Tangerine is a leading mortgage lender that offers affordable mortgages at competitive rates. The lender has a 100% online platform that serves as a one-stop-shop for all your mortgage and other banking needs. You can apply and track your loan status through the digital platform.
Summary: Tangerine provides a great digital experience with flexible terms and competitive rates.
Mortgage Fees & Rates
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|Min. Loan Amount||$50,000|
|Max. Loan Amount||$3,000,000|
|Min. Credit Score||620+|
|Min. Down Payment||5% on owner-occupied homes, 20% on rental properties|
|Min. Yearly Income||$50,000|
|Fixed-Rate Terms||1, 2, 3, 4, 5, 7, 10 years|
|Adjustable-Rate Terms||5 years|
|Loan Types||Purchase, Refinance, HELOC|
|Province Restrictions||Available in all provinces|
Tangerine is not like other traditional banks with branches in the country. The lender’s operations are entirely digitized through the online platform or mobile app to save time and improve efficiency. The lender has rolled out a Tangerine Project Forward campaign that equips Canadians with financial literacy and helps them realize their homeownership dreams through affordable mortgages.
Tangerine has laid down four promises that guide its operations to ensure quality and timely services. They include:
Tangerine’s mortgage application process is straightforward. You can begin your mortgage application process through their official website or mobile app. First, you need to check your pre-qualification status. You can click on the purchase or refinance mortgage option depending on your homeownership needs.
You will be directed to the property type you wish to purchase, i.e., single-family, condo, or rental. The lender considers the following factors to determine your loan amount and rates:
You may also be required to provide personal information, including your full name, email address, and phone number. Once you have submitted your application, a dedicated mortgage account manager will help you through every step and ensure you realize your homeownership dreams.
The lender offers a wide range of mortgage types to give borrowers complete control of their homeownership needs. The primary mortgage product provided by Tangerine include:
|Conventional loans||Tangerine requires a minimum credit score of 620+ and a down payment of 20%.|
|High ratio loan||Great for future homeowners looking to purchase a home for less than 500k as you only need a 5% down payment.|
|Rate and term refinance||You can select a fixed rate or variable rate refinance option. Your rate will vary based on the term you choose.|
|Home equity line of credit||You can borrow against your home equity at a low interest rate. The funds are available 24/7 for withdrawals, and borrowers can set up regular payments to help clear their principal amount.|
Tangerine does not charge any origination fee on your loan application. Before you sign the mortgage papers, you can view the closing costs, including legal fees, penalties, and discharge fees.
Tangerine only charges for appraisal costs when there is a need. The lender also allows borrowers to port their mortgage penalty-free. The lender offers fixed rate and variable rate mortgage loans ranging between 1 and 10 years.
To receive a quote, please visit their website.
As a market leader in the mortgage industry, Tangerine adheres to privacy standards applied in major financial institutions in Canada. The lender also uses extra security features such as 128-bit encryption to protect your data. Tangerine also uses SSL (Secure Socket Layer) Protection to protect your account.
It also utilizes the DoubleSafe technology that requires you to match your picture when logging into your account, which provides another layer of security from potential fraudsters.
Although the lender does not have physical branches for an in-person visit, the support staff can guide and walk you through the entire mortgage application process. Additionally, the lender provides support through a dedicated mortgage account manager to analyze your financial situation and homeownership needs and provide a mortgage solution that suits you.
You can reach the support staff through (1-888-826-4374) or use the live Chatbot section through the mobile app. You can ask specific questions regarding your mortgage and receive instant replies.
The working hours for the mortgage support staff are between 10:00 am and 8:00 pm, from Mondays to Fridays.
Tangerine offers affordable mortgage loans at relatively lower rates compared to other Canadian lenders. Whether you are looking to purchase or refinance, the lender’s dedicated mortgage account manager will work with you to ensure you enjoy the best rates and a loan amount that suits your homeownership needs. Borrowers can save thousands of dollars with these low rates and flexible payment options. The mobile app is easy to navigate and accessible from anywhere.