When you are getting pre-approved for a mortgage, you will have the benefit of having 120 days with your Tangerine mortgage rate locked-in before purchasing. This will provide you with comfort and peace of mind, especially for first time home buyers who have a large mortgage balance owing. You will be able to transfer to another lender with no legal fees.Ī Tangerine fixed rate mortgage will help protect you from the potential risks of future interest rates rising, by allowing you to keep the same interest rate over your entire mortgage term. You will require additional legal costs to transfer mortgages to another lender. You will need to register another charge for a HELOC, and discharge and register a new charge to refinance. You will be able to refinance and add a HELOC without the added legal costs of adding another charge. This may save you money refinancing, but will make it harder to transfer to another lender. All of Tangerine’s mortgage products are collateral charge mortgages, which will mean your loan amount is registered for 100% of the properties value. The two main types of mortgages Tangerine offers are fixed rate mortgages and variable rate mortgages. Tangerine Bank Canada currently employs over 1200 employees across its business lines in retail banking, and manages close to $38 billion in assets. Tangerine has multiple ways of banking with them, including over the Tangerine Bank app, at an ABM, or over the internet. With the combination of Tangerine’s ownership by Scotiabank, which is the 3rd largest bank in Canada, and with Tangerine being a Canada Deposit Insurance Corporation member, Tangerine is very safe to bank with. Since Tangerine is an online bank in Canada, there are no current branch locations, however people banking at Tangerine will have access to the over 3500 Tangerine ABM’s through Scotiabank’s network. Tangerine is still part of Scotiabank today, and has its headquarters in Toronto. In 2012, when Tangerine was known as ING Direct Canada, it was purchased by Scotiabank. To compete with larger financial institutions, Tangerine mortgage rates are some of the lowest in the industry. The company offers a full suite of products with competitive rates and offers, including their no-fee Tangerine chequing and savings bank accounts, Tangerine credit cards, guaranteed investment certificates (GICs), mortgage products, and mutual funds. Previously known as ING Direct Canada before changing its name in April 2014, Tangerine Bank is a Canadian online bank.
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