24 Jul

Manulife One: Flexible Mortgage Solutions With Built-In Control

General

Posted by: Jeremy Forster

Why Manulife One Matters for Debt Reduction

  • Daily interest savings: Every deposit—from your income or savings—directly reduces your mortgage balance, lowering your interest costs right away.

  • Flexibility and control: The main account has no required payment schedule, giving you the freedom to pay down debt as quickly or gradually as suits your financial situation.

  • Customizable structure: Sub-accounts allow you to lock in parts of your mortgage at fixed or variable rates, providing predictability where you want it and flexibility where you need it.

How the Main Account and Sub-Accounts Work

  • Main Account: Operates as a variable-rate line of credit secured by your home. Every deposit reduces your principal instantly, and with interest calculated daily, your savings grow naturally.

  • Sub-Accounts:

    • Term sub-accounts function like traditional mortgages, with fixed rates and scheduled payments. If your borrowing exceeds 65% of your home’s value (Loan-to-Value or LTV), the excess is automatically placed in a term sub-account to help ensure disciplined repayment.

    • Tracking sub-accounts help you organize specific debts within the main account—useful for keeping expenses like renovations or business costs separate—while sharing the same variable rate.

Flexibility and Structure—Best of Both Worlds

Manulife One’s structure offers a smart mix of choice and accountability. It’s ideal for homeowners who want flexibility in managing their cash flow but are committed to reducing debt over time. While it rewards proactive financial habits, regularly re-borrowing what you’ve paid down can limit your long-term benefit. Used wisely, it’s a powerful tool for building equity and reaching mortgage freedom sooner.

👉 Learn more or apply here: Visit the official Manulife One page

8 Dec

📢 What Does the December 11 Interest Rate Announcement Mean for Your Mortgage?

General

Posted by: Jeremy Forster

The Bank of Canada’s December 11 announcement could bring significant changes to borrowing costs. If rates stay the same, variable-rate mortgage holders won’t see any immediate changes, and fixed rates might remain steady. 💸 A rate cut could lower costs across the board, while a hike would make borrowing more expensive for everyone.

🔍 What Should You Do?

  • For variable-rate mortgages: Monitor closely and think about locking into a fixed rate if stability is important to you.
  • For fixed-rate mortgages: If there’s a reduction in fixed rates, consider locking in early, as rates may shift after the announcement. Securing a favorable rate now could benefit you long-term.

📊 As a mortgage expert, I’m here to help you navigate these changes and find the best strategy for your situation. Let’s connect to explore your options!

24 Nov

Why Insured Mortgages May Have Lower Rates

General

Posted by: Jeremy Forster

💡 Why Do Insured Mortgages Have Lower Rates Than Uninsured Mortgages? Insured mortgages often have lower rates because they protect lenders if a borrower cannot repay the loan. This insurance, typically provided by organizations like the Canada Mortgage and Housing Corporation (CMHC), makes the loan less risky for lenders. 📉 Without this protection, lenders take on more risk with uninsured mortgages. To offset this risk, they charge higher rates. Borrowers who skip paying insurance premiums on uninsured mortgages may still spend more because of these higher rates. 🧠 Let’s find the best option for you!

16 Nov

CMHC Home Start program

General

Posted by: Jeremy Forster

🏡 Affordable home ownership made easier! Did you know the CMHC Home Start program includes newly built manufactured homes? With mortgage loan insurance and financing up to 95% loan-to-value, it’s perfect for first-time buyers seeking a flexible and cost-effective path to owning a home. 🌟 Ready to learn more? Click here.