We're Here for You

By Phone

Give us a call 24 hours a day, 7 days a week at
1-888-826-4374.

By Online Chat Session
Saving & Chequing

Weekdays 8am - 8pm ET
Weekends 9am - 5pm ET

Investing

Weekdays 8am - 8pm ET

FAQs

If you've got questions, we've got answers.
visit our FAQ's

Face-to-Face

We'd love to have you drop by one of our Tangerine Locations

In Online Communities

FAQs: Tangerine mortgages

 

What kind of properties does Tangerine offer mortgages on?

Tangerine offers mortgages on properties that are zoned residential (up to 4 units). There are a few specific types of properties that Tangerine does not offer financing on. These include agricultural, commercial and co-operative properties, mobile homes and log cabins. Please call us at 1-800-568-2190 if you have a question about your property and whether Tangerine can provide financing.

Back to Top


Does Tangerine offer second mortgages?

Tangerine only offers first mortgages.

Back to Top


Does Tangerine finance rental/investment properties?

Tangerine offers mortgages on rental and investment properties (up to 4 units) that are zoned 100% residential. We provide mortgages of up to 80% of the property value. Please call us at 1-800-568-2190 if you have a question about your property and whether Tangerine can provide financing.

Back to Top


Does Tangerine offer Construction/Builder's mortgages?

We will not offer financing while the home is under construction. Tangerine will guarantee a fixed rate for 120 days on new homes but funding of the mortgage will only happen once the home is at least 95% complete.

Back to Top


Does Tangerine have a special mortgage for self-employed individuals?

Tangerine does offer mortgage financing for self-employed and commission based individuals. To qualify, applicants will need to have at least 3 years of working experience in those areas and will need to provide declared taxable income for the last 2 years via Notice of Assessments (NOAs). We will consider the average income of the provided documents.

Please call us at 1-800-568-2190 to speak directly with a Mortgage Account Representative.

Back to Top


Does Tangerine have special financing for new immigrants?

If you are new to the country, have a job and a limited credit history in Canada, you could qualify for a Tangerine Mortgage - with a down payment as low as 5%. To qualify, you need to be in Canada for less than 5 years, employed full time for a minimum of 3 months and meet our credit criteria.

Please call us at 1-800-568-2190 to speak directly with a Mortgage Account Representative.

Back to Top


Is the Tangerine Mortgage portable?

Yes, a Tangerine Mortgage is portable. The port (purchase) must be completed within 120 days after the sale of your property.

Back to Top


How do I convert my variable rate mortgage into a fixed rate mortgage?

The Tangerine variable rate mortgage was designed to provide flexibility that makes it easy to lock into a fixed rate mortgage of 3 years or more at any time without penalty. Remember, with a variable rate mortgage, your payments are subject to adjustment every 3 months. When the prime rate changes, so will your payments.

If you feel the time is right to fix your payments and your interest rate, all you need to do is give us a call at 1-800-568-2190 and we'll take care of you right away. Peace of mind is only a phone call away.

Back to Top


Can I renew my mortgage early to take advantage of the low rates?

Although your current mortgage hasn't reached its scheduled maturity date, you can take advantage of today's lower rates.

If your mortgage matures in the next 60 days, you should have already received your Renewal Offer in the mail outlining the current rates and terms available to you. The rates in your Renewal Offer are guaranteed for up to 60 days to your scheduled maturity date. That means, if at any time during this 60 day period rates go up, you're guaranteed our Renewal Offer rate. And if rates go down, you automatically get that lower rate without having to do a thing.

If your mortgage maturity is in the next 120 days, you can renew your mortgage early without penalty at today's rates.

And if your mortgage maturity is more than 120 days away, you can blend the interest rate of your current mortgage with the interest rate available today for a new term, or you can break your current mortgage term and get a new term at today's interest rates.

For more information or to discuss which option is best for you, call one of our helpful Mortgage Associates 1-800-568-2190 (Monday to Saturday, between 8:00 am and 10:00 pm ET).

Back to Top


What are the hours of operations and contact numbers for mortgages?

