Tangerine Mortgage Review 2023: Digital Experience With Competitive Rates

Wendy Wilson

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.

Overall rating


Summary: Tangerine provides a great digital experience with flexible terms and competitive rates.

Tangerine Mortgage

figure logo


Min. Credit Score


Min. Down Payment



Mortgage Application


Mortgage Products


Mortgage Fees & Rates


Customer Service


Safe & Secure


  • Great rates upfront
  • Dedicated customer support
  • Completely online platform


  • Lacks physical offices
  • Only one variable rate option

Best For

  • Mortgage portability if you move
  • Flexible payment options
  • Guaranteed rate up to 120 days


HQToronto, Canada
Min. Loan Amount$50,000
Max. Loan Amount$3,000,000
Cash-Out LimitVaries
Min. Credit Score620+
Min. Down Payment5% on owner-occupied homes, 20% on rental properties
Min. Yearly Income$50,000
Fixed-Rate Terms1, 2, 3, 4, 5, 7, 10 years
Adjustable-Rate Terms5 years
Loan TypesPurchase, Refinance, HELOC
Province RestrictionsAvailable in all provinces

In depth review on Tangerine Mortgage 

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: 

  • We Dare: The lender challenges the status quo and explores innovative ways to improve customer experience. 
  • We Care: The bank works tirelessly to meet the needs of every borrower ethically and honestly. 
  • We Share: It shares relevant informative tools and resources that help clients shape their financial future. 
  • We Deliver: The lender is committed to helping millions of Canadians achieve their homeownership dreams through affordable mortgage rates. 

Tangerine Mortgage is best for 

  • No penalty payment when moving: Borrowers won’t need to renew or refinance when they decide to move. This helps save thousands of dollars from penalty fees. 
  • Flexible payment options: Borrowers can make lump sum prepayments of up to 25% of the principal mortgage, and also increase regular payments by upto 25%. You can make these payments at any time. 
  • Guaranteed rates: Borrowers can hold their rates provided they submit their mortgage application within 120 days. You can submit your rate hold application through the official website or mobile app.  

Tangerine Mortgage benefits

  • Great Rates Upfront: Tangerine offers competitive fixed and variable rate options to suit every borrower’s financial situation. 
  • Dedicated customer support: Tangerine has a mortgage advisor who will assess your financial situation and provide a mortgage solution to suit your needs. 
  • Completely online platform: The lender offers a fully digitized mortgage application process. You can track your loan status online or get in touch with your dedicated mortgage account manager to know more.

Tangerine Mortgage drawbacks

  • Lacks physical offices: The lender’s operations are online and lacks offices/branches for in person visits. 
  • Only one variable rate option: Tangerine only offers one adjustable loan option, 5 years. 

Mortgage application


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:

  • Minimum Credit Score of 620: Borrowers with a good credit score may enjoy high loan amounts and lower rates.
  • Payment history: Borrowers who make their payments in time are more eligible. 
  • Bankruptcy: You haven’t filled for bankruptcy
  • Residency: You must be a citizen of canada
  • Downpayment: The lender requires a minimum downpayment of 5% on occupied homes. 
  • Employment history: The lender will use this information to determine your ability to pay off the mortgage. Self-employed borrowers are also eligible, provided they meet all the requirements.

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.  

Mortgage products


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 loansTangerine requires a minimum credit score of 620+ and a down payment of 20%.
High ratio loanGreat for future homeowners looking to purchase a home for less than 500k as you only need a 5% down payment.


Rate and term refinanceYou can select a fixed rate or variable rate refinance option. Your rate will vary based on the term you choose.


Home equity line of creditYou 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.

Fees and rates


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.

Safe and secure


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. 

Customer service


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.

Is Tangerine Mortgage right for you?

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.