Jesus, The M1 (ManulifeOne) is such a scam!
The M1 mortgage ends up reducing the pay back period because it applies all of your savings against the mortgage. This will work with ANY mortgage!
Why not get the RBC Homeline mortgage with lower rates and apply all your savings against that non-deductible mortgage. You’ll get the increased credit limit automatically on the HELOC side. This would act just like the M1 mortgage BUT with lower overall fees and interest.
If you're too dumb/lazy to sweep your excess every pay cheque against the homeline, you're too dumb to save money with the M1. M1 is a good idea that effs people in the end with its terrible rates.
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