The hours of operation for the mortgage department are Monday to Saturday, between 8:00 am and 10:00 pm ET. To apply for a mortgage, complete the application form online or call us at 1-800-568-2190.

Back to Top


What is the minimum mortgage amount with Tangerine?

At Tangerine, the minimum mortgage amount is $50,000. The maximum amortization period is 25 years for conventional mortgages, and 25 years for high ratio mortgages.

Back to Top


What are the differences between an open and closed mortgage?

An open mortgage is a mortgage which can be prepaid at any time, without requiring the payment of additional fees. A closed mortgage cannot be prepaid, renegotiated or refinanced before maturity, unless the terms and conditions of the closed mortgage are satisfied first.

With a closed mortgage, you’re given a prepayment privilege amount. This is a set limit to how much you can pay extra into your mortgage at any time, beyond your regular payments, at any time. Paying more than this amount will result in a prepayment charge. An open mortgage allows the borrower(s) to prepay the mortgage at any time without a prepayment charge. Generally, banks charge a higher interest rate for open mortgages. Tangerine only offers closed mortgages.

Back to Top


What is the difference between a short-term and long-term mortgage? Is the prepayment charge calculated the same way for both?

Our short-term mortgage terms are 1, 2, 3, 4, and 5 years, and our long-term mortgages are 7 and 10 years. Generally the shorter the term, the lower the interest rate is.

For long-term mortgages, if you prepay more than the prepayment privilege amount 5 or more years into your mortgage term, Tangerine will charge you a 3 month interest penalty. Within 5 years of the start of your mortgage term, Tangerine may charge you either a 3 month interest penalty or the Interest Rate Differential, whichever is greater.

Back to Top


How long are mortgage rates guaranteed with Tangerine?

Our mortgage rates are guaranteed for 120 days with an approved application. If you're not yet ready to apply for a mortgage with us, you can request a Rate Hold, which gives you a guaranteed rate (or guarantee of the rate spread, for variable rate mortgages) for 30 days.

Back to Top


I have my 30 day Rate Hold. What happens if the rates change after I submit my mortgage application?

Once you have a Rate Hold, you have 30 days to submit your application. When your application is submitted, we guarantee your Rate Hold rate for 120 days from the date your Rate Hold went into effect. That means if rates change during the next 90 days after you submit your application, we will still guarantee you the best rate.

Back to Top


How does the Tangerine variable rate mortgage differ from an open rate mortgage?

We offer a 5 year closed variable rate mortgage, with an interest rate that is based on the Tangerine prime rate. A closed term means that the mortgage cannot be paid beyond the allowed prepayments without penalty. However, you can convert the variable term into a fixed rate term of 3 years or more without charge at any time.

Feel free to call one of our helpful Mortgage Associates at 1-800-568-2190 (Monday to Saturday, between 8:00 am and 10:00 pm ET).

Back to Top


My current fixed rate Tangerine Mortgage has a higher interest rate than today's low rates. What options are available to me so I can take advantage of these lower rates?

If you are interested in taking advantage of our current low rates, you have a couple of options available to you. First, you can blend today's low rate with your existing rate, without penalty. The other option is to break your current mortgage contract (with penalty) and start a new Tangerine Mortgage at today's rates.

For more information or to discuss which option is best for your situation, please call one of our helpful Mortgage Specialists at 1-800-568-2190 (Monday to Saturday, between 8:00 am and 10:00 pm ET).

Back to Top


How do I convert my variable rate mortgage into a fixed rate mortgage?

The Tangerine variable rate mortgage was designed to provide flexibility that makes it easy to lock into a fixed rate mortgage of 3 years or more at any time without penalty. Remember, with a variable rate mortgage, your payments are subject to adjustment every 3 months. When the prime rate changes, so will your payments.

If you feel the time is right to fix your payments and your interest rate, all you need to do is give us a call at 1-800-568-2190 and we'll take care of you right away. Peace of mind is only a phone call away.

Back to Top


How do prepayment charges differ between a fixed and variable mortgage?

With a fixed rate mortgage, you can take advantage of a fixed interest rate throughout the duration of the term you chose. A variable rate mortgage is a mortgage loan where the interest rate is periodically adjusted based on an index.

