About Manulife Bank
Manulife is a leading Canadian – based financial services institution, however, they also serve customers in Asia and the U.S. in over 20 countries making them a global player. They provide a wide range of services beyond mortgage products that span insurance, savings, banking, mutual funds, and pensions.
They are focused on providing borrowers with highly customizable mortgage products that can be integrated with their traditional banking services for a single-point of management.
Manulife Bank Mortgage Product Rates
Manulife Bank maintains a full schedule of their rates and fees on their website that is updated regularly. There is a wide range of rates to cater for all their products plus customization options.
Manulife Bank Mortgage Products
Manulife focuses heavily on providing customers with a customizable mortgage or loan experience. As such, you generally have a lot of control over the terms of your mortgage as well as what other products you want to include with it or how you want to structure your debt.
All mortgages come with prepayment options, but the conditions will be determined by the type of product you choose and your individual circumstances.
Manulife allows you to effectively and conveniently combine your mortgage, personal loans, and lines of credit with your income and savings bank accounts. This tool is aimed at providing you with an easy and convenient way to manage your debt and cash flow from one single location.
It also provides flexibility as it allows you to divide your debt into multiple sub-accounts as well as allowing you to request a credit limit based on the value of your home.
You can prepay your entire outstanding amount at any time without penalty. Sub-accounts have additional conditions associated with them.
Manulife Bank Select
One of their primary offerings, Manulife Bank Select is a product that combines your customizable mortgage with a high-interest banking chequing account.
The mortgage is customizable in that it can be divided into 5 different terms that each has their own structure.
For closed mortgages, you can make a prepayment of up to 20% annually and increase your payments once per year by up to 25%. For open mortgages, you can prepay the full amount of your principal at any time with a prepayment penalty to go over those amounts.
Preferred Rate Mortgage
Manulife’s preferred rate mortgage is a product for those who only want a mortgage without any added products. This mortgage still offers a variety of options such as closed/open and fixed/variable rate to cater to different needs.
You can get up to 95% of your home’s appraised value along with one of the lowest fixed-rates they have on offer with the lowest starting under prime rates.
Prepayment conditions are the same as Manulife Bank Select.
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Other Manulife Products
Manulife offers a wide range of financial services across the territories and countries in which they serve customers, these include:
- Life insurance (individual and group).
- Long-term care services.
- Banking services.
- Health insurance.
- Pension products.
- Mutual funds.
Manulife Mortgage Pre-Approval
You can apply for pre-approval on the Manulife website by providing some basic personal, financial, and contact information. You also need to tell them about the type of loan or mortgage you are potentially applying for. They will then get back to you on the status of your pre-approval as well as steps to proceed.
Manulife Mortgage Application process
The process for this is much the same as for pre-approval. We recommend that you first apply for pre-approval to streamline the process and make it easier and more transparent for you from the beginning.
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