• Tangerine Mortgage Rates

Tangerine Mortgage Rates

Tangerine is one of the players in the Canadian banking space offering mortgage products across the country. It’s always important to carefully consider a bank that works best for your situation or rather offers mortgage products that best suit your needs.

When it comes to mortgage products, Tangerine offers only offers fixed mortgage rates and variable mortgage rates. One of the decisions you’ll have to make when looking for a mortgage in the market is whether to choose a variable rate mortgage or a fixed rate mortgage. Fixed-rate mortgages usually have the interest rate fixed for the entire mortgage term while in variable rate mortgages, the interest rate changes along with the prime lending rate of the lending institution.

Tangerine’s variable mortgage rates only apply to a five-year term while the fixed mortgage rates apply for one to five, seven, and ten-year terms. The Tangerine variable rate mortgage is designed in such a way that it provides you with the flexibility of locking into a fixed rate mortgage of three years or more anytime you want without penalty. If you sign up for a variable rate mortgage, your payments will be adjusted every three months. That means your payments will change whenever there are changes in the prime rate.

Despite the fact that Tangerine guarantees a fixed rate for 120 days on new homes, funding of the mortgage will be done as soon as the home is at least 95 percent complete. It’s important to note that if the rates drop during the 120 days of rate guarantee, Tangerine will give you a lower rate.

If you’re a starter, chances are you’ll get a great rate. Furthermore, Tangerine mortgage rates feature 25/25 mortgage repayment options that allow you to increase your regular payments by up to 25 percent of your original payment amount every year. You don’t have to wait for the annoying mortgage anniversary dates. It’s even more interesting since you can make lump sum payments of up to 25 percent of your original amount every year, at any time.

The Tangerine mortgage is also portable in such a way that you can comfortably take your mortgage with you when you decide to move, and you won’t have to pay any penalties. Your mortgage remains at your current term, rate, and loan amount.

Tangerine makes it possible for you to manage your regular payments as you can amortize your mortgage up to twenty-five years. Of course, there are times when you might not be in a position to pay. With Tangerine’s conventional mortgage, you can pay back a skipped payment at a time that’s convenient to you. You should, however, understand that this amount will be added to the principal amount and start accumulating interest as well.

Tangerine also provides mortgage financing for people in business and those who are self-employed. However, you must provide declared taxable income for the past two years and have more than three years of working experience in that area.

To find the best mortgage rate for your needs, compare rates from different lending institutions and brokers. Use CompareMyRates.ca to compare other lenders and brokers against Tangerine’s fixed and variable rate mortgages.

How Can I access Tangerine Mortgage Rates?

Probably it’s important to indicate the hours of operation first. The Tangerine mortgage department operates from Monday to Saturday, between 8.00 am and 10.00 pm ET.

While most traditional lending institutions have many local branches, Tangerine doesn’t have any of such branches which mean the only way to apply for their mortgage in through their website. Tangerine’s businesss is done only on their website, and you can only access their services and products over the internet or by phone. You can either call one of Tangerine’s mortgage specialist at 1-800-568-2190 or complete a mortgage application online.

If you’re looking for higher interest on deposits, without any service charges or you want to enjoy low interest on loans, Tangerine will offer you a solution. Tangerine is now owned by Scotiabank after they rebranded in 2014.

What information do I need when making an application for my Tangerine Mortgage?

Preparation is always important in everything you do. It’s important to prepare yourself with the right information that’s required for your Tangerine mortgage application. You’ll need a detailed overview on:

  • Personal and Employment Information
  • Assets and liabilities. Assets, in this case, will include your investment values, account balances, vehicle ownership and more while liabilities will include loans, leases, lines of credit, credit cards, child support and more.
  • Property information
  • Income information
  • Details about your mortgage. This includes your down payment, mortgage term, amortization period, your desired amount, and the payment frequency.

