Best Mortgage lenders in Canada in 2024 – Tangerine Bank

As Canada’s preferred online bank, Tangerine is well-known for offering some of the lowest mortgage interest rates. When Tangerine was first launched as ING DIRECT in 1997, its goal was to solve common problems with traditional banking, such low interest rates, excessive banking fees, and service expenses.

These days, Tangerine is a full-service banking provider that includes mortgages, Home Equity Lines of Credit (HELOC), investment funds, guaranteed investment certificates (GICs), savings accounts, and checking 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.

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.

Visit Tangerine to get the most competitive Canadian fixed mortgage rates with a 120-day lock term assured. It’s a safe online banking system that offers you up to 25/25 prepayment options. Also, you will receive assistance from committed agents. It’s reasonable to assume that Tangerine is among the most well-known brands among Canadian online mortgage lenders.

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