Tangerine Bank Mortgage Rates
Tangerine Bank Background
Tangerine is a Canadian online direct bank and is a subsidiary of Scotiabank. They are well known for their competitive offers, such as no-fee chequing and savings accounts, Guaranteed Investment Certificates (GIC), mortgages, and mutual funds. Their most notable financial product is their 2% cash back mastercard credit card with no annual fee. This product provides 2% cashback on two categories of your choosing and 1% on all other categories. To compete with larger financial institutions, Tangerine offers competitive mortgage rates as well, which are described below. Tangerine is one of Canada’s few completely online banks and previously did not offer debit cards or cheques. However, as of 2021, they now offer both products. Although they are a subsidiary of Scotiabank, they have a separate institution number, which is 614.
Tangerine Prime Rate
Tangerine's Prime Rate is used as the basis for many of Tangerine's lending products including variable rate mortgages, lines of credit, and HELOCs. Prime, or P, is normally combined with a spread to make up the final interest rate.
Current Tangerine Prime Rate: 2.45%
Tangerine Bank Fixed-Rate Mortgages
Tangerine Bank Fixed Rate Mortgage 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 homeowners, which makes it a fundamentally appealing program for home buyers. If you are arranging a new mortgage for a future or current home, your fixed interest rate can be guaranteed up to 120 days before the closing date of your home. If interest rates go up during that time, you will be guaranteed the lower rate.
| Term | Rate | Monthly Payment |
|---|---|---|
1-Year Fixed | 2.79% | $1,853 |
2-Year Fixed | 1.78% | $1,653 |
3-Year Fixed | 1.89% | $1,674 |
4-Year Fixed | 2.04% | $1,703 |
5-Year Fixed | 2.14% | $1,723 |
7-Year Fixed | 2.64% | $1,823 |
10-Year Fixed | 3.09% | $1,916 |
The rates shown are for insured mortgages with a downpayment of less than 20%. You may get a different rate if you have a low credit score or a conventional mortgage. Rates may change at any time.
Tangerine Bank Variable-Rate Mortgages
Tangerine Bank Variable Rate Mortgage provides you with fixed payments over the term; however, the interest rate will fluctuate with any changes in the prime interest rate. If their prime rate goes down, more of your payment will go towards paying off your principal; if our prime rate goes up, more of your payment will go towards interest costs. As a result, this can be a great financial tool for those expecting rates to fall in the upcoming year. A convertible mortgage allows you to convert to another term at any time. This feature provides security and flexibility, as it enables you to convert to a longer closed term should your variable rate mortgage no longer meet your needs.
| Term | Rate | Monthly Payment |
|---|---|---|
5-Year Variable | 1.45% | $1,590 |
The rates shown are for insured mortgages with a downpayment of less than 20%. You may get a different rate if you have a low credit score or a conventional mortgage. Rates may change at any time.
Tangerine Mortgage Break Penalty
| Bank or Lender | Variable Rate Mortgage | Fixed Rate Mortgage |
|---|---|---|
 | 3 Months’ Interest | Greater of 3 Months’ Interest or the IRD amount |
Tangerine Prepayment Calculator
Are you looking to pay off your mortgage early? Or refinance the terms of your mortgage at a lower interest rate? Maybe you sold your home and purchasing a new home, in which a mortgage transfer will apply. Whatever the case, you most likely will have to pay a mortgage break penalty set by your lender. Whatever the situation, our calculator will help you determine the cost to break your mortgage so you can be confident about your mortgage decisions.
What is the remaining balance on your mortgage?
What is the term-length and type of your current mortgage?
What is your current mortgage interest rate?
If applicable, what was the rate discount you received when you signed your current mortgage agreement?
When did your current mortgage start?
Who is your current mortgage lender?
What is TD Bank's current interest rate for a 5-year fixed rate mortgage?
How is my mortgage penalty calculated?
While we try our best to get you the best rates, we cannot guarantee that they are always accurate. WOWA assumes no liability for the accuracy of the information presented, and will not be held responsible for any damages resulting from its use.