[Tangerine] Tangerine Posted Rates 1.74% 5-year fixed

Dec 11th, 2020 9:18 am

#1

Richhy [OP]: Member; Jun 24, 2012; 242 posts; 160 upvotes; Hamilton

Dec 11th, 2020 9:18 am

[Tangerine] Tangerine Posted Rates 1.74% 5-year fixed

Deal Link:: https://www.tangerine.ca/en/products/bo ... e-mortgage
Retailer:: Tangerine

Got a new "Insight" at Tangerine for a mortgage.

Their new posted rates look pretty competitive compared to the Big 5.

5 Year Variable Mortgage1.70%
1 Year Fixed Mortgage 2.79%
2 Year Fixed Mortgage 1.84%
3 Year Fixed Mortgage 1.69%
4 Year Fixed Mortgage 1.89%
5 Year Fixed Mortgage 1.74%
7 Year Fixed Mortgage 2.09%
10 Year Fixed Mortgage 2.14%

As well as their HELOC. Currently at 2.35% (Prime -0.10%)

For comparison, I called CIBC yesterday for the 1.49% 4-year fixed and was not eligible because it's a promo for new purchases only. The best they offered me was 1.79% fixed for a refinance.

Still not as good as the HSBC deal though.

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Dec 11th, 2020 9:24 am

#2

bingo_jake: Deal Addict; Mar 25, 2006; 1435 posts; 363 upvotes; Toronto

Dec 11th, 2020 9:24 am

wow, 7 years and 10 years rates are interesting, showing low rates outlook for the next 10 years.

HSBC 1.59% 5 years fixed uninsured is much better (but only if you don't need to break your mortgage as their IRD calculation is not fair)

+4

Dec 11th, 2020 9:35 am

#3

barginfreak: Sr. Member; May 9, 2012; 847 posts; 227 upvotes; Montreal

Dec 11th, 2020 9:35 am

Would a 10 year term be better at 2.14 or 5 yr fixed at 1.74 and take the risk of seeing what new date is given after the 5 year? .. were talking 0.34 points difference but $ too

.

Dec 11th, 2020 9:45 am

#4

Dealgains: Jr. Member; Mar 6, 2018; 117 posts; 141 upvotes; Ontario

Dec 11th, 2020 9:45 am

Those rates are pretty high... my BMO contact is currently offering 1.60 for 5 years fixed, 1.45 for 4 years fixed and 1.45 for 5 year variable, owner occupied with 25 year amortization, uninsured mortgages. Rates are even lower for insured mortgages I believe.

Last edited by Dealgains on Dec 11th, 2020 9:49 am, edited 1 time in total.

REALTOR®

+4

Dec 11th, 2020 9:47 am

#5

bingo_jake: Deal Addict; Mar 25, 2006; 1435 posts; 363 upvotes; Toronto

Dec 11th, 2020 9:47 am

Dealgains wrote: ↑ Those rates are pretty high... my BMO contact is currently offering 1.60 for 5 years fixed, 1.45 for 4 years fixed and 1.45 for 5 year variable, owner occupied with 25 year amortization.

are the rate for High ratio or Low ratio?

Dec 11th, 2020 9:49 am

#6

bingo_jake: Deal Addict; Mar 25, 2006; 1435 posts; 363 upvotes; Toronto

Dec 11th, 2020 9:49 am

Richhy wrote: ↑ As well as their HELOC. Currently at 2.35% (Prime -0.10%)

Is it possible to get HELOC from them while the mortgage on the house is with another bank (standard charge mortgage)?

Dec 11th, 2020 9:51 am

#7

Dealgains: Jr. Member; Mar 6, 2018; 117 posts; 141 upvotes; Ontario

Dec 11th, 2020 9:51 am

bingo_jake wrote: ↑ are the rate for High ratio or Low ratio?

Uninsured

REALTOR®

+1

Dec 11th, 2020 11:03 am

#8

dib: Jr. Member; Nov 25, 2010; 131 posts; 349 upvotes; Laval

Dec 11th, 2020 11:03 am

Would love to take advantage of the lower rates and get out of my 3.14 fixed rate mortgage with First National, but it's so expensive to get out of the existing mortgage...

Dec 11th, 2020 11:17 am

#9

stevensingh21: Member; Sep 13, 2007; 461 posts; 67 upvotes; Toronto

Dec 11th, 2020 11:17 am

any banks offering to cover penalites?
I got a new mortgage in jan 2.84% with TD 5 year fixed.
With such low rates I would love a lower rate but anyone institution willing to cover the penalty?

