Does Tangerine's mortgage switch promotion make it worth while to move over?

soupmaster666 wrote: ↑ When you factor in all costs, including penalties, do you come out ahead?

Aside from the interest rate, how are all the other terms? If you decide Tangerine isn't for you, how much will it cost you to switch back?

GalvToronto wrote: ↑ Agreed, pretty miserable offer, however among top5 banks can be considered as "a little bit agressive".
Big Bank rates are always super high, no coverage for penalties...this offer is worse than reaching any mortgage broker.

DKR1091 wrote: ↑ Got an email offer from Tangerine trying to get me to move my mortgage over. It comes off as a very aggressive play and they've certainly got my interest, but am wondering if I'm seeing the whole picture. See details below:

- Will beat Big Bank rate offer by at least .05% (Big Bank offer must be provided in writing)
- Applicable to terms of 3yrs or greater, with a minimum mortgage amount of $150,000
- Will cover up to $1500 for legal, appraisal and discharge costs (but not penalties)
- Applications must be submitted Mar 12 and Jul 31

Has anyone else got this offer? Anything I should be asking before engaging?

DKR1091 wrote: ↑ Brokers may be able to do better, but I prefer doing the leg work myself.

CdnRealEstateGuy wrote: ↑ Best mortgage rate is 2.99% 5-year fixed and Prime -1.24% 5-year variable via non-bank lenders. If you don't have a collateral charge, appraisal and legal fees are usually covered.

So no, Tangerine's offer isn't that good.

CTAP23 wrote: ↑ I got the offer as well. I understand the Broker angle, one would have to prefer or want to deal with a bank directly in this case. I thought it was pretty bold to guarantee a better rate. Also I haven’t been able to get $1,500 covered by my broker though. I figured Big Banks would match this amount. Have you tried this?

CTAP23 wrote: ↑ I got the offer as well. I understand the Broker angle, one would have to prefer or want to deal with a bank directly in this case. I thought it was pretty bold to guarantee a better rate. Also I haven’t been able to get $1,500 covered by my broker though. I figured Big Banks would match this amount. Have you tried this?

CTAP23 wrote: ↑ Cdnrealestateguy - I do have a collateral charge, and prefer it for convenience. So in my switch I will be paying to re register. The $1500 covers all of my costs including appraisal. Thanks for info on penalty, hard for me to quantify tbh; my track record is to stay till end of term.

Mortgagenoob - thanks for sharing I didn’t realize this until you said it. I checked on their website and you are right. I called Tangerine today since they gave me 3.24%. They told me they will give me 3.14% if I can show an approval at 3.19%. Might as well try it.

ssj4_ootaku1 wrote: ↑ on a $500k mortgage, you will save $250 a year....$1,250 over 5 years.

All things considered, probably not worth the hassle. May be better to tell your current bank to give a better rate.....