Manulife
Is Part of RateShop Mortgage's Trusted Canadian Lender Network
Manulife: Your Mortgage Partner for Flexible and Competitive Solutions
Manulife: Your Mortgage Partner for Flexible and Competitive Solutions
History as a Mortgage Lender in Canada
Founded in 1887, Manulife Financial is one of Canada’s most trusted financial institutions, recognized for its diversified range of financial services, including insurance, banking, and investment solutions. Manulife Bank, a subsidiary established in 1993, offers unique mortgage products designed to help Canadians simplify their finances and save on interest costs. Through RateShop Mortgages, clients benefit from Manulife’s innovative approach to mortgage lending and financial wellness.
Types of Mortgage Products & Programs
Manulife, through RateShop Mortgages, provides a variety of residential mortgage options, including:
Residential Mortgages:
Fixed-Rate Mortgages: Lock in your rate for predictable payments.
Variable-Rate Mortgages: Enjoy initial lower rates with flexibility based on market trends.
Manulife One Account: A unique mortgage and banking product that combines your mortgage, line of credit, and savings into one account to minimize interest costs and maximize financial flexibility.
High-Ratio Mortgages: For homebuyers with less than a 20% down payment.
Residential Mortgages:
Fixed-Rate Mortgages: Lock in your rate for predictable payments.
Variable-Rate Mortgages: Enjoy initial lower rates with flexibility based on market trends.
Manulife One Account: A unique mortgage and banking product that combines your mortgage, line of credit, and savings into one account to minimize interest costs and maximize financial flexibility.
High-Ratio Mortgages: For homebuyers with less than a 20% down payment.
Commercial Mortgages:
Manulife also provides financing solutions for businesses, including:
Multi-Residential Property Mortgages
Commercial Property Loans
Real Estate Investment Financing
Commercial Mortgages:
Manulife also provides financing solutions for businesses, including:
Multi-Residential Property Mortgages
Commercial Property Loans
Real Estate Investment Financing
Specialized Programs:
First-Time Home Buyers: Access to government-backed incentives and low down payment options.
Self-Employed and Stated Income Mortgages:
Flexible documentation requirements for non-traditional income earners.
Bridge Financing: Assistance for buyers transitioning between properties.
Specialized Programs:
First-Time Home Buyers: Access to government-backed incentives and low down payment options.
Self-Employed and Stated Income Mortgages:
Flexible documentation requirements for non-traditional income earners.
Bridge Financing: Assistance for buyers transitioning between properties.
Minimum Credit & Income Requirements
Manulife evaluates borrower eligibility based on:
Credit Score: A minimum score of 620 for most programs; higher scores often secure better rates.
First-Time Buyers: Require a down payment of at least 5% for properties under $500,000.
Salaried Employees: Must provide proof of stable employment and income, with a debt-to-income ratio under 44%.
Self-Employed or Contract Workers: Require two years of tax returns, Notices of Assessment (NOA), and business financials.
Stated Income Mortgages: Designed for borrowers with non-traditional income; require a higher down payment and excellent credit.
Manulife evaluates borrower eligibility based on:
Credit Score: A minimum score of 620 for most programs; higher scores often secure better rates.
First-Time Buyers: Require a down payment of at least 5% for properties under $500,000.
Salaried Employees: Must provide proof of stable employment and income, with a debt-to-income ratio under 44%.
Self-Employed or Contract Workers: Require two years of tax returns, Notices of Assessment (NOA), and business financials.
Stated Income Mortgages: Designed for borrowers with non-traditional income; require a higher down payment and excellent credit.
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It is our job to get your lowest possible rate. Your rate qualification depends on certain factors, such as credit score and home equity as per regulations.
*Advertised rates may not be offered by this lender. Mortgage lender offers are aggregated by RateShop & its Brokerage Network subject to change without notice. Speak with our mortgage broker about APR and qualification requirements.
Mortgage Underwriting Criteria for Approval
Manulife’s underwriting process considers several factors to assess borrower eligibility:
Debt-to-Income Ratio (GDS/TDS): GDS must not exceed 39%, and TDS must remain under 44%.
Down Payment: A minimum of 5% for high-ratio mortgages and 20% for conventional loans.
Credit Score: Higher credit scores result in more favorable rates and terms.
Income Verification: Employment letters, pay stubs, or financial statements for self-employed individuals.
Property Appraisal: Ensures the property’s market value aligns with the requested loan amount.
Manulife’s underwriting process considers several factors to assess borrower eligibility:
Debt-to-Income Ratio (GDS/TDS): GDS must not exceed 39%, and TDS must remain under 44%.
