Manulife Bank Mortgage Rates & Reviews
Manulife Bank Background
Manulife Bank is a division of Manulife Financial (TSE: MFC), which is a Canadian life insurance and financial services provider that is headquartered in Toronto, Ontario. Manulife Financial has over $1 trillion in assets under management, and is one of the largest financial institutions in Canada. Manulife also has extensive operations globally, with a large business in Asia and the United States. Manulife was incorporated as "The Manufacturers Life Insurance Company" in 1887 by the Canadian parliament. This act was headed by Canada's prime minister at the time, John A. Macdonald, and Ontario's lieutenant-governor, Alexander Campbell. Today, Manulife provides a diversified portfolio of financial services to customers globally, including insurance, retail banking, mortgages, and wealth management solutions. Manulife currently employs over 35,000 employees and serves over 30 million customers globally.
Manulife Bank Fixed Mortgage Rates
A Manulife Bank fixed rate mortgage protects you from the potential risk of interest rates rising in the future by allowing you to have the same mortgage rate for your full term. This can create peace of mind for you as a home buyer, knowing how much your Manulife Bank mortgage rate will be. When looking for a Manulife mortgage rate, it's important to look at both a 3 year fixed mortgage and 5 year fixed mortgage offering. Most lenders will compete the most to offer these options at their best possible rate, and these rates will allow you to not need to worry about renewing your mortgage for some time.
| Term | Manulife Rate | Canada's Lowest Rate |
|---|
The rates shown are for insured mortgages with a down payment of less than 20%. You may get a different rate if you have a low credit score or a conventional mortgage. Rates may change at any time.
Getting a Fixed vs. Variable Mortgage Rate
Deciding whether to get a fixed or variable mortgage rate will depend on your risk tolerance, where you think mortgage rates are going, and what your mortgage offerings are. Currently with mortgage rates at all time low levels, locking in a fixed mortgage rate will allow you to take advantage of these levels into the future. As well, if you are getting a large mortgage amount or are a first time home buyer, a fixed rate mortgage may give you more peace of mind than a variable rate mortgage. This is because of the stability and the ability to plan that comes with a fixed rate mortgage, knowing your rate will remain the same for your entire term.
Manulife Financial History
Manulife Bank Prime Rate
The Manulife Bank prime rate acts as the basis for many of Manulife Bank's credit products, which includes mortgages, credit cards, and home equity lines of credit. The way that your interest rate on a loan is calculated is by combining the current prime rate with a spread. This spread can either add or subtract to the prime rate to come to your final interest rate.
Current Manulife Bank Prime Rate: 5.95%
Manulife Bank Mortgage Break Penalty
| Bank or Lender | Variable Rate Mortgage | Fixed Rate Mortgage |
|---|---|---|
 | 3 Months’ Interest | Greater of 3 Months’ Interest or the IRD amount |
The Interest Rate Differential calculation is a common calculation in banking that is used by most mortgage lenders in Canada. This calculation starts by finding the difference between the posted mortgage rate and your Manulife Bank mortgage rate. The posted mortgage rate that is used is the one that has a similar term as what is remaining on your current mortgage term. This difference is then multiplied by the time remaining on your current mortgage term, which gets you your mortgage break penalty.
To see how much you can expect to pay in prepayment charges, utilize the Manulife Bank mortgage penalty calculator below:
Manulife Bank Mortgage Prepayment Calculator
Are you looking to pay off your mortgage early? Or refinance the terms of your mortgage at a lower interest rate? Maybe you sold your home. Whatever the case, you most likely will have to pay a mortgage break penalty set by your lender. Whatever the situation, our calculator will help you determine the cost to break your mortgage so you can be confident about your mortgage decisions.
What is the remaining balance on your mortgage?
What is the term-length and type of your current mortgage?
What is your current mortgage interest rate?
If applicable, what was the rate discount you received when you signed your current mortgage agreement?
When did your current mortgage start?
Who is your current mortgage lender?
