Manulife Mortgage Review 2025
Manulife mortgages: Our quick take
Manulife Bank’s limited selection of mortgage products makes it hard to recommend for the average home buyer. Those looking for the unique benefits of a readvanceable mortgage may find it worth considering.
Who is a Manulife mortgage best for?
Manulife Bank only offers two mortgage products, the Manulife One and Manulife Select.
Because they have some complex features, these products are best for borrowers who understand the benefits (and potential risks) involved with readvanceable mortgages.
Who's eligible for a Manulife mortgage?
Because it’s a federally regulated financial institution, Manulife Bank’s lending criteria will generally be on par with big banks and credit unions.
To qualify for a prime mortgage with Manulife, as with any lender or brokerage, you’ll need to meet certain eligibility requirements.
These include:
Minimum credit score: Typically 680.
Down payment amount: At least 5% for a home under $500,000. For homes between $500,000 and $1,499,999, you need 5% of the first $500,000 and 10% of the amount above $500,000. For a home that costs $1.5 million or more, you’ll need 20% of the purchase price.
Debt service ratios: Your gross debt service ratio should not exceed 39%; your total debt service ratio should not exceed 44%.
» Note: To qualify for a Manulife One mortgage, you need to have either a 20% down payment or 20% equity in your home.
What type of mortgages does Manulife offer?
Manulife Bank offers just two mortgage products: Manulife One and Manulife Select.
Manulife One combines your mortgage, bank account and a line of credit into a single account that applies all your deposits toward your mortgage.
Manulife Select combines your mortgage with a high-interest chequing account and allows you to slice your loan into different portions, each one with its own interest rate and repayment schedule.
Manulife One and Manulife Select allow you to apply a fixed rate to a portion of your mortgage and a variable rate to another.
Both loans can be used for
Purchases.
Mortgage switches.
Mortgage refinances.
Manulife One can also be used for investment property purchases.
How do Manulife's mortgage rates compare?
You can see how Manulife's mortgage offers stack up against bank and non-bank lenders on the following pages.
Review of Manulife mortgage features
NerdWallet Canada's editorial team sifted through dozens of lender websites looking for features borrowers are interested in. Then, we summarized how each lender compares to its competitors using the labels "limited," "standard" or "excellent."
To see the details that led to each summary, expand the box below each entry.
Special offers available
LIMITED
Manulife publishes just a few special mortgage offers. Those available are all for the same mortgage type and term; they’re just applied to different products.
Why this might matter for you: Special rates can be a window into the types of rates you'll actually get from a lender. It's frustrating when one lender clearly displays them online and another doesn't.
Why this might not matter: If you work with a mortgage broker, they're the ones who will gather rate information. Also, because every mortgage offer is unique to the applicant, a special rate you see may not reflect the rate a lender will offer you.
Expand for details
Manulife’s special mortgage offers include:
5-year fixed (Manulife One)
5-year fixed (Manulife Bank Select)
5-year fixed (Manulife Bank Select, high-ratio)
Term length options
STANDARD
Manulife’s term options are fairly typical, although the open version of the five-year Manulife One comes with relatively low interest rates for such a product.
Why this might matter for you: Some borrowers need financing for an unusual amount of time (six months, six years or 25 years, for example).
Why this might not matter: If you intend to get a standard three- or five-year term, having access to less common terms doesn't matter as much.
Expand for details
Manulife One’s term options include:
One-year closed.
Two-year closed.
Three-year closed.
Four-year closed.
Five-year closed.
Five-year open.
Seven-year closed.
10-year closed.
Manulife Select’s term options include:
One-year closed.
Two-year closed.
Three-year closed.
Four-year closed.
Five-year closed.
Seven-year closed.
10-year closed.
Prepayment limit
STANDARD
Prepayments are where the Manulife One can come in handy. If you choose an open mortgage, you can repay as much as you like without penalty. But because of the way it’s structured, taking full advantage of Manulife One as a prepayment vehicle will require real financial discipline.
With Manulife Select, you can make a one-time payment of up to 20% of your original mortgage amount each year. You can also increase your regular payment by up to 25%.
Why this might matter for you: Paying off a mortgage early is a goal many homeowners have. The bigger your lender's lump-sum prepayment limit, the more flexibility you'll have.
Why this might not matter: If you don't expect to have funds available for prepayments, this limit is irrelevant.
What it’s like to apply at Manulife
You can’t apply for a mortgage with Manulife online, although you can renew a Manulife mortgage through the bank’s app.
To start the application process, you’ll need to call or email Manulife or reach out to a mortgage broker who works with the bank.
About NerdWallet mortgage reviews
When the NerdWallet Canada editorial team reviews a mortgage lender, we look for the options it offers customers, transparency in advertising, ease of application and flexibility it offers mortgage-holders.
Of course, a mortgage is a highly personalized product. The offer you receive depends on the details of your financial situation. A lender may have a less-than-transparent website but offer you a great rate.
Use this review to familiarize yourself with this mortgage lender. To get the best mortgage rate, work with a mortgage broker or negotiate directly with multiple lenders.
DIVE EVEN DEEPER
Kurt Woock
Kurt Woock
Kurt Woock
Clay Jarvis