FAQs: Home Equity Line of Credit
What is a Home Equity Line of Credit?
The Tangerine Home Equity Line of Credit helps you borrow at a low interest rate by using the equity you've built in your home (only available for primary residences, not rental/investment properties). We've designed the Tangerine Home Equity Line of Credit so that it's easy to pay off, because we know you'll want to get back to building your savings as soon as possible.
Visit the Tangerine Home Equity Line of Credit page for more information.
What are the steps to get a mortgage or Home Equity Line of Credit with Tangerine? Where do I start?
The first step is to complete an application over the phone or online. We'll send you a decision within 1 to 2 business days. Once the application is approved, a dedicated Mortgage Account Manager is assigned to help you every step of the way and collect the necessary information. Afterwards, you will meet with your lawyer to sign the documentation and finalize everything.
Feel free to call one of our helpful Mortgage Associates at 1-800-568-2190 (Monday to Saturday, 8:00 am to 10:00 pm ET). Alternatively, you can apply on our website.
How long does it take to apply and fund a mortgage and/or Home Equity Line of Credit with Tangerine?
The minimum time it takes for us to fund a mortgage and/or Home Equity Line of Credit is 10 to 15 business days. However, if there are special circumstances, you can give us a call at 1-800-568-2190 to discuss your options.
Are there any fees or expenses involved in getting a mortgage and/or Home Equity Line of Credit with Tangerine?
Tangerine will only charge for the cost of an appraisal in cases where one is needed. Legal costs and discharge fees or penalties from other lenders are all possible depending on the specific scenario.
Does Tangerine offer life insurance on its Home Equity Line of Credit?
Although we do offer optional Mortgage Life Insurance, this coverage is not available on our Home Equity Line of Credit.