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Tangerine - 1.84% Posted Mortgage rate - 5Y Fixed, Uninsured for New or Moved mortgages

[OP]
Sr. Member
User avatar
Aug 13, 2020
770 posts
3532 upvotes

[Tangerine] Tangerine - 1.84% Posted Mortgage rate - 5Y Fixed, Uninsured for New or Moved mortgages

Deal Link:
Price:
1.84%
Savings:
.6% +
Retailer:
Tangerine
More offers from Tangerine
Tangerine's posted rate for 5 Y Fixed, Uninsured, New, Renegotiated or Moved mortgages just dropped to
1.84%


Here is a screenshot of the posted rates:
https://www.tangerine.ca/en/rates

tangerine rates SEPT 17 2020.jpg

My Cashback offered for closing is very low.... $500 so you might want to use this rate to negotiate with others. Based on my experience, the Big Banks should be able to beat or match Tangerine's rates.
134 replies
Member
Feb 13, 2012
317 posts
268 upvotes
Greater Sudbury
Tangerine offers cash back how do I get this?
[OP]
Sr. Member
User avatar
Aug 13, 2020
770 posts
3532 upvotes
Just ask as this is supposed to help you with mortgage moving costs and in some cases, they also offer it for new mortgages.

RBC and HSBC are offering up to $3000 CashBack but their interest rates are not as good as Tangerine's at this time.

When I spoke with a Mortgage broker, they seemed to have higher interest rates for "Cash Back" but the Big Banks don't seem to.
Member
Oct 6, 2018
390 posts
572 upvotes
Thanks OP, this is a great rate since Tangerine is bigger than the small lenders. More chance for the big banks to match their rates!
Sr. Member
Sep 20, 2007
877 posts
317 upvotes
GVRD
Yeah, it is the best "uninsured" rate that I could find at this point. My RBC agent is making me upset, so I actually applied to Tangerine today to make a point (of moving the mortgage). lol.
Member
Nov 15, 2006
206 posts
125 upvotes
How do you know this is the uninsured rate? I don’t see any notations of uninsured. Most posted rates are insured unless there is specific mention of being uninsured.
Banned
Sep 19, 2018
9 posts
18 upvotes
Seems like a good rate. We are looking to renew our mortgage few months from now

Can someone help me understand what uninsured is in laymans term?


TIA
Newbie
User avatar
Oct 10, 2010
4 posts
9 upvotes
This is a great rate!

I've been going back and forth with RBC (I have had my mortgage with them 10 years) and after Tangerine had 1.99% fixed uninsured for over a month, they came back to me with 2.14% in August, and last week came back at 1.99%. I already told them if they won't BEAT Tangerine I will not renew with them. I have most of my banking with Tangerine and I prefer how everything is upfront with them.

I am glad I waited Smiling Face With Open Mouth
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Newbie
Aug 4, 2020
70 posts
55 upvotes
Hamilton, On
Thanks for this.

Showing this to a couple of my buyer clients here in Hamilton who are in the process of looking for a mortgage. You're gonna score me some major points, i might have to share some of my commission with you lol
.
Deal Addict
Apr 22, 2003
3302 posts
182 upvotes
Toronto
I posted this in another thread but doing it again to help as I just called Tangerine yesterday

1) I was offered an additional -0.05% less rates and cash up to 1500 for legal fees etc. This is likely due to the size of the mortgage being discussed, so ymmv
2) Tangerine only does collateral, similar to TD. So IMO if you get offered 1500, you should subtract the same amount to get out of the collateral charge later once you start shopping at renewal time (I've seen estimates of 1000 - 1500 to break out and I am being conservative in my estimates). This will allow you to better compare against standard mortgages if you keep this in mind.
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Member
Oct 28, 2004
226 posts
83 upvotes
Has anyone ever gotten their bank to waive the termination fee to refinance or renew? I've got 11 months left on mine with TD and I want to lock in a renewal at these lower rates but it's going to cost me $4k to get out, which is the same amount I'll save on the new rate over the next year.
Deal Addict
User avatar
Mar 12, 2005
1931 posts
234 upvotes
I renewed my mortgage on a 5 yr fixed rate of 2.15% in May (great rate at the time) with True North/Think. Does anyone know if this is worth switching over? Penalty would be 3 months interest
[OP]
Sr. Member
User avatar
Aug 13, 2020
770 posts
3532 upvotes
parlaminty wrote: How do you know this is the uninsured rate? I don’t see any notations of uninsured. Most posted rates are insured unless there is specific mention of being uninsured.
Hi Parlaminty,

I've been negotiating with Tangerine to move an uninsured mortgage and to my knowledge they do Not have different rates for CHMC-Insured (High Ratio).

This article describes High Ratio mortgages:
https://www.tangerine.ca/forwardthinkin ... o-mortgage

And there is no mention of different interest rates for high ratio mortgages.
Sr. Member
Sep 20, 2007
877 posts
317 upvotes
GVRD
parlaminty wrote: How do you know this is the uninsured rate? I don’t see any notations of uninsured. Most posted rates are insured unless there is specific mention of being uninsured.
I actually submitted my application (uninsured) and it did gave me the same 1.84%.
[OP]
Sr. Member
User avatar
Aug 13, 2020
770 posts
3532 upvotes
Pyro wrote: I posted this in another thread but doing it again to help as I just called Tangerine yesterday
1) I was offered an additional -0.05% less rates and cash up to 1500 for legal fees etc. This is likely due to the size of the mortgage being discussed, so ymmv
(...)

Hi Pyro,

I was offered exactly the same this morning (verbally):
1.78% on a 5Y fixed, uninsured mortgage (Moved from another bank)
+ $1500 cashback for legal and other fees.
Newbie
Jan 22, 2018
8 posts
16 upvotes
Most like the penalty is 3 months interest, or the total interest difference, if rate changed, which one is larger.
sumrandomguy wrote: I renewed my mortgage on a 5 yr fixed rate of 2.15% in May (great rate at the time) with True North/Think. Does anyone know if this is worth switching over? Penalty would be 3 months interest
Deal Addict
Oct 24, 2010
2025 posts
1844 upvotes
Ottawa
nyimokats wrote: Can someone help me understand what uninsured is in laymans term?
20% down payment or higher.

Any less than 20% down payment with an A-lender (bank, monoline) requires mortgage default insurance. There's less risk to the lender so they offer better rates, but the lower rate doesn't make up for the cost of insurance if you can afford a 20% down payment.

Good rate. We signed 2.69% late last year. At $12k penalty, though, it doesn't make this worth it. We don't have enough equity built up yet to add the penalty to the mortgage and keep it under 80%, and my $12k is better spent invested.

So I'll continue to grit my teeth and pay my 2.69%.

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