What sets the “All in One” product apart from the rest of the traditional mortgages is the way the account is structured to work. With a traditional mortgage, your mortgage payment is taken periodically from your bank account. Every bank says you can pre-pay your mortgage faster, but believe me, those that do are a very small percentage. Statistically, only 5% of all clients maximize their pre-payment potential.
The “All-in-One” account combines your mortgage with your chequing and savings accounts. This means that every time you deposit your payroll, your spouse’s payroll, or any other income (like Canadian child benefits) your mortgage balance is immediately reduced by the amount that you deposited. You are instantly saving money on interest. Your money is working for you every minute not just once in two weeks or once a month.
Let’s say that you have $5,000.00 sitting in your savings account for a rainy day emergency fund. The banks are paying you less than 2% interest on your account. That means you are earning less than $8.50 per month in interest meanwhile the banks are charging you roughly 3% on your mortgage balance. With “All-in-One”, you can move this “rainy day” money into your account and immediately start saving. When you need to take money out, you can do it at any time. The “All-in-One” gives you a debit card, cheques, credit cards, and they have over 3500 ATM’s across Canada. It is like a normal bank, but one that finally works for you. With traditional banking, your chequing account only benefits the bank and if you need funds, they give you the general public’s money back in the form of loans and charge you interest. On average, our 5 big banks have over 450 billion dollars in their client’s chequing accounts which they use for these loans. They pay on average 0.001 % interest on these operating accounts, which makes it like free money for them.
Here is the best part…this program offers interest rates similar to the lowest rates we see in the industry. If you think that this product sounds interesting please call us. We have a strategy that we call “VS All-in-One” that we have developed internally. As Manulife’s #1 Volume Mortgage Broker we have learned how to properly structure the account to maximize your results and help you be debt-free years sooner.
*To qualify for this product, you must have a minimum of 20% down payment/equity in your existing home. Some restrictions may apply. For a full list of exclusions please call us at 204-326-4479 or email to email@example.com