosted: Mon May 06, 2013 8:04 pm 
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Joined: Wed Jun 28, 2006 4:47 pm
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I've had my ManulifeOne account for 6 years now. You do pay a slight premium on fees ($14 a month) other than that it's a solid program. Excellent service. Depending on your financial situation and income stream a HELOC can be a valuable way to bank. For me personally it's been great. You will need discipline because it's easy to just spend spend spend ... ask my wife!
Send me an email or give me a PM if you want more details or a contact.

rboyko@jameshodgins.com


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PostPosted: Mon May 06, 2013 8:14 pm 
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My point is why pay $170 a year for something you can get elsewhere without the fee? There's nothing unique about manulife one, its just a nicely packaged and marketed HELOC.


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PostPosted: Tue May 07, 2013 10:59 am 
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Deep is right on the money here. It is a very clever way of marketing nothing much more than a line of credit. You can do this with any bank and have the identical result just by using it as your primary account. There is nothing special about it, so why pay the $14 per month if you don't have to. As also mentioned, it does take a lot of discipline and this can be a costly endeavour if you don't stay 100% committed to it.

You are basically paying 3.50% variable interest rate (prime +0.50%) when you could get a fixed rate mortgage with decent prepayment privileges for as low as 2.69% on a 5 year fixed. You can come out years ahead this way also simply by managing it properly, which a good mortgage broker can help you to do.

Good luck!

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CityCan Financial (est 1976)
416-409-8009
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PostPosted: Thu May 09, 2013 5:32 am 
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Location: Milton, Canada
Hi Milton1

I am with Deep and Paul on this one. As mortgage brokers we have access to multiple banks with multiple products so it is best to review your financial situation to find the bank and product that works best for your situation. In addition to Paul's point, maybe a combination of a low rate fixed mortgage and a HELOC will offer you the best of both products with no monthly fees and up to 20% a year pre-payment privileges.

Fixed rates have never been this low and the next move for rates is up. Be careful not to be locked into a fully variable product where you would be subject to the risk of rates increasing. Spread your risk.

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PostPosted: Thu May 09, 2013 8:38 am 
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Deep wrote:
My point is why pay $170 a year for something you can get elsewhere without the fee? There's nothing unique about manulife one, its just a nicely packaged and marketed HELOC.



I don't disagree with you at all. My personal experiences with them have been more than worth the $170 premium with the service levels I've been given to date. In our world of heavy discounting and disconnected customer service it's refreshing and appreciated even at an added cost. It's not for everyone but that's why there are hundreds if not thousands of mortgage options out in the marketplace. Besides $170 bucks isn't even two tanks of gas anymore!


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PostPosted: Thu May 09, 2013 9:38 am 
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To each his own. I don't need any "service" from my bank. I nearly NEVER call then, so it's not worth squat to me.

Would you mind elaborating on what extra service you get? Curious to see if I'm missing out on something.


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