Expired Hot Deals

[Tangerine] Tangerine - 5 YR variable, closed - 1.35% - Targeted

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  • Mar 9th, 2021 1:48 pm
[OP]
Jr. Member
Jun 16, 2009
105 posts
29 upvotes
Markham

[Tangerine] Tangerine - 5 YR variable, closed - 1.35% - Targeted

Retailer:
Tangerine
More offers from Tangerine
First time poster. Got this targeted ad. Might be useful for those applying for mortgages.

Apply between March 4, 2021 and April 16, 2021, and if you’re approved, you can take advantage of this special rate.

Conditions:


*Offer valid from March 4, 2021 to April 16, 2021. This offer of 1.35% is a special discounted interest rate and is not the Tangerine Bank posted interest rate. This Offer is available only on a new Tangerine 5 year variable rate closed Mortgage with a principal amount of at least $50,000 CAD and the amortization is 25 years or less. This Offer applies to both new Mortgage applications for a home purchase, or the transfer of an existing mortgage with another lender or financial institution to Tangerine Bank. Prepayment charges with the existing lender may apply if the mortgage has not reached its maturity date. Applications for a Home Equity Line of Credit, refinancing of existing Tangerine Mortgages, applications for increases to existing Tangerine Mortgage amounts, renewals of existing Tangerine Mortgages and/or transfers of existing Tangerine Mortgages to new properties are excluded from this Offer. The interest rate for a variable rate Mortgage is calculated half-yearly, not in advance. The Annual Percentage Rate (“APR”) is 1.37%, based on a 5 year variable rate closed Mortgage of $250,000 with a 25-year amortization and an appraisal fee of $250, which will be required to complete your lending application (actual appraisal fee may vary). Variable interest rates will change as Tangerine’s prime rate changes. To qualify for the Offer, the Mortgage application must be submitted to Tangerine Bank by April 16, 2021 and the Mortgage must be funded within 120 days of application submission. This Offer may be changed, withdrawn, suspended or extended at any time, without notice to you and may not be combined with any other discounts, offers, or promotions. As part of the Mortgage application process, applicants must submit to a credit check and be approved for the Mortgage per Tangerine’s underwriting guidelines, credit-granting criteria and residential Mortgage standards. This includes, if applicable, approval by a Mortgage default insurer. All Tangerine Mortgages must be in first position. Other conditions may apply.
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Last edited by TomRFD on Mar 5th, 2021 11:28 am, edited 2 times in total.
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72 replies
Member
Sep 25, 2015
490 posts
834 upvotes
Toronto, ON
CIBC is offering 1.28% variable. I would say a higher fixed rate is probably better.
Deal Addict
Oct 9, 2011
1105 posts
565 upvotes
GTA
I’d lock in now if you’re in the market for a mortgage. Bond yields are up and big 5 are raising 5 yr rates.

This is a great rate.
Newbie
Nov 6, 2012
14 posts
25 upvotes
dpw198 wrote: I’d lock in now if you’re in the market for a mortgage. Bond yields are up and big 5 are raising 5 yr rates.

This is a great rate.
this is variable, not fixed.
Deal Addict
Aug 1, 2010
1030 posts
671 upvotes
RedStrikeCa wrote: CIBC is offering 1.28% variable. I would say a higher fixed rate is probably better.
Disagree, would go Variable. And a lower rate to boot is a no brainer.
Deal Addict
Nov 9, 2008
1615 posts
602 upvotes
Toronto
MCAP is offering 1.39% 5yr FIXED rate, but this is on a renewal.
Newbie
Nov 6, 2012
14 posts
25 upvotes
did you get this in an email or in the insight? I don't see it...
Sr. Member
Feb 28, 2015
712 posts
180 upvotes
Montreal, QC
Got the offer as well.. was hoping for the savings interest promo rate instead :D
Deal Addict
Sep 2, 2009
1589 posts
1343 upvotes
Ottawa
colavs19 wrote: Disagree, would go Variable. And a lower rate to boot is a no brainer.
Depends on the spread and odds of breaking within the fixed period. Rates have already started going up from here. It is really looking like a period coming soon where variable will no longer win.