+1

Dec 11th, 2020 11:31 am

#10

orb2k: Sr. Member; May 17, 2007; 726 posts; 270 upvotes; Toronto

Dec 11th, 2020 11:31 am

dib wrote: ↑ Would love to take advantage of the lower rates and get out of my 3.14 fixed rate mortgage with First National, but it's so expensive to get out of the existing mortgage...

did you calculate the savings?

Dec 11th, 2020 11:48 am

#11

dib: Jr. Member; Nov 25, 2010; 131 posts; 349 upvotes; Laval

Dec 11th, 2020 11:48 am

I tried to and it did look like it wasn't worth it, I have ~ 2 1/2 years left with ~ 210k

Dec 11th, 2020 11:50 am

#12

cresentRFD: Jr. Member; Aug 22, 2018; 126 posts; 66 upvotes; Mississauga

Dec 11th, 2020 11:50 am

Silly question may be ... but moving mortgage from one provider to other ... does it require all the checks that happened when we take mortgage first time ? Or the banks just accepts your mortgage from other bank without deep checks ?

+1

Dec 11th, 2020 5:45 pm

#13

JayJJJ: Member; Sep 27, 2004; 290 posts; 44 upvotes; Ottawa

Dec 11th, 2020 5:45 pm

premalmistry wrote: ↑ Silly question may be ... but moving mortgage from one provider to other ... does it require all the checks that happened when we take mortgage first time ? Or the banks just accepts your mortgage from other bank without deep checks ?

yes

+1

Dec 11th, 2020 5:54 pm

#14

radeonboy: Deal Guru; Mar 22, 2004; 14830 posts; 5711 upvotes; RFD

Dec 11th, 2020 5:54 pm

Isn't variable better right now with the low rates the past few years it seems to have steadily dropped and I don't see them rising even after vaccines

Dec 11th, 2020 6:47 pm

#15

Rsnav09: Sr. Member; May 10, 2013; 866 posts; 295 upvotes

Dec 11th, 2020 6:47 pm

Need some help.

I've been thinking renewing my mortgage still have 20 months left. To break it will cost me $9.5k penalty fee. I'm currently on 2.59% interest for 5 year fixed. 16 years Amortization.

Is it worth it?

Dec 11th, 2020 8:07 pm

#16

BushCaddy: Member; Sep 17, 2007; 318 posts; 200 upvotes; Wasaga Beach

Dec 11th, 2020 8:07 pm

bingo_jake wrote: ↑ Is it possible to get HELOC from them while the mortgage on the house is with another bank (standard charge mortgage)?

No, they will only do HELOC if you have mortgage with them.

As a side note, I they gave me 2.15% on the HELOC. (Prime - 0.3)

+1

Dec 11th, 2020 8:21 pm

#17

S0lidus: Deal Addict; Sep 9, 2015; 1436 posts; 1058 upvotes; Nanaimo

Dec 11th, 2020 8:21 pm

Rsnav09 wrote: ↑ Need some help.

I've been thinking renewing my mortgage still have 20 months left. To break it will cost me $9.5k penalty fee. I'm currently on 2.59% interest for 5 year fixed. 16 years Amortization.

Is it worth it?

You need to call your bank and ask them what it would cost to break it, they'll tell you exactly and if it's worth switching. we don't know how much you'll save without knowing your mortgage amount and your bank's fees.

Dec 11th, 2020 9:04 pm

#18

muffin4life: Deal Addict; Jun 4, 2012; 3783 posts; 3247 upvotes

Dec 11th, 2020 9:04 pm

mortgage rates are definately going down these days... this is decend given you do not need to negotiate with the bank reps...

too bad I've broken my mortgage once and the rate is not low enough to justify another penalty.

good for those that need a new / renewal mortgage soon

Dec 12th, 2020 12:51 pm

#19

stayingfade: Jr. Member; Apr 18, 2010; 104 posts; 47 upvotes; Toronto-Central

Dec 12th, 2020 12:51 pm

Dealgains wrote: ↑ Uninsured

Care to share your contact?

Dec 12th, 2020 12:58 pm

#20

Jon138: Newbie; Aug 2, 2017; 23 posts; 5 upvotes

Dec 12th, 2020 12:58 pm

dib wrote: ↑ Would love to take advantage of the lower rates and get out of my 3.14 fixed rate mortgage with First National, but it's so expensive to get out of the existing mortgage...

I have 2.69 with first national , more than 3 years left. I did the computation. The penalty is less than the big banks. My saving is small but switching to the big bank. I have access to HELOC. My broker told me the penalty is less compare to big bank. The switch is do-able.

+1