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Published October 26, 2023

Tangerine Mortgage Review 2023

Tangerine is an online-only bank that offers standard mortgage options and flexible portability terms.

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Tangerine mortgages at a glance

Tangerine is an online bank that offers purchase, refinance and renewal mortgages to Canadians across the country.

    Tangerine mortgage key features
    Tangerine mortgage types
    • Online-only bank — no brick-and-mortar locations.
    • Port your mortgage without penalty if you move.
    • Has been in business for more than 20 years.
    • Fixed-rate mortgages (purchase and refinance).
    • Variable-rate mortgages (purchase and refinance).
    • Home equity line of credit.


    • Lock your rate for up to 120 days.
    • Flexible prepayment options.
    • Digital-first organization.


    • No physical locations.
    • Limited types of mortgages.

    Tangerine mortgages full review

    Tangerine is an online bank that offers mortgages alongside other traditional banking products, like savings, chequing and credit cards. Unlike some traditional banks, Tangerine exists only online; it doesn’t serve clients in physical locations.  

    Tangerine is a standalone bank — it’s a CDIC member — but is owned by The Bank of Nova Scotia. It offers fixed-rate mortgages with terms ranging from one to ten years as well as a five-year variable mortgage. If you move before your mortgage is up, you can port your loan amount and current rate without penalty.

    Who is Tangerine best for?

    Tangerine may be a good choice for home buyers or refinancers who prefer an online-only experience, or who are seeking a portable mortgage.

    Because it’s an online-only bank, Tangerine may be best for those comfortable with an all-digital experience. If there’s a chance you may move before your term is over, you may value Tangerine’s flexible portability terms. Tangerine offers a number of common mortgage options, but if you’re looking for something more niche, such as a convertible mortgage or an open mortgage, you may need to look elsewhere. 

    How to choose the right mortgage lender

    Choosing a mortgage lender is a big decision. A mortgage is a large debt, and you want to make sure that you’re getting the best deal possible. If you’re a first-time home buyer, you’ll also need to learn the basics about the home buying process. Start by making a list of what’s important to you, and spend time comparing offers from the different types of providers.

    You can start by following these steps:

    Decide your budget: It’s important to have an idea of how much mortgage you can comfortably afford before talking with lenders. They may offer you more than you want to spend; it’s important to be ready for that conversation.

    Understand the different types of lenders: Mortgage providers include banks, credit unions, brokers, alternative lenders, and private lenders. Each has its pros and cons.

    Compare offers from three different lenders: To ensure you have a good idea of what’s out there, consider seeking mortgage pre-approval from a big bank, a broker and one other type of alternative lender.

    Don’t focus too much on rates: The interest rate is just one part of the mortgage equation. Yes, you want the most competitive rate possible, but it’s also important to weigh the reputation of the lender, the quality of customer service they provide, the types of loans they offer, the fees they charge, and the flexibility of terms they may offer.

    How Tangerine calculates your mortgage payment

    Like most mortgage brokers and lenders, Tangerine will consider the following when estimating what the regular payment might be for your future mortgage:


    TOTAL MORTGAGE: $615,150

    » MORE: Use our mortgage payment calculator to compare different loan scenarios

    Tangerine mortgage feature overview

    Mortgage variety

    Tangerine, a subsidiary of The Bank of Nova Scotia, offers fixed mortgages with one, two, three, four, five, seven, and 10 year terms, as well as a five-year variable mortgage. The company offers rate freezes and prepayment options that are typical for the industry.

    Tangerine does not advertise open mortgages, convertible mortgages or construction mortgages, but it does offer home equity lines of credit.

    Ease of application 

    Because Tangerine doesn’t require you to submit a mortgage application to hold your rate, you’ll have 120 days to complete it. You can fill out the application on Tangerine’s website or its app. 

    After you apply, you’ll be assigned an account manager, who will be a consistent point of contact throughout the process.

    Loan amounts and terms

    The minimum amount you can borrow through a mortgage is $50,000. Tangerine doesn’t list maximum loan amounts on its website. It offers rates for seven fixed rates and one variable rate.

    Mortgage rate transparency 

    Tangerine’s posted rates are all published clearly online. The posted rate is not necessarily the rate you’ll receive. 

    Rate types

    Currently, Tangerine offers closed mortgages with fixed or variable rates

    Mortgage fees 

    You can make annual additional one-time payments of up to 25% of your original mortgage without a penalty. You can also increase your regular payment amount by up to 25%.

    If you move, you can port your mortgage without penalty at your current rate, term and loan amount.

    Security and safety 

    Tangerine uses two-factor authentication for user logins. You can also set up alerts to notify you if the company notices something suspicious about your account activity.

    Customer satisfaction ratings

    It’s difficult to gauge how satisfied Canadians are with Tangerine as a mortgage provider. Customer review websites can be helpful, but keep in mind that the reviews aren’t verified and may not accurately reflect the average option of Tangerine customers; for example, unhappy customers may be overrepresented in these reviews. Nevertheless, these sites are one way to learn about possible downsides to consider.  

    Tangerine mortgage eligibility requirements

    To be eligible for a mortgage with Tangerine, you must:

    Your down payment minimum is determined by the purchase price:

    Purchase priceDown payment minimum
    $500,000 or less.5%
    Between $500,000 and $999,999.5% of the first $500,000 plus 10% of the remaining amount.
    $1 million and over.20%

    Nerdy Tip: Use a mortgage affordability calculator to determine how much you can afford to pay for a home. If you have a unique situation or need additional information about the eligibility requirements, it’s best to speak directly with a mortgage specialist.

    How to apply for a mortgage with Tangerine 

    1. Begin the application process on Tangerine website by clicking one of the “Apply now” buttons, which can be found throughout the mortgage pages on the site. 
    2. Next, you’ll need to sign in if you already have an account with Tangerine or create one if you don’t.
    3. You can download Tangerine’s mobile app to create an account, or you can do so online.
    4. After you’ve applied, a Tangerine mortgage representative will be assigned to you and should be able to address your home financing questions. 

    Alternatives to Tangerine’s mortgage products

    True North MortgageRBC MortgageRocket Mortgage
    Lender typeMortgage brokerageBig Bank lenderMortgage broker
    Service areaNationalNationalNational
    In-person service?YesYesNo
    Ease of applicationEasy (online, phone, in-person)Easy (online, phone, in-person)Easy (online)
    Mortgage varietyAbove averageAverageAbove average

    Frequently asked questions about Tangerine

    Is Tangerine a bank?

    Yes, Tangerine is a CDIC member and offers banking services like savings and chequing accounts.

    About the Author

    Kurt Woock

    Kurt Woock started writing for NerdWallet in 2021. Prior to joining NerdWallet, Kurt was a writer and educator for Colorado PERA, a retirement system for public employees. Before that he…

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