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Tangerine Mortgage Rates
Navigating the mortgage landscape can be complex, but with Tangerine Bank, you have access to a variety of mortgage options designed to suit your financial goals. Whether you’re a first-time homebuyer or looking to refinance, understanding Tangerine’s mortgage rates is crucial to making informed decisions.
We compare mortgage rates from top lenders in Canada, including BMO mortgage rates, CIBC mortgage rates, RBC mortgage rates, TD Bank Mortgage Rates, and MCAP mortgage rates, and Citadel Mortgages rates called the Citadel Smart Home Plan mortgage rates. Let us simplify the process and help you secure approval quickly!
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.
Current Tangerine Mortgage Rates
Tangerine offers a range of mortgage products with competitive rates:
- Fixed-Rate Mortgages: Lock in your interest rate and monthly payments for the entire term, providing stability and predictability. Terms are available for 1 to 5, 7, and 10 years.
- Variable-Rate Mortgages: Benefit from interest rates that may fluctuate with the market, potentially offering savings over time. Tangerine offers a 5-year closed variable rate mortgage.
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.
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.
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).
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.
Compare Tangerine Mortgage Rates
Why Choose Tangerine for Your Mortgage Needs?
Tangerine is committed to helping Canadians achieve their homeownership dreams through:
- Competitive Rates: Offering some of the lowest mortgage rates among Canadian banks.
- Flexible Prepayment Options: Make lump-sum payments up to 25% of the original loan amount annually and increase regular payments by up to 25% at any time.
- Digital Convenience: Manage your mortgage online with ease, reflecting Tangerine’s commitment to a seamless digital banking experience.
Comparing Tangerine Mortgage Rates
It’s essential to compare mortgage rates across different lenders to ensure you’re getting the best deal. At Rates4U.ca, we provide comprehensive comparisons of Tangerine’s rates with other major Canadian banks, helping you make informed decisions.
Compare rates from:
Tangerine Mortgage Special Programs and Offers
Tangerine provides various programs to assist homebuyers:
- Home Equity Line of Credit (HELOC): Access up to 80% of your home’s value with a competitive interest rate.
- Special Financing for New Immigrants: Tailored mortgage solutions for newcomers to Canada with limited credit history.
FAQs About Tangerine Mortgage Rates
Tangerine provides fixed-rate mortgages with terms ranging from 1 to 5, 7, and 10 years, as well as a 5-year closed variable-rate mortgage
Yes, Tangerine offers options for transferring your mortgage from another lender, often with attractive rates and terms.
Yes, Tangerine allows customers to make lump-sum payments up to 25% of the original loan amount annually and increase regular payments by up to 25% at any time.
**Need more insights? Check out the Government of Canada’s Mortgage Guide for helpful tips.
Final Thoughts - Tangerine Mortgage Rates & Mortgage Brokers: Your Key to the Best Rates
When it comes to finding the lowest mortgage rates, working with a mortgage broker can give you a significant advantage. Unlike banks that only offer their own rates and products, mortgage brokers have access to a wide range of lenders, including major banks, credit unions, and alternative lenders. This allows brokers to compare rates and tailor options to meet your unique financial needs.
At Rates4U.ca, we believe in helping you connect with top-tier mortgage brokerages, like Citadel Mortgages, known for consistently offering some of the lowest rates in Canada. By working with trusted brokerages, you get access to exclusive deals, personalized guidance, and expert support throughout the mortgage process.
Here’s how brokerages like Citadel Mortgages can help you:
- Market Access: They work with multiple lenders to find the best rates and terms for your situation.
- Exclusive Deals: Citadel Mortgages is known for negotiating rates lower than those publicly advertised by banks.
- Expert Support: Their experienced mortgage agents guide you through every step, ensuring a stress-free experience.
At Rates4U.ca, our mission is to simplify the mortgage process and connect you with brokers who deliver results. Whether you’re buying your first home, refinancing, or investing, brokerages like Citadel Mortgages can help you save thousands over the life of your mortgage.
Let us help you find the best broker and the lowest rates today—because saving on your mortgage starts here!