Our variable interest rate consists of two components: a Tangerine percentage point spread and Tangerine’s Prime Rate. The percentage point spread Tangerine offers is guaranteed for the 5 year term. However, the Prime Rate can fluctuate at any time, and this will cause Mortgage rate and principal & interest payments to change. Tangerine performs a Prime Rate review every 3 months. For variable rate Mortgages, you can make a prepayment of up to 25% of your payment amount, which has to be applied towards the current principal and interest and not the original Mortgage amount. For fixed rate Mortgages, you can make a prepayment of up to 25% of your payment amount, which is calculated based on the original Mortgage payment amount.

With either a fixed or a variable Tangerine Mortgage, both offer the following features each Mortgage Year: Increase your payments by up to 25% of your original payment amount every year. Make lump sum payments totaling up to 25% of your original Mortgage amount on any payment date within a Mortgage Year.

Amortizations are available for up to 25 years. Skip a payment on our conventional mortgages. Payments over and above your prepayment privileges will result in a prepayment penalty charge. For variable rate Mortgages, this charge is equal to 3 months interest. For fixed rate Mortgages, the charge is either 3 months interest or the Interest Rate Differential, whichever is greater.

Back to Top


What are the differences between an open and closed mortgage?

An open mortgage is a mortgage which can be prepaid at any time, without requiring the payment of additional fees. A closed mortgage cannot be prepaid, renegotiated or refinanced before maturity, unless the terms and conditions of the closed mortgage are satisfied first.

With a closed mortgage, you’re given a prepayment privilege amount. This is a set limit to how much you can pay extra into your mortgage at any time, beyond your regular payments, at any time. Paying more than this amount will result in a prepayment charge. An open mortgage allows the borrower(s) to prepay the mortgage at any time without a prepayment charge. Generally, banks charge a higher interest rate for open mortgages. Tangerine only offers closed mortgages.

Back to Top


What is the difference between a short-term and long-term mortgage? Is the prepayment charge calculated the same way for both?

Our short-term mortgage terms are 1, 2, 3, 4, and 5 years, and our long-term mortgages are 7 and 10 years. Generally the shorter the term, the lower the interest rate is.

For long-term mortgages, if you prepay more than the prepayment privilege amount 5 or more years into your mortgage term, Tangerine will charge you a 3 month interest penalty. Within 5 years of the start of your mortgage term, Tangerine may charge you either a 3 month interest penalty or the Interest Rate Differential, whichever is greater.

Back to Top


What are the ways Tangerine can help me avoid paying a prepayment charge and help me become mortgage-free faster?

To help you avoid prepayment charges, Tangerine has a few options you can take advantage of.

First, if you increase your payment frequency to accelerated weekly or accelerated bi-weekly, you can make an extra month’s worth of payments within in a year without the strain on your wallet.

You can also take advantage of our 25/25 prepayment options:

  • Increase your payments by up to 25% of your original payment amount every year.

  • No anniversary dates: make lump sum payments totaling up to 25% of your original mortgage amount on any payment date.

Back to Top


How can I estimate my prepayment charges?

Prepayment charges are generally calculated in two ways:

  1. As a 3 month interest penalty.

  2. As an interest rate differential.

Tangerine always charges a 3 month interest penalty for variable rate mortgages, and the higher of the two prepayment charge methods on a fixed rate mortgage. Our mortgage prepayment calculator can also help you out.

Using the following information, here is how the penalty is calculated with the 3 month interest method and the Interest Rate Differential method:

Mortgage balance remaining: $100,000
Current interest rate: 3.49%
Remaining term: 2 years from the original 5 year fixed term
Tangerine’s 2 year fixed interest rate: 3.25%

3 month interest penalty
This is calculated using the following formula:

(Current interest rate × Mortgage balance remaining) ÷ Total months in the year (12) × three (3) months
(3.49% × $100,000) ÷12 × 3 = $872.50 is the estimated 3 month interest penalty.

