Tangerine Mortgage Rates

Below you will find Tangerine Bank’s posted 5-year fixed and variable mortgage rates. Use Rates4u.ca comparison chart to evaluate other brokerages and lenders against Tangerine and ensure you get the best mortgage rate!

 

Tangerine Mortgage Rates Overview

Tangerine is a Canadian direct bank and a subsidiary of Scotiabank. Originally founded in 1997 by ING group as ING Direct Canada, the bank was purchased by Scotiabank in 2012 and officially rolled out in 2014. Distinct from large banks and financial institutions, Tangerine’s mortgage products offer more basic products that might be well suited to your needs. 

 

Tangerine mortgage prepayment

Tangerine’s prepayment program is a straight forward ’25/25′ meaning, each year, you can increase your regular payment up to 25% of your original payment amount. Additionally, throughout the year, you can make lump sum payments that total up to 25% of your original mortgage amount.  

 

Tangerine Fixed-Rate Mortgages

Tangerine Fixed Rate Mortgage product reduces the risk of future interest rate fluctuations by “locking in” a specific interest rate for the term. This can create peace of mind for most homeowners, making it an appealing mortgage product for most home buyers; if you’re thinking of or arranging a new mortgage for a future or your current home, your fixed interest rate mortgage can be guaranteed up to 120 days before your home’s closing date. If the interest rates go up during that time, you will be guaranteed a lower rate. 

TERM LENGTH

TANGERINE RATE

BEST RATE

1-Year Fixed

2-Year Fixed

3-Year Fixed

4-Year Fixed

5-Year Fixed

7-Year Fixed

10-Year Fixed

Tangerine Variable-Rate Mortgages

The Tangerine Variable Rate Mortgages provides you with fixed payments over the term of your mortgage; keep in mind, the interest rate will fluctuate with any changes in the bank of Canada prime interest rate. If the bank of Canada prime rate goes down, more of your payment will go towards paying off your principal; while if the bank of Canada prime rate goes up, more of your payment will go towards your mortgage’s interest costs. This is a great financial tool for those expecting rates to fall or take advantage of current low mortgage rates.

 

 Most times, the Tangerine variable mortgage is a convertible mortgage that allows you to convert to another term, such as a fixed mortgage at any time. This feature provides you with flexibility and security, as it enables you to convert to a longer closed term should your variable rate mortgage no longer meet your needs. 

 

5-Year Variable

Tangerine mortgage application checklist

Once you have started the application process, Tangerine will ask you questions relating to what you owe and own; some of the expenses relating to the property, such as heating costs, taxes, and condo fees; also whether you will be using the property to generate income. Additional information Tangerine will require includes:

• Your last two years T1 and Notice of Assessment

• A current list of your assets and liabilities

• The confirmation of your down payment may include recent bank statements, a Gift Letter, or RRSP withdrawal confirmations.

• Job letter proving current employment and income, including recent payslips

• Documents are proving additional income such as child tax credit etc.

• The details about the property your buying or currently own, including the MLS listing (if applicable) and any associated bills and taxes (e.g., property taxes, heating costs, and condo fees).

More on Tangerine

Tangerine is a direct bank, meaning it has no branches. Because their business is transacted online or over the phone, they have fewer expenses and are generally able to pass those savings onto the customer in the form of lower interests on loans, higher interest on deposits, and no fees or service charges! 

 

Tangerine prepayment charges

There are downsides to a fixed-rate mortgage, such as the restriction on paying out your mortgage early. Despite well-thought-out plans, unexpected life events sometimes require a mortgage to be broken and paid out early. 

 

Like all of Canada’s Big six banks, Tangerine fixed-rate mortgage prepayment charges are calculated on the greater of: 

 

  • The interest rate differential (IRD) or
  • Three months’ interest

 

This is based on the difference between the rate the bank could lend at today (the posted rate) and your rate for a term equivalent to the remaining term of your mortgage. The more your rate is above today’s published rates, the higher the IRD charge will be. 

 

The Big six banks are notorious for having high— and astronomical— penalties. Always consider this when you are mortgage shopping or ask your mortgage broker; if there is a chance you may need to break your mortgage early, then you may be better off with a fair penalty lender. Or variable-rate mortgage (which charges three months’ interest penalty to break a mortgage early). 

 

Tangerine Prime Rate

As of September 19, 2020, Tangerine’s Prime Rate is 2.45% 

 

How does Tangerine set their Prime rate?