Filter Mortgage Rates

  Filter Mortgage Rates  
Filter Search ResultsDone

Mortgage Term

Filter Results

8 Results

  • Interest Rate
  • Term
  • Type

2.79%

2 Years

Fixed Closed

Pre-Payment:

25% Monthly

25% Lumpsum

2.89%

3 Years

Fixed Closed

Pre-Payment:

25% Monthly

25% Lumpsum


2.95%

5 Years

Variable Closed

Pre-Payment:

25% Monthly

25% Lumpsum

3.29%

1 Year

Fixed Closed

Pre-Payment:

25% Monthly

25% Lumpsum

3.49%

5 Years

Fixed Closed

Pre-Payment:

25% Monthly

25% Lumpsum

3.74%

7 Years

Fixed Closed

Pre-Payment:

25% Monthly

25% Lumpsum

4.09%

4 Years

Fixed Closed

Pre-Payment:

25% Monthly

25% Lumpsum

4.39%

10 Years

Fixed Closed

Pre-Payment:

25% Monthly

25% Lumpsum

Best Tangerine Mortgage RatesTangerine-Logo

Tangerine launched on April 27, 1997 with the name ING DIRECT Canada. In 1998, the bank opened its first café in Vancouver. It was during the same year that Tangerine started internet banking, with the launch of an online banking site. Come 2012, the bank set foot in Montreal, where it opened Montreal café.

It was not until 2014 that ING DIRECT officially became Tangerine. When ING DIRECT was launching the banking industry was full of the same kind of services. Customers had to contend with low interest, banking charges, among other issues. ING DIRECT bank came with alternatives that added benefits to banking services. Today, Canadians are enjoying what ING DIRECT first introduced.

The new name, Tangerine is a reflection of the bank’s contribution to progression in the Canadian banking industry. As an alternative to conventional banking solutions, the bank brings safe, innovative and simplified way of banking. The bank still avoids charging unnecessary fees to its clients and focuses on innovative products.

Tangerine offers a wide range of services that include:

  • Savings Account
  • Business savings accounts
  • Chequing Account
  • Investment funds
  • TFSAs
  • RSPs
  • GIC
  • Tangerine Mortgage
  • Home Equity Line of Credit
  • RSP Loan
  • Online Banking
  • Mobile Banking
  • Telephone Banking

Provinces it Services

Areas where you can get Tangerine services include:

  • Toronto, Ontario
  • Montreal, Quebec
  • Vancouver, British Columbia
  • Calgary, Alberta
  • Ottawa, Ontario
  • Edmonton, Alberta
  • Regina, Saskatchewan
  • Saint John, New Brunswick 

Tangerine Mortgages

Tangerine mortgage products are simple and come as either fixed rate closed term or variable rate closed term. While variable rate is only applicable for 5 years, fixed rate is available for several terms, up to 10 years.

Below is a summary of the interest rates as distributed at Tangerine Mortgage:

  • 5 year variable rate mortgage at an interest rate of 2.85%, semi annually
  • 1 year fixed rate mortgage at an interest rate of 3.19%, calculated semi-annually
  • 2 year fixed rate mortgage at an interest rate of 3.24%, calculated semi-annually
  • 3 year fixed rate mortgage at an interest rate of 3.49%, calculated semi-annually
  • 4 year fixed rate mortgage at an interest rate of 3.69%, calculated semi-annually
  • 5 year fixed rate mortgage at an interest rate of 3.79%, calculated semi-annually
  • 7 year fixed rate mortgage at an interest rate of 4.44%, calculated semi-annually
  • 10 year fixed rate mortgage at an interest rate of 4.69%, calculated semi-annually

Tangerine Bank registers mortgages as collateral, which has several advantages to the borrower. First, collateral charge mortgage is based on 100% value of property. This is different from conventional charge mortgage that is registered for amount of loan you take. Collateral charge mortgage is also less legal binding. For example, you can borrow at a future date without undergoing legal costs.

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