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Tangerine Mortgages - 5 Year Fixed Rate at 3.19%

  • Last Updated:
  • Apr 10th, 2019 7:50 am
Deal Addict
User avatar
Aug 9, 2007
1351 posts
747 upvotes
As someone who has paid down more than 20% on a house, all the high yield mortgage discounts make me aaaaangry.

5 year variable at 2.55%? I wish I could get prime - 1.4%
https://www.butlermortgage.ca/rates/
I have no idea what this site is, nor how reputable, just saw it while researching rates even though I have several years until mine is up.

* it doesn't mention increasing payments, lump sums, or what the actual rate is though (calculated based on a cash back concept, which isn't great as a combination)
Newbie
Mar 28, 2019
27 posts
51 upvotes
Several lower-rate offers via Rob McLister's trustworthy rate comparison site, however most of the cheaper ones require 80-95% LTV:
https://www.ratespy.com/best-mortgage-r ... year/fixed

Re @Drizzt, Ron Butler has been an active and vocal participant in the mortgage industry for many years and his firm has been around for at least as long as I've been following mortgage news, i.e. 2011 or earlier. As far as brokers go, you can find less reputable sources.
Deal Addict
User avatar
Sep 27, 2009
2589 posts
629 upvotes
Woodstock, ON
Can anyone answer this for me... I'm not currently a tangerine customer. I would like to know what they pre-approve me for. Nowhere on their initial 'sign me up' page does it say it's for a pre-approval.

I found a place I may want to put an offer on. If I sign up on their website and provide all my info, this is only the pre-approval portion, correct? I'm not actually registering for the mortgage with them, right? and how long do they usually take to do this?

I'm with RBC with my current mortage and asked them for a pre-approval, with a live specialist. I just won't want to mess anything up if I try with tangerine at the same time. ultimately, I'd like to go with tangerine because of the 25% payment options


thank you
Saving money on things I don't need since 2009. thanks RFD

Woodstock, ON
Newbie
Apr 16, 2018
5 posts
I dealt with both RBC and Tangerine recently, and decided to go with Tangerine (the whole process took Tangerine about one week). I like Tangerine's 25% lump sum payment option. In comparison RBC only offers 10%.

Currently Tangerine offers me 2.99% on 3-year fixed (not high ratio mortgage, I wiil put more than 25% down payment).
crashxxx wrote: Can anyone answer this for me... I'm not currently a tangerine customer. I would like to know what they pre-approve me for. Nowhere on their initial 'sign me up' page does it say it's for a pre-approval.

I found a place I may want to put an offer on. If I sign up on their website and provide all my info, this is only the pre-approval portion, correct? I'm not actually registering for the mortgage with them, right? and how long do they usually take to do this?

I'm with RBC with my current mortage and asked them for a pre-approval, with a live specialist. I just won't want to mess anything up if I try with tangerine at the same time. ultimately, I'd like to go with tangerine because of the 25% payment options


thank you
Member
Nov 5, 2018
394 posts
358 upvotes
Susanclark wrote: Meh! I can do the same thing, I can pay down up to 25% of original mortgage amount per year, plus double payments. The product you are using is a lesser version of one provided by National bank and is only really valuable if used in conjunction with smith manoeuvre, where you constantly invest portion in line of credit side and write off interest. Otherwise this is just a tool for people bad with money.
I would love to understand what you just said. I'm recently going to be signing a mortgage.
Deal Addict
User avatar
Sep 27, 2009
2589 posts
629 upvotes
Woodstock, ON
pratarthur wrote: I dealt with both RBC and Tangerine recently, and decided to go with Tangerine (the whole process took Tangerine about one week). I like Tangerine's 25% lump sum payment option. In comparison RBC only offers 10%.

Currently Tangerine offers me 2.99% on 3-year fixed (not high ratio mortgage, I wiil put more than 25% down payment).
I'm trying to setup with them. took my id and barcode to my local postal outlet (7-11) they had no idea what I was talking about and had never seen the barcode and had no clue what to do with it. great start. lol
Susanclark wrote: Meh! I can do the same thing, I can pay down up to 25% of original mortgage amount per year, plus double payments. The product you are using is a lesser version of one provided by National bank and is only really valuable if used in conjunction with smith manoeuvre, where you constantly invest portion in line of credit side and write off interest. Otherwise this is just a tool for people bad with money.
Ferinthu1 wrote:
I would love to understand what you just said. I'm recently going to be signing a mortgage.
I think susanclark has the knowledge (brain) that I would love to have. I want my next one to be about to the 25% extra per year and double up my payments. the part about the smith manoeuvre and investing the loc portion to write off interest has me completely curious. @Susanclark if you are completely bored one day.. feel free to pm me specific details to educate me. thank you. I'm considering when I buy a new place, keeping the one I currently have as a rental.
Saving money on things I don't need since 2009. thanks RFD

Woodstock, ON
Member
Dec 21, 2010
480 posts
211 upvotes
Toronto
kind of interesting to hear that peice from susan.

i have a flexline, gives me a term & revolving portion. my term portion is the mortgage with double payment & 20% original principle annual lump ability... the revolve portion i do nothing with (extra borrowing potential), and i figure its just there to give people the ability to hang themselves more.

i got a rate discount to take this product, over a no hanging ability product

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