Down Payment: A minimum of 5% for high-ratio mortgages and 20% for conventional loans.
Credit Score: Higher credit scores result in more favorable rates and terms.
Income Verification: Employment letters, pay stubs, or financial statements for self-employed individuals.
Property Appraisal: Ensures the property’s market value aligns with the requested loan amount.
Locations Serviced and Branch Presence in Canada
While Manulife Bank operates primarily as a digital bank, its products are accessible nationwide through its partner network, including RateShop Mortgages. Manulife offers online and phone-based customer support, ensuring Canadians across the country can access their services.
Mortgage Application Checklist
Prepare the following documents for a seamless mortgage application process:
Valid government-issued ID (e.g., driver’s license or passport).
Proof of income (pay stubs, employment letters, or NOAs).
Bank statements showing savings and down payment funds.
Credit report and history.
Property details for refinancing or purchasing.
Prepare the following documents for a seamless mortgage application process:
Valid government-issued ID (e.g., driver’s license or passport).
Proof of income (pay stubs, employment letters, or NOAs).
Bank statements showing savings and down payment funds.
Credit report and history.
Property details for refinancing or purchasing.
How to Start a Mortgage Pre-Approval
Contact a RateShop Broker: Expert advisors will guide you through Manulife’s mortgage options.
Submit Your Financial Information: Provide documentation, including income, credit, and assets.
Manulife Pre-Approval: Receive a pre-approval that locks in your rate for 60–120 days.
Plan Your Purchase: Use the pre-approval amount to focus your property search.
Contact a RateShop Broker: Expert advisors will guide you through Manulife’s mortgage options.
Submit Your Financial Information: Provide documentation, including income, credit, and assets.
Manulife Pre-Approval: Receive a pre-approval that locks in your rate for 60–120 days.
Plan Your Purchase: Use the pre-approval amount to focus your property search.
How to Get Mortgage Rates
Compare Rates Online: Use RateShop’s platform to view live Manulife rates alongside other lenders.
Speak with a Broker: A RateShop broker can help negotiate the best rates based on your financial profile.
Monitor Rate Trends: Take advantage of favorable interest rates during your pre-approval period.
Compare Rates Online: Use RateShop’s platform to view live Manulife rates alongside other lenders.
Speak with a Broker: A RateShop broker can help negotiate the best rates based on your financial profile.
Monitor Rate Trends: Take advantage of favorable interest rates during your pre-approval period.
Mortgage Pre-Payment Options
Manulife offers flexible pre-payment features to help you pay down your mortgage faster:
Annual Lump-Sum Payments: Make additional payments of up to 20% of your original mortgage amount without penalties.
Payment Increases: Increase your regular payments by up to 100%.
Manulife One Prepayment: Use your income or savings to reduce your mortgage balance while retaining the flexibility to access those funds if needed.
Manulife offers flexible pre-payment features to help you pay down your mortgage faster:
Annual Lump-Sum Payments: Make additional payments of up to 20% of your original mortgage amount without penalties.
Payment Increases: Increase your regular payments by up to 100%.
Manulife One Prepayment: Use your income or savings to reduce your mortgage balance while retaining the flexibility to access those funds if needed.
By combining the innovative financial solutions of Manulife with RateShop’s expertise and personalized service, borrowers benefit from competitive rates, flexible terms, and the unique ability to integrate their mortgage into a comprehensive financial management strategy.
Contact RateShop Mortgages today to explore how Manulife’s mortgage products can help you achieve your homeownership and financial goals!
By combining the innovative financial solutions of Manulife with RateShop’s expertise and personalized service, borrowers benefit from competitive rates, flexible terms, and the unique ability to integrate their mortgage into a comprehensive financial management strategy.
Contact RateShop Mortgages today to explore how Manulife’s mortgage products can help you achieve your homeownership and financial goals!
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6 Indell Lane, Brampton ON L6T 3Y3, Canada
Local: 416-827-2626
Toll: 800-725-9946
RateShop Inc. is a Mortgage Brokerage offering lowest mortgage rates to Canadians. We are provincially licensed in the following provinces: Mortgage Brokerage Ontario FSRA #12733, British Columbia BCFSA #MB600776, Alberta RECA #00523056P, Saskatchewan FCAA #00511126, PEI #160622, New Brunswick FCNB #88426, Newfoundland/Labrador. Our Quebec Mortgage Transactions are serviced by Orbis Mortgage Group AMF# 181136.
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