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

the_boy_6ix_we wrote: ↑ Insured rate would be lower?

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%.

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?

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.

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?

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.

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.

canucks4life wrote: ↑ Guessing $3K is only for large mortgage?

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

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.

evan_chu wrote: ↑ Is this on a house over a million? If yes, please pm contact info. Thanks.

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

coolintheshade wrote: ↑ I just renewed with BMO at 1.77%.
I guess I got a good deal!