Hot Deals

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

  • Last Updated:
  • Oct 20th, 2020 12:53 pm
[OP]
Jr. Member
User avatar
Aug 13, 2020
180 posts
508 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
847 posts
304 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]
Jr. Member
User avatar
Aug 13, 2020
180 posts
508 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
15 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
Sr. Member
Oct 24, 2010
881 posts
666 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%.
Newbie
Jul 3, 2006
63 posts
11 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
4 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
31 posts
50 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
778 posts
153 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.
Sr. Member
Oct 24, 2010
881 posts
666 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.
Newbie
Mar 6, 2018
31 posts
18 upvotes
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.
Sr. Member
Feb 14, 2019
894 posts
862 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.
Sr. Member
Oct 24, 2010
881 posts
666 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?
Sr. Member
Feb 14, 2019
894 posts
862 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.
Sr. Member
Oct 24, 2010
881 posts
666 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.

Top