Tangerine provides a very straightforward offering when it comes to their mortgage products. In fact, they only have one mortgage, called the Tangerine Mortgage, that can come in a variety of options with different features.
The main differentiation comes between the fixed rate and variable rate options for this mortgage.
- Tangerine Fixed Rate Mortgage: As it’s a fixed rate mortgage, this plan comes with the widest range of customization options and at very competitive rates. It’s available in 1, 2, 3, 4, 5, 7, and 10-year terms.
- Tangerine Variable Rate Mortgage: As there is some certainty involved in a variable mortgage, it starts at an even lower rate than the fixed rate mortgage. It’s only available in a 5-year term.
Other features of this loan:
- Rate hold: Can hold a rate for 120 days and reduces along with rates if they fall during that time.
- Dedicated mortgage account manager: You will have a dedicated account manager for your mortgage available at your beck and call.
- 25/25 prepayment option: You can increase your payments by 25% and make a 25% lump payment once a year on any regular payment date.
- Collateral charge mortgage: This is an alternative to a conventional charge mortgage. It’s registered against 100% of the property value instead of against the loan amount. This allows you to refinance and add Home Equity Lines of Credit without incurring legal costs in the future. However, there will be legal costs for transferring to another lender.
They also provide the following mortgage-related products:
- Home Equity Line of Credit: You can leverage the equity in your home to borrow at low rates if you have built up at least 35% of the equity in your home.
- RSP Loan