Manulife One

[therealpotentials]

Hi. I would like to know if anybody`s using Manulife One mortgage out there. And also as a survey, may I know which of the HELOC programs out of the market REIN members use and why you choose what you have. This will help me decide which one I could use. Thanks.

 

[MonteDobson]

Hi there,

We have the Scotia STEP products on (4) of our properties and like them a lot. Nice thing is that the LOC portion increases as the mortgage balance decreases, unlike some other HELOC products where it is basically just a static LOC, regardless of how much principal is paid off.

Another benefit is the ease of accessing the money. After it is set up at your branch, transferring the funds is as simple as a phone call or can be done online very easily.

We have structured our JV`s so that any cash flow, repair and maintenance slush funds get directed back into the mortgage principal balance which increases the LOC portion available every month. This way, it is a forced savings program of sorts, and essentially the LOC portion becomes our reserve fund. Saves the hassle of a bunch of separate accounts.

I would recommend talking to a mortgage broker such as Peter Kinch`s office for more info on the right product for you.

Thanks,

 

[PeterKinchMortgageTeam]

QUOTE (therealpotentials @ Feb 7 2008, 01:34 PM) Hi. I would like to know if anybody`s using Manulife One mortgage out there. And also as a survey, may I know which of the HELOC programs out of the market REIN members use and why you choose what you have. This will help me decide which one I could use. Thanks.


The manulife one is basically just a big line of credit - if the rate they are offering is prime - similar products can be offered by pretty much all of the other financial institutions. You might find that you`d be better off in a combination product such as the STEP or matrix depending on your current situation and your investing goals.

There are alot of factors to consider when choosing a financing tool - especially if its against your principal residence so do make sure that you`ve spoken with your banker or broker about your long term plan and based on that have considered all the options and products availiable before making a decision. They will be able to let you know if the manuone product works best for you given your current situation.