Today’s Mortgage Rates updated as of December 21, 2024 4:00 am
5-year fixed*
5-year Variable*
*Insured loans. Other conditions apply. Rate in effect as of today.
At Citadel Mortgages, we offer access to the latest Manulife mortgage rates tailored to your financial needs. Whether you’re a first-time homebuyer, refinancing, or exploring flexible options like the Manulife One mortgage, we ensure you get the best rates available. Our expertise helps you navigate Manulife’s products to find the ideal mortgage solution.
Whether you’re a first-time homebuyer, refinancing, or renewing your mortgage, understanding current trends and available options helps you make informed financial decisions.
This guide focuses on helping you navigate the Canadian mortgage market, offering insights into current rates, strategies for securing the best deal, and regional trends.
Mortgage brokers play a pivotal role in helping Canadians find tailored financing options, providing expert advice, and navigating the often complex mortgage market.
For more detailed information on mortgage types, costs, and rights, consult the Government of Canada – Financial Consumer Agency of Canada (FCAC).
Manulife offers a range of fixed and variable rates, ensuring affordability and flexibility for various needs.
Manulife’s All-In-One account combines your mortgage, savings, and daily banking, simplifying finances and reducing interest costs.
Whether you’re looking for short-term fixed rates, long-term stability, or a variable-rate mortgage, Manulife has options to fit every stage of homeownership.
Manulife Bank Background
Manulife was founded in 1887 by Sir John A. Macdonald. Not only was he Manulife’s President, but also the first Prime Minister of Canada. The institute began expanding in 1893, starting in the Caribbean, and shortly after to Asia in 1897 and then the United States in 1903. They continued to grow in the 1980s and 1990s with multiple mergers and acquisitions. The acquisition of U.S.-based John Hancock Financial Services in 2004 was the largest acquisition to date, making Manulife the largest life insurer in Canada and the second largest in North America. It is now the fifth-largest life insurer in the world.
Learn more about today’s best mortgage rates in Canada.
he Manulife One Mortgage, also known as the Citadel All-In-One Mortgage, offers a unique approach to managing your finances:
Daily Simple Interest
Flexibility
Customizable Payments
Example of Savings:
Traditional mortgages calculate interest semi-annually. With Manulife One’s daily simple interest, even small deposits immediately reduce the interest charged, potentially saving thousands over the term.
Wide Range of Options
Flexible Prepayment Options
Comprehensive Financial Integration
Competitive Rates
We compare mortgage rates from top lenders, including BMO mortgage rates, CIBC mortgage rates, RBC mortgage rates, TD Bank Mortgage Rates, and MCAP mortgage rates, alongside our exclusive Citadel Smart Home Plan mortgage rates. Let us simplify the process and help you secure approval quickly and stress-free!
Prime rate is essential as it tells you the best rate the lender will offer their ideal client with an exceptional credit score and limited debt for credit products such as credit cards. Manulife is either the same or slightly lower than other Canadian bank primes. For example, TD’s prime rate is currently higher then Manulife, so shopping around is always worthwhile when looking for a mortgage provider.
| Feature | Manulife Mortgage | Traditional Mortgage |
|---|---|---|
| Interest Calculation | Daily Simple Interest | Semi-Annual Compound Interest |
| Flexibility | Combines mortgage, savings, and credit | Fixed payment schedule |
| Prepayment Options | High flexibility | Limited, often with penalties |
| Savings Potential | High (reduces interest with deposits) | Moderate |
There are also some unique mortgage options for first-time and select clients under their 5-year offering, including:
Manulife Bank 5-Year Fixed and Variable Rate History
Since 2020, Manulife’s 5-year fixed rates in August were as follows:
Because Manulife readvanceable mortgages are so customizable, their features are quite different than what you’d find at a traditional bank. As a result, you aren’t contending with issues regarding things like prepayment allowances at a set number of payments or prepayment limits. So, instead of looking at individual features, penalties, prepayment options, etc. like you would for a traditional bank, you choose how you want to pay your mortgage, whether it is weekly, bi-weekly, semi-monthly, or monthly payments and then customize your mortgage based on either the Mortgage One or Select Mortgage options.
You control whether you want to speed up or slow down your payments based on your financial situation. In addition, your choices don’t come with added costs or penalties like other mortgages. As a result, when managed right, you can either improve your cash flow or save money over the life of your mortgage by reducing the interest paid and increasing your payment frequency.
Two additional considerations for Manulife Mortgages, include:
1. Property Tax Payment:
You might be expected to include your property taxes with your mortgage payments in some cases. Manulife then pays your taxes on your behalf. If not, you can request this option, so you don’t have to worry about making payments to your municipality. In addition, the taxes are included as part of your monthly payments, so you don’t have to budget for them as an additional expense.