What is Manulife Bank's current interest rate for a 3-year fixed rate mortgage?
How is my mortgage penalty calculated?
Manulife One
A Manulife One mortgage works by giving you a one-stop-shop for all your banking and lending needs. Manulife One is a readvanceable mortgage, where you are able to put all your banking products under your mortgage, which means you will save money with a lower interest rate and be able to access credit much easier. Since you can connect your bank account to Manulife One, you have the ability to directly apply your savings towards your mortgage, then draw directly from your home back out if and when you need the money. This makes paying off your mortgage sooner easier, considering the convenience and the ability to pay off more when you have money in your account.
Manulife One also gives you the ability to customize your mortgage, allowing you to set sub-accounts at different terms. This may include having a sub account at a variable rate, if you believe interest rates may fall but don't want this added risk for your entire mortgage amount.
Manulife Bank Select Mortgage
Manulife Select allows you the ability to customize your mortgage exactly how you choose, with the option to divide your mortgage into different portions with different interest rates, terms, and payment schedules. This means if you want to have a variable rate mortgage but don't want it for your full mortgage amount, you can set some of it variable. In total with Manulife Select, you are able to set up payments in up to 5 portions. As well, if you are planning on paying down your mortgage aggressively, setting 1 or 2 portions as an open mortgage can save you from a potential prepayment penalty. Overall, the ability to customize and cater your mortgage to your exact desires is the main benefit of using a Manulife Bank Select Mortgage.
Manulife Bank Mortgage Features
Manulife Bank Mortgage Payment Frequencies
Manulife allows you the benefit of being able to customize when you pay your mortgage, with the options of weekly, bi-weekly, semi-monthly, and monthly payments. This helps you to cater your mortgage payments to when you get paid, while also allowing you to speed up your frequency to save you money on interest. This is because with a more frequent payment schedule, you are reducing your principal balance more often.
Manulife Property Tax Payment
Similar to other mortgage lenders in Canada, Manulife Bank may require you to pay your property taxes directly to them, for them to pay to your municipality. Even if it is not required, you are still able to do this with your Manulife mortgage. The main reason this may be a good idea is so that you do not have to worry about budgeting and paying your property tax bill, since you are paying it to Manulife with your mortgage payments so they can do it for you. One downfall of having Manulife pay your property taxes is you will not be able to earn interest on your amount while you wait to pay it off.
Manulife Mortgage Protection Insurance
Mortgage protection insurance from Manulife may give you extra comfort, knowing that if you are to pass away or become disabled, your mortgage will still be covered. Manulife has both mortgage life insurance and mortgage disability insurance, in addition to Manulife Financial the parent company offering individual term and whole life insurance. Manulife will cover up to a mortgage of $1 million for mortgage life insurance, and people aged 18-64 will qualify. As well, if you are uncertain of getting coverage, one of the benefits Manulife offers is a 60-day money back guarantee if you no longer want to keep your coverage, with most lenders only offering 30 days with a money back guarantee.
Contacting Manulife Bank
Since Manulife Bank does not have a branch network and operates as a digital bank with an ATM network, you will need to connect with a Manulife Bank mortgage representative online. You are able apply for a Manulife mortgage over the phone at 1-877-765-2265, through an online Manulife pre-approval form, or through a mortgage broker that offers Manulife mortgages. As well, to learn more about offerings and to have your questions answered, the frequently asked question section of the Manulife website has answers to many potential questions.
Disclaimer:
- Any analysis or commentary reflects the opinions of WOWA.ca analysts and should not be considered financial advice. Please consult a licensed professional before making any decisions.
- The calculators and content on this page are for general information only. WOWA does not guarantee the accuracy and is not responsible for any consequences of using the calculator.
- Financial institutions and brokerages may compensate us for connecting customers to them through payments for advertisements, clicks, and leads.
- Interest rates are sourced from financial institutions' websites or provided to us directly. Real estate data is sourced from the Canadian Real Estate Association (CREA) and regional boards' websites and documents.