Expired Hot Deals

[Tangerine] Tangerine Mortgages - 5 Year Fixed Rate at 3.19%

  • Last Updated:
  • Apr 10th, 2019 7:50 am
Jr. Member
Nov 5, 2018
168 posts
169 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
2191 posts
441 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.
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Woodstock, ON
Member
Dec 21, 2010
241 posts
63 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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