Each bank or lender determines its Prime rate. Banks in Canada usually look to the target overnight rate or the Policy Interest Rate set by the Bank of Canada (BoC). Similar changes typically follow changes in the target overnight rate in Prime rates. As a result, most banks and lenders in Canada have similar Prime rates. 

Best Mortgage Rates In Canada

3-Year Variable Mortgage Rates

0.99%

5 Year Fixed Mortgage Rates

1.64%

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Yes

Pre-approval

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15%

Pre-approval

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15%

Lump sum pre-payment

Tangerine 5 Year Variable Mortgage Rate

2.05%

Best Mortgage Rates - tangerine-bank - Rates4u.ca

5-Year Variable

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No

Pre-approval

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25%

Pre-approval

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25%

Lump sum pre-payment

Tangerine Fixed Mortgage Rate

2.19%

Best Mortgage Rates - tangerine-bank - Rates4u.ca

3-Year Fixed

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No

Pre-approval

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25%

Pre-approval

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25%

Lump sum pre-payment

Tangerine Fixed Mortgage Rate

2.29%

Best Mortgage Rates - tangerine-bank - Rates4u.ca

5-Year-Fixed

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No

Pre-approval

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25%

Pre-Payments

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25%

Lump sum pre-payment

Tangerine Fixed Mortgage Rate

3.09%

Best Mortgage Rates - tangerine-bank - Rates4u.ca

10-Year-Fixed

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No

Pre-approval

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25%

Pre-Payments

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25%

Lump sum pre-payment

Citadel 5 Year Variable High Ratio Mortgage Rate

1.15%

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Yes

Pre-approval

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15%

Pre-Payments

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15%

Lump sum pre-payment

Citadel 3 Year Variable Mortgage Rate

0.99%

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3-Year-Variable

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No

Pre-approval

finance-13-5

20%

Pre-approval

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20%

Lump sum pre-payment

Citadel 5 Year Fixed High Ratio Mortgage Rate

1.64%

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Yes

Pre-approval

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15%

Pre-Payments

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15%

Lump sum pre-payment

Citadel 10 Year Fixed Mortgage Rate

2.49%

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No

Pre-approval

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15%

Pre-Payments

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15%

Lump sum pre-payment

Tangeriner Fixed Mortgage Rate

2.89%

Best Mortgage Rates - tangerine-bank - Rates4u.ca

1-Year-Fixed

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No

Pre-approval

finance-13-5

25%

Pre-Payments

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25%

Lump sum pre-payment

Citadel 1 Year Fixed Mortgage Rate

1.74%

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1-Year-Fixed

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No

Pre-approval

finance-13-5

20%

Pre-Payments

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20%

Lump sum pre-payment

Tangerine 2 Year Fixed Mortgage Rate

2.19%

Best Mortgage Rates - tangerine-bank - Rates4u.ca

2-Year Fixed

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No

Pre-approval

finance-13-5

25%

Pre-Payments

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25%

Lump sum pre-payment

Citadel 2 Year Fixed Mortgage Rate

1.69%

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2-Year-Fixed

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No

Pre-approval

finance-13-5

20%

Pre-Payments

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20%

Lump sum pre-payment

Citadel 3 Year Fixed Mortgage Rate

1.39%

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3-Year-Fixed

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Yes

Pre-approval

finance-13-5

15%

Pre-Payments

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15%

Lump sum pre-payment

Tangerine Fixed Mortgage Rate

2.19%

Best Mortgage Rates - tangerine-bank - Rates4u.ca

4-Year Fixed

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No

Pre-approval

finance-13-5

25%

Pre-approval

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25%

Lump sum pre-payment

Citadel 4 Year Fixed Mortgage Rate

1.74%

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4-Year-Fixed

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No

Pre-approval

finance-13-5

20%

Pre-Payments

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20%

Lump sum pre-payment

Citadel 5 Year Fixed Mortgage Rate

1.64%

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5-Year-Fixed

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Yes

Pre-approval

finance-13-5

15%

Pre-Payments

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15%

Lump sum pre-payment

Tangerine Fixed Mortgage Rate

2.39%

Best Mortgage Rates - tangerine-bank - Rates4u.ca

7-Year-Fixed

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No

Pre-approval

finance-13-5

25%

Pre-Payments

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25%

Lump sum pre-payment