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Tangerine

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

Jr. Member
Jul 3, 2006
119 posts
67 upvotes
the_boy_6ix_we wrote: Insured rate would be lower?
It's counter intuitive to me at least, but ya this is sadly the way it normally goes with some banks. Put less money down, get rewarded with better rates
Newbie
Sep 9, 2020
7 posts
16 upvotes
Tangerine's HELOC rate at 2.35% is pretty good too, I think big banks are all at Prime + 0.5%
Newbie
Oct 2, 2016
41 posts
52 upvotes
Dynatos wrote: 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%.
I too signed 2.69% last year (5 years fixed) and penalty would be $15k. However, as you suggested, I'm now tempted to add it to my mortgage and save $12k in interest paid over the remaining 4 years. Would make sense right?
Sr. Member
User avatar
Mar 12, 2006
854 posts
200 upvotes
hmm Tangerine isn't showing cashback on their website, you guys go it through talking with them eh.
I wonder what the brackets for mortgage levels and cashbacks they give. Wish they'd be more visible on this.
Deal Addict
Oct 24, 2010
2246 posts
2081 upvotes
Ottawa
silverc75 wrote: I too signed 2.69% last year (5 years fixed) and penalty would be $15k. However, as you suggested, I'm now tempted to add it to my mortgage and save $12k in interest paid over the remaining 4 years. Would make sense right?
Do the math. It might make sense.

I can't justify mortgaging $12k to save $12k. I also can't justify paying $12k in cash to save $12k in interest. I'd have to be saving at least $15k to make it worthwhile, because that's what would represent a 6% annual return over 4 years.
Jr. Member
Mar 6, 2018
118 posts
141 upvotes
Ontario
I was able to get 1.79% for 5 year fixed and $3000 cashback with 20% down for 30 year amortization through my contact at BMO. The rates are lower with a 25 year amortization. Feel free to PM, if anyone needs the BMO agent's contact info.
REALTOR®
Deal Addict
Feb 14, 2019
1466 posts
1810 upvotes
Oh man, looking at the fixed rates some of you signed up for the last year or two makes me so happy I went variable. The advisor at TD kept pushing fixed. I have a few friends who renewed around the same time and went fixed and are paying like 2% more! If I renewed now though, I'd likely go fixed since the rates can't really go much lower without going into the negative.
Deal Addict
Oct 24, 2010
2246 posts
2081 upvotes
Ottawa
Majokito wrote: Oh man, looking at the fixed rates some of you signed up for the last year or two makes me so happy I went variable. The advisor at TD kept pushing fixed. I have a few friends who renewed around the same time and went fixed and are paying like 2% more! If I renewed now though, I'd likely go fixed since the rates can't really go much lower without going into the negative.
You win some, you lose some.

Those who signed fixed last year were in a market where variable had low discounts with BoC rates 1.5% higher than they are today and an improving economy that was driving the BoC rates higher. Fixed rates were 0.25-0.5% lower than variable.

Who could have predicted an economy crashing pandemic that would put prime, and fixed rates, into a tailspin?
Deal Addict
Feb 14, 2019
1466 posts
1810 upvotes
Dynatos wrote: You win some, you lose some.

Those who signed fixed last year were in a market where variable had low discounts with BoC rates 1.5% higher than they are today and an improving economy that was driving the BoC rates higher. Fixed rates were 0.25-0.5% lower than variable.

Who could have predicted an economy crashing pandemic that would put prime, and fixed rates, into a tailspin?
Yeah for sure, it's gambling. I was just banking on the fact that variable pretty much always beats fixed. Variable was below fixed when I renewed so I figured best case, I'd save or rates would drop, worst case, rates would go up a few times and I'd break even over the 5 years but would've at least put more money to principal at the start.
Deal Addict
Oct 24, 2010
2246 posts
2081 upvotes
Ottawa
Majokito wrote: Yeah for sure, it's gambling. I was just banking on the fact that variable pretty much always beats fixed. Variable was below fixed when I renewed so I figured best case, I'd save or rates would drop, worst case, rates would go up a few times and I'd break even over the 5 years but would've at least put more money to principal at the start.
I've been variable for the last decade. This was the first time, in hind sight regrettably, that I signed fixed. But when I signed, the lowest variable was over 3%, and predictions were that BoC rates would stay the same or increase over the medium term. If variable was 0.25% below fixed, I'd probably be right there with you.

