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Manulife One

4927 Views 2 Replies 3 Participants Last post by  FrugalTrader
I'm looking for comments on the Manulife One banking. My mortgage is almost paid off but my advisor felt this would be a good way to offer extra money if needed as well as protect me from title fraud.

Anyone out there using it and what are your thoughts?
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We looked into the Manulife One product last year, and it wasn't of much benefit to us. We went to the website to figure out our Manulife One number and the result actually was a sentence that read "This product may not benefit you at this time". It appears to benefit people who have consumer debt (at interest rates higher than the mortgage rate) to consolidate with their mortgage as well as people who don't mind transferring their day-to-day banking to Manulife. This would not have worked for us since there is no Manulife branches in our community - we would have had to use RBC ATMs to access our money.

National Bank offers a similar product called the "National Bank All in One". They offered to pay our legal fees if we went with them.

For $300-$500 you can purchase title insurance through your lawyer. The peace of mind is well worth the cost - especially since it is a one-time purchase as long as you own the house. If you purchased the house within the past 7 years or so, it is possible that you have title insurance and don't realize it. Most lawyers included it automatically with their closings now.

Hope this helps.
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There is a popular thread on the Manulife One Review post that I wrote a little while back. As well, another article on the high cost of the manulife one mortgage.
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