Frequently asked questions
Manulife Bank Mortgages
These tools can help take the stress out applying for a home loan. They let you calculate your down payment and find out what your estimated monthly payments and property taxes would be in different scenarios.
And the best part about using a mortgage loan calculator? You get to use real data. From your existing debts to your salary and the current value of your assets, you don’t have to guess or estimate to get a complete picture.
Two main factors determine how mortgage payments are calculated. The first is the amount of your down payment, which is a percentage of the total cost of your home that you pay up-front. It can be as low as 5%, and as high as 20% or more.
The second factor is your interest rate. The interest rate is the amount charged on the remaining balance of your loan.
Try our mortgage rate payment calculator to get a better sense of what your monthly payments might look like, and to help determine what down payment you can afford and what potential interest rate you’ll qualify for.
A mortgage amortization period is the total time it will take you to pay off your mortgage at your current interest rate, and on your current payment schedule. As you renew your mortgage with different interest rates, your amortization period will change.
A home mortgage rate calculator can help you understand what your monthly payments will be with different mortgage rates and different down payments. However, the calculator’s representation is limited, as your real-life amortization rate will change over time.
The amount of your down payment can vary. You can get a mortgage with a down payment of as little as 5%; however, this means that you’re borrowing 95% of the value of your home, which poses a greater risk for the lender. In these cases, you’ll need to be protected by mortgage insurance.
Your down payment can also be up to 20%, meaning that your payments will be lower, and you’ll likely be able to pay your mortgage off faster.
Interest rates can be fixed, meaning that they won’t change during a set time period. They can also be variable, meaning that they can change according to external economic conditions such as inflation.
Your options for changing the date you make your mortgage payment will depend on what kind of mortgage you have:
If you have a Manulife One account:
- If you have a closed-term sub-account, you can only make payments monthly, and your payment will be automatically taken from your Main Account on the last day of each month. Unfortunately, this can't be changed.
- For your Main Account, you can make payments (deposits) whenever you wish.
If you have another type of Manulife Bank mortgage:
- You can change your payment to be on whatever date you choose. We'll just need to get the details from you. First, confirm your contact information has your current email address on file. Then, email manulife_bank@manulife.ca with the details of your payment change and we'll be in touch to confirm.
If you have a Manulife One account, you can increase or decrease the amount you make into your Main account at any time, as long as you don't exceed your borrowing limit.
For Manulife One fixed-term sub-accounts and all other Manulife Bank mortgages, please give us a call at 1-877-765-2265. We'll let you know what your options are and, if possible, make the change for you.
Locking in some or all of your debt at a fixed rate might be a good option if you're concerned that variable interest rates are heading up.
If you have a Manulife One mortgage, sign into your account, click Open Sub Account from the menu on the left side of the screen, then follow the steps provided.
If you have a Manulife Bank Select mortgage, please send us an email at manulife_bank@manulife.ca with your request, the best time for us to reach you, and a mortgage specialist contact you.
To make your Manulife One work, you need to deposit more money into your account than you're withdrawing, for example, by having your income direct deposited.
You can also add structure to your account by putting debt into a sub account, that way you can establish set payments, allowing you to see the debt go down.
To learn more about your Manulife One, visit the Manulife One Discovery Centre.
For your Manulife One or Manulife Bank Select, you can update the account owner details in our mobile app by going to the More menu, selecting More Bank Services, then Update account holder details. Submit your request, and we'll take it from there. Alternatively, you can call us at 1-877-765-2265 between 8 a.m. and 8 p.m. Monday to Friday, or between 9 a.m. and 5 p.m. Saturday and Sunday across all Canadian time zones.
The Transfer page of our mobile app gives you lots of options for transferring money with your Manulife One account. You can transfer to and from an account in the same name at another institution or between Manulife Bank accounts.
You can also transfer money to and from sub-accounts within your Manulife One account. Note that these transfers go through your main account, so if you want to transfer from one sub-account to another you'll need to do two transfers:
1. From the first sub account to your main account
2. From your main account to the second sub-account
If you'd like to transfer ALL of the money out of your sub-account, use the Close Sub Account option.
If you'd like to transfer money into a fixed-term sub-account, you'll need to give us a call at 1-877-765-2265, as this is considered a principal payment.
At Manulife Bank, we're all about helping our customers become mortgage-free sooner. You've got a few options for paying down your mortgage more quickly, depending on what kind of mortgage debt you have.
If you have a Manulife One account:
- You can repay any debt in your Main account, a tracking sub-account, or an open term sub-account at any time, with no limits or penalties.
- If you have a closed term sub-account (e.g. a locked-in 5-year term), you can prepay up to 20% of the original balance each year without penalty.
