Get Immediate Access to Cash Using Home Equity
Imagine a banking system that streamline your banking while making your mortgage work harder at creating wealth for you. This innovative, ‘all-in-one’ account turns your income into a powerful debt-reduction strategy while the accompanying low-interest, Home Equity Line of Credit (HELOC) conveniently covers all your expenses. Welcome to Manulife ONE.
Enjoy the convenience of having your HELOC, mortgage and bank account working powerfully together. Every dollar you pay on your mortgage automatically increases the amount you are qualified to borrow. This is particularly useful for borrowing money to invest.
As you pay off your mortgage, you create positive cash flow. This is reflected in your HELOC, which is effectively a revolving loan that can be used for any purpose. Your FORTAX Financial Advisor can help you understand how this works. Borrow from it at any time, pay it back, and borrow again, up to your maximum limit.
Because it’s secured against your home, a HELOC is less risky for a bank to approve. So, it typically comes with a higher credit limit and a much more competitive interest rate. Compared to an unsecured loan like your credit card, major purchases made with your HELOC will cost you far less interest.