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

Jr. Member
Feb 6, 2015
159 posts
83 upvotes
Calgary
Not sure how True North works, but you might want to blend the rate under early renewal terms (restarting the 5 years). No penalties.
Deal Addict
User avatar
Aug 9, 2007
1160 posts
514 upvotes
*APR 1.86%
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.


I've got a half year or so before locking in a rate, but I'm staying in the loop, especially since you can lock in 120 days in advance with scenarios like these. Why the difference in the posted rate (1.84%), and the APR (1.86%) in the footnotes?
Newbie
Sep 19, 2020
7 posts
31 upvotes
Dealgains wrote: Pmed you the info. It does not need to be a $1m + mortgage, mortgage amount only affects the cash back amount but not the rate. Might be even lower for higher amounts though. Depends on a case by case basis and whether it is owner occupied or an investment property aswell.
My TD guy didn't seem to mind that my property was a rental property. 1.74% regardless of rental or not and 25 or 30 yr. Oddly enough, all the other banks quoted me 0.15% higher if it was a rental property. Not sure why the difference though. Only requirement was $1m+ but that didn't even seem to be set on stone.
Deal Addict
Aug 5, 2015
2053 posts
1339 upvotes
Montreal, QC
Dealgains wrote: Pmed you the info. It does not need to be a $1m + mortgage, mortgage amount only affects the cash back amount but not the rate. Might be even lower for higher amounts though. Depends on a case by case basis and whether it is owner occupied or an investment property aswell.
In general a higher mortgage amount will give you more bargaining power with a broker, it makes your mortgage more juicy for the bank unless the amount is dangerously high compared to your income.
Happy Koodo Public Mobile customer :-)
Newbie
Mar 6, 2018
30 posts
16 upvotes
Cadbawdbawks wrote: My TD guy didn't seem to mind that my property was a rental property. 1.74% regardless of rental or not and 25 or 30 yr. Oddly enough, all the other banks quoted me 0.15% higher if it was a rental property. Not sure why the difference though. Only requirement was $1m+ but that didn't even seem to be set on stone.

All banks including TD have higher interest rates for investment properties because they have higher risk for the bank. I would double check with your "agent" to make sure he did not put you down as owner occupied. Also, not everyone will qualify for a 1 million mortgage so that's a big requirement.
What % was your downpayment.
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Newbie
Sep 19, 2020
7 posts
31 upvotes
Dealgains wrote: All banks including TD have higher interest rates for investment properties because they have higher risk for the bank. I would double check with your "agent" to make sure he did not put you down as owner occupied. Also, not everyone will qualify for a 1 million mortgage so that's a big requirement.
What % was your downpayment.
Not true and I am 100% sure that he did not put me as owner occupied. I was very clear about the differentiation and he was too when he confirmed that there was no rate difference between the two. I would also double check your screenshot because I am almost absolutely sure you took that from the TD US page which has vastly different interest rates.

Edit - No down payment, I was transferring my mortgage over. Fair point on the $1m+ mortgage requirement, but like I said he also seemed quite flexible on this granted it wasn’t significantly less. I asked for a couple other friends who were looking for $800k and $900k mortgages and he seemed to be ok with extending the same benefits to them.
Last edited by Cadbawdbawks on Sep 21st, 2020 8:55 am, edited 2 times in total.
Sr. Member
Sep 7, 2018
600 posts
442 upvotes
I submitted a mortgage app with Tangerine for a rental condo - has anyone had success getting an approval for an investment property yet?
Newbie
Mar 6, 2018
30 posts
16 upvotes
Cadbawdbawks wrote: Not true and I am 100% sure that he did not put me as owner occupied. I was very clear about the differentiation and he was too when he confirmed that there was no rate difference between the two. I would also double check your screenshot because I am almost absolutely sure you took that from the TD US page which has vastly different interest rates.

Edit - No down payment, I was transferring my mortgage over. Fair point on the $1m+ mortgage requirement, but like I said he also seemed quite flexible on this granted it wasn’t significantly less. I asked for a couple other friends who were looking for $800k and $900k mortgages and he seemed to be ok with extending the same benefits to them.
That is not the TD US website lol. Location clearly shows Canada. Also, TD does collateral charge mortgages not standard charge. Meaning you'll end up paying discharge fees and other fees if you decide to switch lenders even on renewal.
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Newbie
User avatar
Jun 10, 2012
99 posts
45 upvotes
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
Review your agreement again.
Main reason to go with a variable rate mortgage is that the penalty is 3 month interest. Fixed mortgages usually have full term penalties since you're locked in at an amount.
Newbie
Sep 19, 2020
7 posts
31 upvotes
Dealgains wrote: That is not the TD US website lol. Location clearly shows Canada.
Your taking screenshots from two different pages. The first screenshot on the investment property rate is 100% from the US site. I found the exact same page and can confirm this. Also, anytime you see “TD Bank” as the header, that is the US subsidiary. Go back to the same page on the investment property rate and look at the country again...

On your point about collateral vs standard charge, I’m looking at my mortgage papers right now and the discharge fee is $75 with the possibility of a reinvestment fee of $300 only if I discharge within the first term of my mortgage. That’s it. The TD legal fee was $500. Max cost is $875 IF I discharge on my first term and end up moving to another bank again which I don’t plan on. All that said, my interest savings were far more than those fees so I’m still coming up on top.
Newbie
Nov 11, 2013
31 posts
7 upvotes
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.
Hey would you be able to PM your contact? Thanks!
Deal Addict
Jan 10, 2009
1661 posts
724 upvotes
Boom and Bust Calgar…
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
Check your contract. I'm with them too and my contract states that there is no penalty to move to another TF mortgage as long as the interest rate is lower. I haven't bothered trying because my mortgage is small.
Newbie
Mar 12, 2017
55 posts
48 upvotes
I feel SO dumb for listening to my mortgage broker. I told him I was thinking about taking a variable rate about a 1 year ago (interest was at 2.79 back then). He told me the variable was about the same as the fixed, so it wasn't worth it. So I listen to the more experienced person even thought my thoughts were : "If they are the same... isn't it because the banks expect the interest rate to keep falling?"

It's always tough to go against someone who's supposed to be an "expert", but why didn't I trust myself? It's so much money.

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