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sbaldrick posted:Has anyone here ever used Manulife One's all in one account. My wife is kind of on a kick to consolidate things and kind of likes it, it honestly looks like a horrible idea to me but I kind of want to know if anyone uses it. When I looked into it a little while back I found it makes sense for people who aren't too on the ball with dumping as much as they can into a mortgage. It's very convenient as a way of forced savings if you remain disciplined. The other side is you can end up in a never ending line of credit just paying off interest on your house for 50 years. You pay a higher rate with that account than finding a good deal on a variable rate mortgage with good lump-sum payment options. Usually you pay an additional 1% to manulife plus the monthly fee for the convenience of one account. But if you can manage your own lump sums, prepayments and maximize your monthly payments, you'll fare better with a traditional variable rate through a credit union or mortgage company at 1% less than the big five.
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Oct 29, 2013 17:59
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Saltin posted:Assuming your house is an appreciating, or at the very least, non depreciating asset, which everyone under 50 in Canada does these days, and which is not always accurate. To wit, the millions who lost not only their homes, but also all the "forced savings" payments they made into those homes, during the downturn in the US a few years back. If you're planning to min/max your investment strategy for maximum yield per year against mortgage interest/loan interest/capital gains etc. then you aren't the type even considering the manulife one account. Typically those looking into an account like that just want to get their house paid of as soon as possible for peace of mind. Canada is also quite a bit different than the US for recourse on mortgage debt and the more equity you have, the better off you usually are. EDIT: I forgot... smartass...
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Oct 29, 2013 23:30
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