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[Tangerine] HELOC @ Prime -0.1% (i.e. 3.85%)

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  • Aug 30th, 2019 5:41 pm
[OP]
Member
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Aug 29, 2017
440 posts
1298 upvotes

[Tangerine] HELOC @ Prime -0.1% (i.e. 3.85%)

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Tangerine
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Pretty Good Rate from Tangerine!

With a Tangerine Home Equity Line of Credit, you can borrow at a great low interest rate using your equity you’ve built in your home, if you’ve built up at least 35% equity. Our optional Fixed Payback Plan can help you pay your Loan back faster.

Get a great interest rate (Tangerine Prime - 0.10%) with low, interest-only minimum payments every month. Annual interest calculated semi-annually not in advance.
“It's unwise to pay too much, but it's worse to pay too little. When you pay too little, you sometimes lose everything, because the thing you bought was incapable of doing the thing it was bought to do."― John Ruskin
16 replies
Member
Aug 18, 2016
207 posts
214 upvotes
I already have HELCO with tangerine, interest rate is 4.4, which I already had reduced from 4.65 when they called me about putting a HELCO on another property I owned at the lower rate of 4.4%. It is a rental property, which makes it ineligible, but they were willing to reduce currrent one on primary residence. I wonder if they would be willing to further reduce to this rate.
Deal Addict
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Aug 21, 2008
1304 posts
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Hamilton
Refinance rates are very close to both fixed and variable rates. Why we should bother for HELOC at about 1%, 100 basis points, more than a refinance rates? Any comparable benefit?
Last edited by HamsiBrain on Jun 5th, 2019 2:26 pm, edited 1 time in total.
Deal Addict
Oct 7, 2008
1468 posts
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Move that decimal over to the right and it might get interesting...
Jr. Member
Jun 19, 2009
115 posts
9 upvotes
Richmond
HamsiBrain wrote: Refinance rates are almost close to fixed rates. Why we should bother for HELOC at about 1%, 100 basis points, more than a refinance rates? Any comparable benefit?
HELOC = Flexibility for credit usage and/or credit pay down. On a mortgage, even though it's a better interest rate, you're stuck to a 1,2 or 3 year closed term.

Definitely a good rate on HELOC. thanks OP
Newbie
Aug 27, 2013
61 posts
18 upvotes
BC
Is it free to get a HELOC with them?
What are in-house lawyer fees etc to get a HELOC with Tangerine?
Thanks in advance
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Aug 21, 2008
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Hamilton
Ccmboy wrote: HELOC = Flexibility for credit usage and/or credit pay down. On a mortgage, even though it's a better interest rate, you're stuck to a 1,2 or 3 year closed term.

Definitely a good rate on HELOC. thanks OP
I understand that but a simple math says get a refinance if you need additional funds esp if you are on renewal due and pay it back later if you do not need any of it by lump sum, double up, 20% up, etc. Most lenders allow to speed up pay back process. Unless you are not doing some home flipping or really need more flexibility, etc, it does not make financial sense to pay 100 basis points more.
FYI it's like paying 9K more interest on a 200K fund in 4 year.
Newbie
Jul 8, 2013
18 posts
16 upvotes
Edmonton
I spoke with a Tangerine rep.
She said 3.85% is a fixed rate as long as you keep the account open and won’t change with prime (I don’t think I believe her).
Fees are ~$250 for appraisal and $800-1200 for legal.
If you’re already mortgaged with a different lender, you have to move your mortgage to Tangerine in order to get this.
Deal Addict
Jul 11, 2008
1557 posts
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If you have to move your mortgage to tangerine, thats a deal breaker

Last i heard, tangerine only does collateral mortgages
Jr. Member
Jun 19, 2009
115 posts
9 upvotes
Richmond
HamsiBrain wrote: I understand that but a simple math says get a refinance if you need additional funds esp if you are on renewal due and pay it back later if you do not need any of it by lump sum, double up, 20% up, etc. Most lenders allow to speed up pay back process. Unless you are not doing some home flipping or really need more flexibility, etc, it does not make financial sense to pay 100 basis points more.
FYI it's like paying 9K more interest on a 200K fund in 4 year.
For sure, for the best interest rate, you wouldnt want to hold your actual housing debt on a HELOC. Housing debt on a mortgage, HELOC is for your Tesla purchase or other fun funds - Things you dont want to amortize over 25 years.
Jr. Member
Jun 19, 2009
115 posts
9 upvotes
Richmond
keilor wrote: I spoke with a Tangerine rep.
She said 3.85% is a fixed rate as long as you keep the account open and won’t change with prime (I don’t think I believe her).
Fees are ~$250 for appraisal and $800-1200 for legal.
If you’re already mortgaged with a different lender, you have to move your mortgage to Tangerine in order to get this.
you're right, fixed rate part seem bogus. If true, they may be the only FI offering a fixed rate HELOC.
Member
Aug 18, 2016
207 posts
214 upvotes
HamsiBrain wrote: Refinance rates are very close to both fixed and variable rates. Why we should bother for HELOC at about 1%, 100 basis points, more than a refinance rates? Any comparable benefit?
I use mine for investments, such as rental property down payment. You can do interest only payments and it’s a great way to access equity in your home and still be able to write off interest at tax time. Allows income property to generate more income, less payments
Sr. Member
Jan 3, 2013
533 posts
175 upvotes
Winnipeg
They do not do second in line helocs.
Not many lenders do that. TD does though.

Taken from Google:
"Second position HELOC. This means that you can hold your mortgage with one bank and get a HELOC with another bank. A HELOC is not necessarily a “second mortgage". A "first" or "second" mortgage is used to refer to the loan's claim position."
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Feb 17, 2005
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Markham
adilh53 wrote: If you have to move your mortgage to tangerine, thats a deal breaker

Last i heard, tangerine only does collateral mortgages
Once it's a HELOC, it's a collateral mortgage with any lender so your point is moot.

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