So, now I'm stuck at 2.69% for the next 52 months.

C'est la vie.
Deal Addict
User avatar
Jul 16, 2012
1553 posts
1101 upvotes
Vancouver, BC Canada
Dealgains wrote: I was able to get 1.79% for 5 year fixed and $3000 cashback with 20% down for 30 year amortization through my contact at BMO. The rates are lower with a 25 year amortization. Feel free to PM, if anyone needs the BMO agent's contact info.
Guessing $3K is only for large mortgage?
Jr. Member
Mar 6, 2018
118 posts
141 upvotes
Ontario
canucks4life wrote: Guessing $3K is only for large mortgage?
It is tiered. Its $600 for 100k to 200k .. $1200 for 200k to 500k. 2k for 500k to 750k and 3k for 750k+
REALTOR®
Sr. Member
User avatar
Jul 10, 2003
732 posts
469 upvotes
Toronto
And please note that Tangerine's Cash Back is Low ($500) but they are part of the "Fair Penalty Lenders" group so to break a FIXED mortgage after the 3rd year could be very inexpensive compared to other banks. IE: on a 5Y or 10Y fixed mortgage, after the 3rd year the fee to break the mortgage is 3 months interest, just like a variable mortgage.

For more info, please see:
Tangerine post :
tangerine-tangerine-1-84-posted-mortgag ... s-2403718/

Here’s a list of Canada’s most common fair-penalty lenders:
https://www.ratespy.com/fair-penalty-le ... s-05109252
OP posted the above in the Scotiabank eHome thread. Does anyone know how Tangerine calculates the mortgage penalty for breaking a Tangerine fixed mortgage?

From the Tangerine calculator, it seems to be the same as the Big6? Let me know what I'm missing!
https://www.tangerine.ca/en/calculators ... yment.html
Deal Addict
Jan 11, 2007
1683 posts
485 upvotes
Edmonton
Crazy hot rate.
Now looking back and rushed to get 2.64% with HSBC was a joke. Sigh.

thanks for posting OP.
Jr. Member
Apr 20, 2010
135 posts
20 upvotes
Kleinburg
Dealgains wrote: I was able to get 1.79% for 5 year fixed and $3000 cashback with 20% down for 30 year amortization through my contact at BMO. The rates are lower with a 25 year amortization. Feel free to PM, if anyone needs the BMO agent's contact info.
Is this on a house over a million? If yes, please pm contact info. Thanks.
Jr. Member
Mar 6, 2018
118 posts
141 upvotes
Ontario
evan_chu wrote: Is this on a house over a million? If yes, please pm contact info. Thanks.
Yes, pmed
REALTOR®
Deal Fanatic
User avatar
Aug 24, 2016
8986 posts
10044 upvotes
The Prairies
I just renewed with BMO at 1.77%.
I guess I got a good deal!
[OP]
Deal Addict
User avatar
Aug 13, 2020
1015 posts
4586 upvotes
Vancouver Island
ironchefff wrote: OP posted the above in the Scotiabank eHome thread. Does anyone know how Tangerine calculates the mortgage penalty for breaking a Tangerine fixed mortgage?

From the Tangerine calculator, it seems to be the same as the Big6? Let me know what I'm missing!
https://www.tangerine.ca/en/calculators ... yment.html
I couldn't find anything online at all about this but my Tangerine rep told me that after 3 years on any fixed term, the penalty would be only 3 months of interest.

As per the contract Tangerine offered me :

(This is in the Prepayment Charges section, and does Not appear anywhere else)

The penalty you will be charged, calculated on the applicable amount, will be the
greater of:
a) three months interest, or
b) the interest rate differential, which is calculated by taking the difference in your mortgage’s Annual Interest Rate and the Interest Rate for a mortgage that is closest to the remainder of your mortgage term, multiplied by the outstanding balance for the time that is left on your
mortgage term, and calculated on the amount being prepaid.



I'll try to get something in writing and will report back.
Jr. Member
Dec 26, 2010
158 posts
60 upvotes
Simcoe County, Ontar…
coolintheshade wrote: I just renewed with BMO at 1.77%.
I guess I got a good deal!
Sweet. Last offer I got from them was 2% a couple of weeks ago. And I've seen 1.74 on here. Now I can get a lot closer to that, hopefully.

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