Manulife Mortgage Rates: A Guide to Qualifying for the Best Deals

Manulife Bank of Canada offers various mortgage rates for its customers. The bank provides two sets of current mortgage rates: posted and discounted rates. The posted rates are higher than the discounted rates, with the expectation that borrowers will negotiate them down.

The prime rate underpins Manulife's variable-rate lending products, including mortgages, lines of credit, and some credit cards. When the Bank of Canada adjusts its overnight rate, Manulife's prime rate increases or decreases by the same amount. The current prime rate is 4.70%.

Manulife has two mortgage products: Manulife One and Manulife Select. Manulife One includes a bank account and a line of credit, while Manulife Select features a high-interest chequing account that allows borrowers to split their loan into segments with different interest rates and repayment schedules.

To qualify for Manulife's best mortgage rates, borrowers should maintain a good credit score (typically 680 and up), save for a down payment (at least 5%), and lower their debt service ratios. Shopping around and negotiating the initial rate offered can also help borrowers secure better deals.