If you have a Manulife Bank Select mortgage:
- If you have an open term, you can repay any amount at any time without penalty. You can also increase your regular payment by any amount once each year, without penalty.
- If you have a closed term, you can prepay up to 20% of the original amount and/or increase your regular payment by up to 25% each year, without penalty.
If you need more details about prepayment privileges, review your Operating Agreement or General Terms.
If you’re struggling to make your mortgage payments, we’re here to support you. Whatever the reason, we understand the challenges you may be facing.
There may be both short-term and long-term options that can help you, depending on your individual financial situation. Give us a call at 1-877-765-2265 to speak with one of our customer service professionals. We’ll start by asking you some questions to help us make the right suggestions for you.
You can renew your Manulife Bank Select mortgage or Manulife One term sub-account up to 90 days before it matures.
For a Manulife One account, your minimum payment is the amount of interest you owe for that month.
Once you've submitted a request for a mortgage increase, we'll contact you within two business days. At that time, we'll let you know if we need any additional information or documents.
When we have everything we need, it generally takes two to three weeks to approve and implement the increase.
There are a number of factors that determine how much you can afford to spend on a home. These include things like how much you’ve saved for a down payment, your household income and your monthly expenses. Use our mortgage affordability calculator to determine what amount of a mortgage that makes sense for you
It's difficult to predict if and when interest rates will increase. However, if you're concerned about how a rate increase might affect your budget, consider locking in your debt at a fixed rate. If you have a Manulife One account, you can put some or all of your variable-rate debt into a fixed-rate sub-account. This is like having a traditional mortgage within your Manulife One account. The rate for your sub-account will then be guaranteed for the length of the term you choose. You can find our terms and rates on our website. Call us at 1-877-765-2265 to speak to a Mortgage Specialist if you'd like to discuss this option.
Check out Today's Rates for the most up-to-date rate information.
When you request a mortgage increase, we may ask for the following documents - so it's good to have them handy:
• Notice of assessment
• Letter(s) of employment
• T1 general statement
• T4A statement
If you're not sure how to get these, don't worry. A lending specialist will let you know what documents we need and can help you determine how to get them.
If you've exceed the borrowing limit for your Manulife One account, please make a deposit to your account to bring your debt below your limit as soon as possible.
If you're experiencing financial difficulties and are not able to do so, please contact us at 1-877-765-2265 so we can discuss your situation.
Sub-accounts are a feature of your Manulife One account that allow you to divide your debt into different portions. You may wish to set up a sub-account to lock-in a rate, add some structure to your payments or just track a portion of your debt separately. Learn more about sub-accounts here.
Manulife One is an all-in-one banking solution that combines your mortgage with your chequing and savings accounts, lines of credit and even your income to save you money and help you become debt-free sooner. Learn more about the Manulife One mortgage.
You may have heard the terms "readvanceable" and "non-readvanceable" with regards to Manulife One sub-accounts. A sub-account is simply a way of splitting off a portion of your Manulife One debt and treating it like a traditional mortgage.
If a sub-account is readvanceable, it means that as you pay it down, it creates borrowing room in your Main account. For example, if you have $10 of borrowing room in your Main account, and then you repay $1 of your sub-account, you will now have $11 of borrowing room in your Main account.
If a sub-account is non-readvanceable, it means that as you pay it down, it DOESN'T create borrowing room in your main account. Using the same example, if you pay down $1 of your sub-account, you'll still have $10 of borrowing room in your main account. There's no additional borrowing room created.
If your Manulife One borrowing limit is more than 65% of the value of your home, any debt over 65% must be put into a non-readvanceable sub-account.
Your mortgage payments are based on several factors. These include:
- your interest rate
- whether you choose a fixed or variable rate mortgage
- the amount you borrow
- your payment frequency
- your term
- your amortization period
Use our payment calculator to help estimate what your payments will be.
To set up direct deposit, give your employer your direct deposit form, which you can download and print from online banking after you sign in.
- Choose your account from the home page
- Select Direct deposit form (PDF) under More.
You can always see how much interest you’ve paid in your monthly Manulife One statement. Come tax time, your December statement will list the total interest paid that year.
If you're thinking about discharging your mortgage because you're not happy with your current mortgage or you've been offered a better rate elsewhere, please give us a call at 1-855-682-5979. We'd love to see if we can address your concern or review your current rate.
If you're selling your property and will need a new mortgage, please contact us at 1-877-765-2265 and we'll be happy to assist you with the switch.
If you're selling your property and not buying a new property, please ask your lawyer to please submit your request, a minimum of 5 days in advance of the proposed payout date, to First Canadian Title (FCT) website and select “Payout Services”.