Tangerine Mortgage Review 2025
Tangerine: Our quick take
Tangerine’s lineup of familiar mortgage terms and competitive rates are a good match for home buyers with straightforward needs.
Who is a Tangerine mortgage best for?
Those looking to pay their mortgage off early; Tangerine offers a generous prepayment limit.
Tangerine could also be a good fit for those most comfortable banking online: It's owned by cotiabank, which states that Tangerine is “for those digitally-savvy clients that prefer to transact almost entirely virtually.”
Who's eligible for a Tangerine mortgage?
Tangerine doesn’t publish specific credit score requirements for its mortgages.
Most mortgage lenders look for borrowers whose credit score is at least 680. Because Tangerine is owned by Scotiabank, there's a good chance it abides by similar standards.
For a residential property you’ll need a down payment of at least 5%, an additional 10% for a purchase price between $500,000 and $1,499,999 and 20% for home prices over $1.5 million.
What type of mortgages does Tangerine have?
Tangerine offers:
Convertible mortgages.
Mortgages for newcomers to Canada.
Mortgages for self-employed individuals.
How do Tangerine's mortgage rates compare?
Review of Tangerine mortgage features
NerdWallet Canada's editorial team sifted through dozens of lender websites looking for features borrowers are interested in. Then, we summarized how each lender compares to its competitors using the labels "limited," "standard" or "excellent.
To see the details that led to each summary, expand the box below each entry.
Term length options
STANDARD
Tangerine advertises terms ranging from one to ten years.
Why this might matter for you: Some borrowers need financing for an unusual amount of time (six months, six years or 25 years, for example).
Why this might not matter: If you intend to get a standard three- or five-year term, having access to less common terms doesn't matter as much.
Expand for details
Tangerine advertises rates for the following terms:
1 year fixed
2 year fixed
3 year fixed
4 year fixed
5 year fixed
5 year variable
7 year fixed
10 year fixed
Prepayment limits
EXCELLENT
Tangerine has an annual, lump-sum prepayment limit of 25%, which is higher than any other lender we’ve reviewed. You also have the option to increase your payment by 25%.
If you have the cash, you can make a one-time prepayment to reduce your mortgage balance. Your lender limits how much you can pay off in any year. Exceed the limit and you'll face stiff penalties.
Why this might matter for you: Paying off a mortgage early is a goal many homeowners have. The bigger your lender's lump-sum prepayment limit, the more flexibility you'll have.
Why this might not matter: If you don't expect to have funds available for prepayments, this limit is irrelevant.
What it's like to apply at Tangerine Bank
Begin the application process on Tangerine's home page by selecting "Borrow" then "Mortgage." Then, click any one of the “Apply now” buttons, which can be found throughout the mortgage pages on the site.
Next, you’ll need to sign in if you already have an account with Tangerine, or create one if you don’t.
You can download Tangerine’s mobile app to create an account, or you can do so online.
After you’ve applied, a Tangerine mortgage representative will be assigned to you and should be able to address your home financing questions.
About NerdWallet mortgage reviews
When the NerdWallet Canada editorial team reviews a mortgage lender, we look for the options it offers customers, transparency in advertising, ease of application and flexibility it offers mortgage-holders.
Of course, a mortgage is a highly personalized product. The offer you receive depends on the details of your financial situation. A lender may have a less-than-transparent website but offer you a great rate.
Use this review to familiarize yourself with this mortgage lender. To get the best mortgage rate, work with a mortgage broker or negotiate directly with multiple lenders.
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