Tangerine mortgage rates have historically been very competitive, especially before and during the pandemic. While they tend to hover close to big bank rates nowadays, you can still find a good deal with this Scotiabank-owned online bank. On top of the rates, you also get a dedicated mortgage account manager, plus can port your mortgage with no penalty if you need it.
If you're looking for a Tangerine fixed rate mortgage, you'll be able to find 7 different options ranging from 1 year to 10. Though you don't get as many choices as some other mortgage lenders, it does help to be more focused on what you actually need.
Tangerine closed fixed rate mortgage features
Tangerine mortgage rates tend to be competitive, while also offering various special features that help with flexibility. You can read a summary of these features here:
Why You Want It
Get competitive mortgage rates + Flexible portability and prepayments.
Special Features
- Get a dedicated account manager once approved
- Can move to a new home penalty free
Eligibility
- Canadian resident or applied resident status
- Minimum credit score of 620 with no prior bankruptcies
- At least 3 months of full-time employment
Provinces
ALL
Fixed Rate
Fixed Closed
1 Year
5.99%
2 Year
5.14%
3 Year
4.44%
4 Year
4.49%
5 Year
4.49%
7 Year
5.5%
10 Year
5.9%
Features
Rate Type
Fixed Closed
Pre-approval
Rate Guarantee (days)
120
Bank Prime Rate
4.45%
# Of Prepayments Allowed Per Year
See Issuer for Details
% Of Prepayment Allowed
25%
# Of Payment Increases Allowed Per Year
See Issuer for Details
Max Payment Increase Allowed
25%
Promotion Available
N/A
Promotion End Date
N/A
Tangerine closed fixed rate mortgage rating: 4.1 stars
Tangerine fixed rate mortgages have historically offered some extremely competitive interest rates, coming in lower than most offered by the more traditional big banks. And while they don't offer special discounted rates, it wasn't uncommon for Tangerine's standard mortgage rates to beat the special rates offered by other lenders.
After recent Bank of Canada rate hikes, Tangerine has lost a bit of ground over other online banks and tends to hover a bit closer to big bank rates. But they still top off their service with a dedicated mortgage advisor, flexible portability options, and a cash back incentive.
Rating methodology
To calculate our Genius Ratings, we compare the features of the account or product in question with other similar products in Canada. We give each feature a score out of 5 based on that comparison. Once we’ve rated all the features, we run them through our proprietary algorithm to produce a final rating out of 5.
Learn more about our rating methodology.
The pros of a Tangerine closed fixed rate mortgage
If you’re looking for a fairly standard fixed rate mortgage, Tangerine has a lot to offer.
Pros
Tangerine fixed mortgage rates are competitive
As an online-only bank, Tangerine has historically offered significantly better interest rates on their products than those offered by the big banks (like Scotiabank and BMO). In fact, it wasn't uncommon for standard Tangerine fixed mortgage rates to be lower than the special rates offered by the big banks. Though the rates have levelled out a bit more in recent years, Tangerine still often offers the best option out of your main choices in Canada.
A solid array of low interest fixed rate mortgages available
You can get fixed rate mortgages from Tangerine that span 1, 2, 3, 4, 5, 7, or 10 years. This is fairly standard, but with their competitive low interest rates, you can lock in a rate for 10 years with Tangerine that is lower than any rates offered by other banks. This is a significant advantage for consumers who want to have longer term stability in their mortgage payments.
Lock in your Tangerine mortgage rate for 120 days
You can lock in Tangerine’s mortgage rates without even applying for a mortgage. Simply go to the Tangerine mortgages page and click the “Secure Your Rate” button. You’ll have to sign up as a Tangerine client and create an account, but once that’s done, you’ll be able to request a rate guarantee for 120 days. This gives you plenty of time to shop around and find the perfect home for you and your family.
Prepayment options available
Tangerine allows you to prepay up to 25% of the remaining principal on your mortgage at least once per year. If you’re able to take advantage of this, you’ll save even more money on interest payments and pay your mortgage off faster.
Annual payment increases available
And Tangerine will let you increase your regular mortgage payments by up to 25% per year, giving you another way to save money on your mortgage.
The cons of a Tangerine closed fixed rate mortgage
But while Tangerine fixed rate mortgages have some significant upsides, everything is done online and there’s no special offers available at the moment.
Cons
No specialized fixed rate mortgages available
If you’re looking for a specialized fixed rate mortgage, such as a 6 month convertible rate, or a fixed rate mortgage with an amortization period of longer than 25 years, Tangerine has nothing to offer for you. This is one place the bigger banks have an advantage, since they offer some more flexible options for those who need them.
Tangerine mortgages are with an online-only bank
Many people have long since become used to the idea of having online-only options for their everyday banking, but getting a mortgage with an online-only bank might be a bit more difficult to wrap your head around. When you’re talking about taking on possibly hundreds of thousands of dollars in debt, many might want the added peace of mind of having physical locations to visit, and real people to talk to face to face. Tangerine is an online-only bank, which might be outside of many people’s comfort zone. That said, Tangerine does assign you a personalized mortgage account manager to help you out once you've applied.
Tangerine closed fixed rate mortgage alternatives
But are Tangerine fixed mortgage rates still competitive today? Here's a look at their features side-by-side with some other big options you have.
 |  |  |  | |
|---|---|---|---|---|
| Account | Tangerine Closed Fixed Rate Mortgage | nesto | Meridian Closed Fixed Mortgage | CIBC Open Fixed Mortgage |
| Genius Rating | ||||
| Why You Want It | Get competitive mortgage rates + Flexible portability and prepayments. |  $350 GeniusCash + Get the lowest rate guaranteed + 150 day rate lock
| Get up to 5% cash back + Competitive rates and excellent customer service. | Pay off as much as you want + Flexibility to change terms without fees. |
| Fixed Rate | Fixed Closed
| Fixed Closed
| Fixed Closed
| Fixed Open
|
| Rate Type | Fixed Closed | Fixed Closed | Fixed Closed | Fixed Open |
| Pre-approval | | | | |
| Rate Guarantee (days) | 120 | 150 | 120 | 120 |
| Bank Prime Rate | 4.45% | 4.45% | 4.45% | 4.45% |
| # Of Prepayments Allowed Per Year | See Issuer for Details | See Issuer for Details | Unlimited | 1 |
Show More | ||||
| See rates & details See more Tangerine products Compare | I Want This Deal See more nesto products Compare | See rates & details See more Meridian Credit Union products Compare | Learn More See more CIBC products Compare |
FAQ
Does Tangerine offer mortgages?
Tangerine offers both fixed and variable rate mortgages with some very competitive rates. You can read more about Tangerine fixed rate mortgages here.
How do I apply for a Tangerine mortgage?
To apply for a Tangerine mortgage, click the "See rates and details" button above. You’ll be taken to the Tangerine website where you’ll have to create a Tangerine account if you don’t already have one, and they’ll walk you through the process there. You will need to have some documentation ready, however, so be sure to check for that list before you get started.
Who owns Tangerine bank?
Tangerine is an online only bank that is owned by Scotiabank. Tangerine was formerly known as ING DIRECT, and launched in 1997.
Can I get a Tangerine mortgage pre-approval?
Yes, you can get pre-approved for Tangerine mortgages and will also have the chance to lock in the rates for up to 120 days.
Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
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