Interest Rate Differential penalty
This is calculated using the following formula:

Step 1: Calculate Differential Interest Rate:
Differential Interest Rate= Current interest rate - Tangerine comparison interest rate based on the remaining term.
3.49% - 3.25% = .24% is the Differential Interest Rate

Step 2: Using Differential Interest Rate, calculate the prepayment charge:
Differential Interest Rate × Mortgage balance remaining × Remaining term

(0.24% X $100,000) × 2= $480.00 is the Interest Rate Differential penalty.

In this example, the 3 month interest penalty is higher than the Interest Rate Differential. Therefore, this is what would be applied.

Note: The above calculations are estimates and present an approximate projection of the actual penalty amount. Please contact Tangerine for exact prepayment charges.

Back to Top


In what circumstances would I be charged a prepayment charge?

A few things can cause you to pay a prepayment charge. Please see below for potential reasons:

  • If you prepay more than the 25/25 prepayment options

  • If you refinance and select a lower posted rate instead of the blend and extend option, or pay off your mortgage (sale of home included) before the end of your existing term

  • If you transfer your mortgage from Tangerine to another financial institution before the end of your existing term

Back to Top


Where can I get more information about prepayment charges?

We're available to answer any questions you may have Monday to Saturday between 8:00 am and 10:00 pm ET at 1-800-568-2190. If you need additional information, you can also contact the Financial Consumer Agency of Canada at: http://www.fcac-acfc.gc.ca/eng/consumers/mortgages/index-eng.asp

Back to Top


Does Tangerine offer Mortgage Life Insurance?

Tangerine offers optional Mortgage Life Insurance through Canada Life. The cost of Mortgage Life Insurance is based on the initial mortgage amount and the age of the applicants. A person must be between 18 and 64 years of age to apply for the insurance coverage.

Back to Top


How are Mortgage Life Insurance premiums calculated?

Premiums are based on your age at the time of application and mortgage balance. Once approved, your premiums will not increase over the life of the mortgage. Below are the monthly rates per $1,000 of balance, as well as an example of how premiums are calculated.

Age 18-30 31-35 36-40 41-45 46-50 51-55 56-60 61-64
Individual Coverage $0.09 $0.13 $0.20 $0.29 $0.40 $0.55 $0.73 $0.97
Joint Coverage $0.13 $0.18 $0.29 $0.41 $0.60 $0.84 $1.09 $1.51

*Rates are subject to change. PST on insurance applies in Manitoba, Newfoundland, Ontario and Quebec.

Example: Let's assume you are 39 years old, your spouse is 37, and you have a mortgage balance of $150,000. For individual coverage your monthly premiums would be $30 per month ($0.20 x 150). If you decide to take joint coverage – meaning you would be covered should either you or your spouse pass away – your premiums would be $43.50 per month ($0.29 x 150).

Back to Top


What if my mortgage balance is greater than $500,000? Can I still get Mortgage Life Insurance?

For mortgages over $500,000, Mortgage Life Insurance is not available through Tangerine.

Back to Top


I am buying a condo or a new home that is currently being built and I have to remove the financing condition in 2 weeks but the estimated closing date is next year. How can I get a mortgage with Tangerine?

You must ensure that the closing date of the condo falls within 6 months of the mortgage application date.

Back to Top


Where are your branches located?

Applying for a mortgage with Tangerine is simple and easy. In fact it's so easy that there is no need for branches. You can just go online and complete an application or give us a call at 1-800-568-2190. In both cases we have dedicated Account Representatives that can help you every step of the way.

Back to Top


What do I need to qualify for a Mortgage with Tangerine?

In order to qualify for a Mortgage with Tangerine, we'll need your:

  1. Personal information, including Social Insurance Number

  2. Property details for your home

  3. Employment information

  4. Details of what you own (Assets)

  5. Details of what you owe (Liabilities)

And we may also need your:

  1. Recent credit card and loan statements

  2. Income statements such as a recent pay stub or the last 2 years' Notices of Assessment
    MLS listing.

Feel free to call us at 1-800-568-2190 (English) or 1-866-568-2190 (French) (Monday to Saturday, between 8:00 am and 10:00 pm ET). You can also apply on our website.

Back to Top


What is the minimum down payment required for a mortgage?

The minimum down payment on owner-occupied property must be 5% of the purchase price. On rental properties, the minimum down payment has to be 20% of the purchase price.

