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!
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Tangerine Mortgage Rates Overview
Content last updated: May 20, 2020
As with all their products, Tangerine mortgages are different to those offered by other large banks and financial institutions. The rebranded Canadian arm of ING, Tangerine mortgages offer a more basic set of products, which might suit you. As with all major financial decisions, be sure to compare mortgage rates from multiple providers to get the best product for you.
Tangerine mortgage terms
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.
Tangerine mortgage prepayment
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.
Tangerine mortgage amortization
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.
Comparing Tangerine mortgages
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. If you want to apply for a Tangerine mortgage rate directly, you'll need to contact them online or by phone. Alternatively, you can get in touch with a Tangerine approved mortgage broker. Using a mortgage broker gives you the added benefit of being able to compare mortgage rates and products between different lenders, as well as the chance to speak to an independent mortgage expert.
Tangerine Mortgage Pre-Approval
If you apply for a pre-approval, fixed rates will be held for 120 days. If rates fall during the rate guarantee period, you could still be offered the lower rate for your mortgage. 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.