Tangerine stands as Canada’s favored online banking institution, renowned for providing some of the most competitive mortgage interest rates. Originally introduced as ING DIRECT in 1997, Tangerine set out to address common issues associated with conventional banking, such as low interest rates, exorbitant banking fees, and service charges.
Presently, Tangerine has evolved into a comprehensive solution, offering a range of banking services, encompassing mortgages, Home Equity Line of Credit (HELOC), Guaranteed Investment Certificates (GICs), investment funds, as well as savings and chequing accounts.
Types of Mortgages
Tangerine offers variable and fixed mortgages. Let’s see what’s on offer:
Variable-rate Mortgage 1.35%
Fixed-rate Mortgages
1 Year Fixed Mortgage 2.79%
2 Year Fixed Mortgage 1.78%
3 Year Fixed Mortgage 1.89%
4 Year Fixed Mortgage 2.04%
5 Year Fixed Mortgage 2.14%
7 Year Fixed Mortgage 2.64%
10 Year Fixed Mortgage 3.09%
At Tangerine, annual interest rates are calculated semi-annually and not in advance.
Other than these rates, you’ll find a variety of tools and resources like:
Mortgage payment calculator
Rent translator
Mortgage prepayment FAQs
Collateral charges guide
Key Features
Besides offering some of the top mortgage rates, Tangerine strives to provide home-buyers with peace of mind by offering a secure lock-in period and flexible prepayment options.
Mortgage Rate Hold
Fixed-rate mortgages at Tangerine come with a 120-day hold, during which time you can get your application, documents, and funds ready.
However, if you’re going with the 5-year variable rate, you’ll get the difference between the Tangerine Prime Rate and the quoted rate for the guarantee period. Though the Prime rate can change at any time, the difference between that and the offered rate will remain constant during the hold period.
Great Prepayment Options
You can make lump-sum prepayments of up to 25% of your original mortgage amount each year. Additionally, you can raise your regular mortgage repayments by up to 25% of your original mortgage payment. This can be done on any payment date.
Support from Mortgage Agents
On signing up with Tangerine, you’ll be assigned a Mortgage account manager for a step-by-step guide.
Portability
If you happen to move, you can take your mortgage with you at your present rate, term, and loan amount without penalty.
Approval Process
You’ll be eligible for a Tangerine mortgage if:
You’re a Canadian resident
You have been employed full-time for at least 3 months
You have been self-employed for at least 2 years
You’re not a prior bankrupt
You have a minimum credit score of 620
You’re applying for a mortgage loan amount of $50,000 or more
The application process is quite straightforward. Once you apply online, you’ll be assigned a mortgage agent manager to walk you through it.
Verdict
If you’re looking for the most attractive Canadian fixed mortgage rates with a guaranteed lock period of 120 days, head to Tangerine. It’s a secure digital banking platform that provides you with prepayment privileges as high as 25/25. You’ll also get guidance through dedicated agents. It’s safe to say Tangerine is one of the leading names on the list of online mortgage lenders in Canada that stand out.
