Expired Hot Deals

Tangerine mortgage 5y fixed @ 1.99%

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  • Sep 16th, 2020 3:24 pm
[OP]
Jr. Member
May 4, 2017
146 posts
290 upvotes

Tangerine mortgage 5y fixed @ 1.99%

Deal Link:
Tangerine mortgage is offering 5y fixed @ 1.99%. I believe this is for low ratio mortgage and does not have cash back but the bank is very competitive lately at the same level with HSBC. I bank with them too and everything is online including the whole mortgage application process. They will cover the appraisal fee if you negotiate with your Mortgage Account Manager. It's the official bank of the Toronto Raptors and Let's Go Raptors!
131 replies
Member
Dec 17, 2009
389 posts
59 upvotes
I had a terrible experience with them. Really slow response times, being put on hold and transferred everywhere and it still fell through.
Member
Oct 8, 2007
363 posts
61 upvotes
Too bad I did not have that before. I would have used that page to negociate more with RBC. I was able to get 5yr fixed at 2.16%. Not bad but 2% is definitely better.

Good thing for anyone on the market for a new mortgage. Just ask your bank to match this offer or else you're gone.
Deal Addict
User avatar
Dec 18, 2002
2979 posts
192 upvotes
Oakville
I'm already with Tangerine 5y fixed @ 2.94%.
What's the math to see if it's worth redoing at 1.99%?
Sr. Member
User avatar
Jan 14, 2004
831 posts
72 upvotes
*APR 2.31%
The above Annual Percentage Rate (APR) is compounded semi-annually, not in advance. The APR calculation is based on a mortgage of $250,000 with an amortization period of 25 years with a $250.00 appraisal fee.

What does that mean as the asterisk to the 1.99%
Sr. Member
Jan 19, 2007
866 posts
490 upvotes
Fine print also says subject to $250 appraisal fee...which I guess should be assumed but others like HSBC are covering them.
Newbie
Aug 15, 2017
71 posts
63 upvotes
For anyone who would rather use a bigger institution traditional bank, fyi that I managed to get a renewal on my mortgage this week (insured) from BMO at 2.00% fixed for the next five years.
Last edited by Forristal on Jul 31st, 2020 9:43 am, edited 2 times in total.
Sr. Member
Jan 19, 2007
866 posts
490 upvotes
SiGEL wrote: *APR 2.31%
The above Annual Percentage Rate (APR) is compounded semi-annually, not in advance. The APR calculation is based on a mortgage of $250,000 with an amortization period of 25 years with a $250.00 appraisal fee.

What does that mean as the asterisk to the 1.99%
I don't see 2.31% anywhere on the page? I do see the 1.99%* at the top and 2.01%* near the bottom.
Sr. Member
User avatar
Jul 21, 2013
722 posts
392 upvotes
Calgary
rohit91 wrote: I had a terrible experience with them. Really slow response times, being put on hold and transferred everywhere and it still fell through.
Unfortunately here too, I really wanted to give them my business, but even the application took 3 weeks to get a responded to, all communication after that took weeks to reply to. Unless your mortgage renewal is in 6 months, I would go to a proper mortgage place.
Member
Sep 17, 2007
261 posts
99 upvotes
Wasaga Beach
The benefits I see with Tangerine are their generous prepayment options of 25 percent and that they are a fair penalty lender.
Also their HELOC rate is very competitive. It's posted at 2.35 percent ( Prime minus 0.1), but they offered us 2.15.
Jr. Member
Aug 11, 2016
161 posts
74 upvotes
cil254 wrote: I'm already with Tangerine 5y fixed @ 2.94%.
What's the math to see if it's worth redoing at 1.99%?
(0.95% x term remaining x mortgage balance) - penalty = savings
Sr. Member
Oct 24, 2010
880 posts
664 upvotes
Ottawa
cil254 wrote: I'm already with Tangerine 5y fixed @ 2.94%.
What's the math to see if it's worth redoing at 1.99%?
Here's Tangerine's break penalty calculator: https://www.tangerine.ca/en/calculators ... yment.html

Punch in your information there at 2.94% to see what the penalty is.

Then use a calculator like this to compare. Enter your current details and remaining term, your new details and remaining term, the penalty calculated from above, and see what it spits out for your interest savings.

A drop of 1% is huge. Depending on what's left in your term, it might pay off.

But you'll also have to find out if this applies to refinances. Deals like those usually apply to high ratio new purchases only.

Sadly, we closed our conventional (uninsured) $520k mortgage in January, when the lowest 5 year rate available was in the 2.6% range. The refinance rate would have to be really low for us to see a benefit. I knew I'd regret going fixed. C'est la vie.
Last edited by Dynatos on Jul 31st, 2020 9:14 am, edited 1 time in total.
Deal Fanatic
Dec 24, 2005
5537 posts
1172 upvotes
tangerine is a piece of dogshit bank
if you could think there was a shittier bank than HSBC this is it

use their posted rate to get a similar rate with a big 5.

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