0.10% difference? The odds are really high that
fixed will come out ahead.
Deal Addict
Aug 1, 2010
1030 posts
671 upvotes
cloak wrote: Depends on the spread and odds of breaking within the fixed period. Rates have already started going up from here. It is really looking like a period coming soon where variable will no longer win.

0.10% difference? The odds are really high that
fixed will come out ahead.
Fair point, but statistically speaking over 80% of people break their mortgage. Also don't think Prime Rate will be going up for awhile.
Penalty Box
User avatar
Oct 13, 2008
4733 posts
1697 upvotes
My 5-Year at 2.64% was set to mature August 2021.

Did EARLY RENEWAL in February 2021 for 7-Year fixed at 1.95% with Scotiabank. Other options were: 5-Year Fixed at 1.59% and 10-Year Fixed at 2.35%.

Anybody who does a 5-Year now ... good luck with the headaches to come 5 years from now. Rates 5 years from now will be up ... 5-Year Fixed would be more than likely over 4%.

People worry about the IRD ... big deal! The penalty will be OFFSET BIG TIME by the gain from the sale of your property.

Variable rate mortgages are a NO NO at this time. Rates can ONLY go UP!

If you look at historic rates ... the interest rate on a 5-Year fixed has NEVER been this low over the past 40 years!
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Newbie
Apr 28, 2013
6 posts
49 upvotes
Victoria
jacquesstrap wrote: MCAP is offering 1.39% 5yr FIXED rate, but this is on a renewal.
Can you share some details on this?
I'm like 127 days from my renewal date, would love to come prepared.
Member
Mar 15, 2012
202 posts
402 upvotes
jacquesstrap wrote: MCAP is offering 1.39% 5yr FIXED rate, but this is on a renewal.
This was valid till start of this week and for a 90 days lock period. I was not offered this rate for 120 days lock period. Please confirm.
Deal Addict
Sep 2, 2009
1589 posts
1343 upvotes
Ottawa
colavs19 wrote: Fair point, but statistically speaking over 80% of people break their mortgage. Also don't think Prime Rate will be going up for awhile.
Couldn't find the actual number but many seem to count porting or renewing early under "blend and extend" as actually breaking the mortgage (so not quite that high but couldn't find an actual number).
Member
Mar 2, 2015
218 posts
325 upvotes
Montreal, QC
Does tangerine do pre approvals with rate guarantee?
Member
Aug 18, 2016
263 posts
321 upvotes
shawnie53 wrote: Does tangerine do pre approvals with rate guarantee?
Yes, 120 days. But variable is floating rate and would go up and down with prime.
Newbie
Sep 26, 2016
41 posts
25 upvotes
Not sure if I'm understanding IRD penalty for fixed rates correctly, but would IRD only apply in an environment of falling interest rates? If interest rates are to go up, then the calculation wouldn't make sense and so breaking a fixed rate mortgage would still be charged 3 months interest?

This is the calculation I'm looking at on ratehub:
https://www.ratehub.ca/mortgage-refinance-penalty
Newbie
Sep 5, 2018
65 posts
89 upvotes
jacquesstrap wrote: MCAP is offering 1.39% 5yr FIXED rate, but this is on a renewal.
Damn, my 3.14% fixed rate from MCAP isn't up until Nov 2023 :(

Every time I've gotten a mortgage, the rates were always on the high end of the ebb and flow. Never learned my lesson on variable vs fixed :(
Deal Fanatic
User avatar
Jul 4, 2005
6847 posts
1081 upvotes
Ottawa
sushiboy16 wrote: Not sure if I'm understanding IRD penalty for fixed rates correctly, but would IRD only apply in an environment of falling interest rates? If interest rates are to go up, then the calculation wouldn't make sense and so breaking a fixed rate mortgage would still be charged 3 months interest?

This is the calculation I'm looking at on ratehub:
https://www.ratehub.ca/mortgage-refinance-penalty
Correct, but why would you break if interest rates are rising ;)

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