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Jamie David, Sr. Director of Marketing and Mortgages
Tangerine has made a serious effort to differentiate itself from the other large Canadian banks. The rebranded Canadian arm of ING, Tangerine offers a more basic set of mortgage products than some of the more established mortgage providers. Rather than being a drawback, this simplicity might suit you perfectly.
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 simple 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, while the variable rate is only available in a 5-year term.
Tangerine mortgage pre-payment
Tangerine enforces a straightforward '25/25' pre-payment program. Each year, you have the freedom to increase your regular payments by up to 25% of your original payment amount. As well, 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's convenient for you. The interest portion of the skipped payment is simply added to the principal amount and accumulates interest of its own.
Should you decide to move, you can rest easy, because your Tangerine mortgage is both portable and assumable. This means that 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 stand-alone 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 who can give you personalized advice at no cost to you.
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 a 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 of the information you will need to collect before you begin your mortgage application with Tangerine:
- 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.)
- Proof of income
- Details of any existing mortgages (term, payment frequency, amortization period, down payment, amount desired, etc.)
- Information about the property you plan to purchase
- Information about any existing property you own
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.
Jamie David, Director of Marketing and Head of Mortgages
Jamie has 15+ years of business and marketing experience. She contributes her mortgage expertise to The Globe and Mail and authors Ratehub’s mortgage and homebuying guides. read full bio
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