Back to Top


How long does it take to apply and fund a mortgage and/or Home Equity Line of Credit with Tangerine?

It takes at least 10 to 15 days for us to fund a Mortgage and/or Home Equity Line of Credit. However, if there are special circumstances, you can give us a call at 1-800-568-2190 to discuss your options.

Back to Top


If I am switching my mortgage to Tangerine from another bank, do I have to inform my bank?

You do not have to worry about informing your existing lender. Once you have authorized us, we will request a payout statement and payout the mortgage with your existing lender.

Back to Top


Will my bank charge me a penalty if I switch my mortgage to Tangerine?

There should not be any penalty involved with your existing lender if your mortgage is coming up for renewal. However, there may be a penalty if you are breaking a term with your existing lender. Since everyone's situation is unique, different conditions can apply for different mortgages. We'd love to chat with you about any questions you have. Please call one of our helpful Mortgage Associates at 1-800-568-2190 (Monday to Saturday, between 8:00 am and 10:00 pm ET).

Back to Top


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.

Back to Top


Does Tangerine accept a recent appraisal of a house?

At this time Tangerine relies purely on the property appraisals done by the independent and accredited appraisers on its approved list.

Back to Top


What is a mortgage pre-approval?

A pre-approval provides an estimated shopping range for new home buyers based upon their annual family income, credit history and net worth, and also guarantees the mortgage rate for 120 days. However, it does not guarantee financing. Once you have an accepted offer on a residential property, you'll need to give us a call. Our numbers are 1-800-568-2190 to speak directly with a Mortgage Account Representative.

Back to Top


What are the hours of operations and contact numbers for mortgages?

The hours of operation for the mortgage department are Monday to Saturday, between 8:00 am and 10:00 pm ET. To apply for a mortgage, complete the application form online or call us at 1-800-568-2190.

Back to Top


Does Tangerine provide pre-approvals for rental properties?

Tangerine does pre-approvals for rental properties.

For more information, you can call one of our helpful Mortgage Associates 1-800-568-2190 (Monday to Saturday, between 8:00 am and 10:00 pm ET). Alternatively, you can apply on our website.

Back to Top


I have my 30 day Rate Hold. What happens if the rates change after I submit my mortgage application?

Once you have a Rate Hold, you have 30 days to submit your application. When your application is submitted, we guarantee your Rate Hold rate for 120 days from the date your Rate Hold went into effect. That means if rates change during the next 90 days after you submit your application, we will still guarantee you the best rate.

Back to Top


How do I check the status of my mortgage application?

If you applied online, you can check the status of your application on our website.

  1. Log in, if you aren't already logged in.

  2. Under ‘Pending Applications & Forms’, select Borrowing

If you applied over the phone and set up a PIN, you can also check your application status on our website. You can also call us at 1-800-568-2190, and we'll be happy to help you out.

Back to Top


My mortgage at another bank is coming up for renewal. When should I apply for a mortgage with Tangerine?

You can apply up to 6 months before your renewal date. Tangerine guarantees fixed interest rates for 120 days from the date a mortgage application is submitted.

Feel free to call one of our helpful Mortgage Associates at 1-800-568-2190 (English) or 1-866-568-2190 (French) (Monday to Saturday, between 8:00 am and 10:00 pm ET). Alternatively, you can apply on our website.

Back to Top


How do I make my mortgage payments? Do I have to open a bank account with Tangerine?

Your payments can be made from any designated bank account. You can either make payments from a Tangerine account or your external bank account - the choice is yours.

Back to Top


What is the difference between a monthly mortgage payment and a weekly or bi-weekly mortgage payment?

The difference is very minimal unless selecting the accelerated option, which is only available for weekly and bi-weekly payments.

An accelerated schedule of weekly or bi-weekly payments allows you to pay more towards your principal and reduces the amount of interest you pay over the life of your mortgage compared to a monthly mortgage payment. By accelerating your payments, you are making the equivalent of 13 monthly payments in one year as opposed to twelve. That's one additional monthly payment per year. To see how much you could save using an accelerated payment option, try out our payment calculator.

Back to Top