2. Mortgage Protection Insurance:
Mortgage protection insurance is always worth considering as it ensures your mortgage is paid should you pass away or become unable to work. Because Manulife offers an insurance line, it is easy for Manulife Financial to provide a comprehensive insurance package for mortgages up to $1 million for people between 18 to 64. You can try it on for size to see how it impacts your expenses and cancel after 60 days with a money-back guarantee. This stands out from other lenders that might offer a 30-day trial period but not a money-back guarantee.
Manulife One mortgages are what are known as “readvanceable” mortgages. They automatically combine your mortgage with a line of credit so you can access the equity in your home as it builds. At the same time, as your payments are made, your credit in your HELOC rises, allowing you to borrow more money as your equity builds. In addition, you only pay interest if you choose to make a withdrawal on your line of credit. Your HELOC is there when you need it without applying for more credit like you would with a traditional mortgage.
There are several advantages and disadvantages to Manulife One, including:
Pros:
Cons:
Always keep in mind there are many mortgage products available before settling on the first lender you see! Find the best mortgage rates from Citadel Mortgages. Get yours approved today!
The Manulife One combines your mortgage, savings, and daily banking into a single account, offering daily interest savings and unparalleled flexibility.
Yes, Manulife offers highly competitive rates, particularly for its All-In-One product. Contact Citadel Mortgages for the latest updates.
Yes, Manulife offers flexible prepayment options to help you pay off your mortgage faster without penalties.
The Become Mortgage-Free Sooner Calculator is ideal for:
Manulife offers some of the most innovative and flexible mortgage solutions in Canada. Whether you’re exploring their fixed and variable rates or the unique benefits of the Manulife One Mortgage, Citadel Mortgages is here to guide you. Let us help you secure the best rates and make the most of your home equity.
At Citadel Mortgages, we specialize in helping Canadians navigate the complexities of mortgage rates and terms. Whether you’re looking for a 6-month fixed rate, a 5-year variable, or something in between, our team is here to provide personalized guidance and access to the best rates in Canada.
While 33% of non-homeowners believe they’ll never own*, our Citadel mortgage brokers are 100% confident they can make it happen. How? With our expert advice and guidance.
(5-years interest savings with Citadel Mortgages)**
(Interest savings with Citadel Mortgages)
(5-years interest savings with Citadel Mortgages)**
(Interest savings with Citadel Mortgages)
See how you can save and become mortgage-free sooner
Calculate how much you’d spend each month to buy a home or renew or refinance your mortgage.
Discover how much cash back you could receive with our Cash Back Mortgage Calculator.
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Alberta Office – 421 7th Avenue S.W., 30th Floor, Calgary, Alberta, T2P 4K9
Nova Scotia Office – 1701 Hollis Street, Suite 800 Halifax, NS B3J 3M8
Saskatchewan Office – 2010 – 11th Avenue 7th Floor Regina Saskatchewan S4P0J3
Newfoundland Office – 1 Church Hill – Suite 201-522 St. John’s Newfoundland A1C 3Z7
New Brunswick Office – 500 St George Street, Moncton NB, E1C 1Y3
British Columbia Office – 900-2025 Willingdon Avenue, Burnaby BC, V5C 0J3
Montreal Office – 1155 Rue Metcalfe #1500, Montreal, QC, H3B 2V6
Disclaimer
Citadel Mortgages operates an information-based website designed to display mortgage rates from its trusted partners. While we strive to present accurate and up-to-date information, we cannot guarantee the precision of the rates or other details provided at all times. Citadel Mortgages assumes no liability for errors, inaccuracies, or damages resulting from the use of the information on this site. Terms and conditions apply, and it is essential to consult directly with a licensed mortgage broker for personalized advice and accurate details about specific products and services. Please note that the rates displayed are for informational purposes only and may differ from actual rates offered.
Citadel Mortgages is licensed to operate in the following jurisdictions:
Instant Approval, Conditional Approval, Pre-Approval
All approvals are subject to credit and underwriting approval. Not all borrowers will qualify for conventional or equity financing. The receipt of an application does not constitute a financing approval or guarantee of an interest rate. Restrictions apply. The Annual Percentage Rate (APR) is subject to underwriting and approval, and fees and terms may vary. Contact us for the most current rates and further information about specific products. OAC (On Approved Credit).
We remain committed to delivering outstanding service, transparency, and ethical practices. Please note that some rates are province-specific and may change without notice. Rates may not be available in Quebec; please contact us directly to confirm availability and approval.
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