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Manulife One account is a product in the category called "re-advancable mortgages." Similar products are offered in other banks as well. For example:
BMO: BMO Readiline
CIBC: CIBC Home Power Mortgage
Re-advancable mortgages are perfect vehicles for implementing the "Smith Manoeuvre," advertised by Fraser Smith, and detailed at www.smithman.net. The basic idea of the Smith Manoeuvre is to borrow as much as possible from the real estate, and invest the borrowed amount in the equity market, hopefully with better year-over-year average return in the long run. This is, of course, not without risks, which is why I did not mention this scheme.
Even without using the Smith Manoeuvre, if all the household income, after daily expenses, is in the mortgage at all times, it will dramatically reduce the number of years needed to pay off the mortgage. This is due to the power of "compounded interests," in which case the best strategy is to pay the mortgage as frequently, as early, and as much as one is able to do so.
My own experience shows that, my suggestions are not about saving a few dollars per month, but about paying off the mortgage a few years sooner.更多精彩文章及讨论,请光临枫下论坛 rolia.net