Tangerine Mortgage RatesRates updated:
Below you will find current Tangerine's posted 5-year fixed and variable mortgage rates. Use Ratehub.ca's comparison chart to evaluate other banks, brokerages and lenders against Tangerine and ensure you get the best mortgage rate!
|5-YR Variable||3-YR Fixed||5-YR Fixed||10-YR Fixed|
|Best Bank Mortgage Rates|
Tangerine Mortgage Rates Overview
Tangerine takes a simplistic approach to mortgage products, offering only two types of closed mortgage rates: fixed or variable. Fixed rates are available for 1 to 5, 7, and 10-year terms and the variable rate only applies to a 5-year term. Fixed rates are guaranteed for 120 days, and if rates fall during the rate guarantee period, you are given the lower rate.
Tangerine also enforces a straightforward '25/25' prepayment program, whereupon each year you have the freedom to increase your regular payments by up to 25% of your original payment amount and throughout the year you can make lump sum payments totalling up to 25% of your original mortgage amount.
You can amortize your mortgage up to 25 years to help make your regular payments more manageable, and Tangerine's conventional mortgage allows you to skip a payment once a year and pay it back when it is convenient for you. The interest portion of the skipped payment is simply added to the principal amount and accumulates interest.
Should you decide to move, you can rest easy because your Tangerine mortgage is both portable and assumable. If you decide to sell your home, you can either take your mortgage with you (portable) or give your buyer the opportunity to take it over (assumable), penalty-free.
Although easy to understand, it is important to compare Tangerine's mortgage rates against the more complex options offered by other lenders and brokers, to ensure you obtain the best mortgage interest rate.
Accessing Tangerine Mortgage Rates
Unlike traditional lending institutions, Tangerine does not have any standalone branches, so you must either fill out a mortgage application online or speak with a Tangerine mortgage specialist over the phone at 1-800-568-2190.
Tangerine Mortgage Pre-Approval
Once you have applied for pre-approval, you can track the status of your Tangerine mortgage application online from the comfort of your home.
Tangerine Mortgage Application Checklist
To help save you time, here is a handy checklist to provide a detailed overview of the information you will need to collect before you begin your mortgage application and obtain your Tangerine mortgage rate:
- Personal information
- Employment information
- Information about your assets (account balances, investment values, vehicle ownership, etc.)
- Information about your liabilities (such as credit cards, lines of credit, loans and leases, alimony or child support, etc.)
- Income information
- Mortgage details (term, payment frequency, amortization period, down payment, amount desired, etc.)
- Property information
More on Tangerine
Tangerine is not a traditional bank. It has no branches, and because business is conducted only over the Internet or by phone, Tangerine is generally able to pass those savings onto you, in the form of higher interest on deposits, with no fees or service charges on them, plus lower interest on loans. First opened in 1997 as ING DIRECT Canada, Tangerine was acquired by Scotiabank and rebranded in 2014.