Getting a mortgage might seem intimidating if you are new to the process. Tangerine will help you along the way in every way that they can.
Tangerine approaches mortgage products with a simplistic approach, offering only two forms of closed mortgage rates: fixed or variable. Fixed rates for 1 to 5, 7, and 10 years are available, and the variable rate is applicable only to a 5-year term. Fixed rates are promised for 120 days, and the lower rate is granted if rates drop during the rate guarantee period.
Tangerine is also offering a simple ’25/25′ payment plan, which gives you the flexibility of increasing your payments up to 25% of your original payment each year, and you can make lump sum payments up to 25% of your original mortgage payment throughout the year.
You could amortize a mortgage up to 25 years to help make your regular payments more manageable, and conventional mortgages from Tangerine allow you to miss a payment once a year and repay it when it is best for you. The interest portion of the payment that was skipped is conveniently added to the principal amount and then it just accumulates interest.
You can breathe a sigh of relief should you decide to move because your mortgage with Tangerine is both flexible and assumable. You can even take your mortgage with you if you decide to sell your house or just give your buyer the chance to take it over (assumable) free of any penalties. It is a fairly straightforward process to compare Tangerine’s mortgage rates against the more difficult to understand options that are sometimes offered by other brokers and lenders. You also can use a tangerine mortgage calculator.
How To Access Tangerine Mortgage Rates
Tangerine doesn’t have any branch locations, so to get the mortgage process started, you have to fill out a mortgage application or communicate with a Tangerine mortgage specialist over the phone at 1-800-568-2190.
Pre-Approval For A Tangerine Mortgage
Once you have gone through the application process for pre-approval, you can easily track the status of your mortgage application through the website online.
Tangerine Mortgage Application Checklist
It is helpful to have an application checklist and to have all of the required information handy when going through the application process. Here is a list of things you will need:
- Personal information
- Information regarding your employment
- Information regarding your assets (balances of accounts, values of investments, vehicle ownership)
- Information regarding your liabilities (credit cards, loans, leases, lines of credit, child support, and alimony)
- Information regarding your income
- Details of the mortgage (payment frequency, term, amortization period, down payment, amount desired)
- Information on the property
Details On Tangerine
Tangerine is not like your typical bank. It doesn’t have any branches and because of business being conducted only over the phone or online, it gives Tangerine the ability to pass on its savings to its customers through things like higher interest on deposits, no service charges or fees, and lower interest on loans. Tangerine was first opened in 1997 as ING DIRECT Canada and it was acquired by Scotiabank and rebranded in 2014.