
Tangerine mortgages at a glance
Tangerine is an online bank that offers purchase, refinance and renewal mortgages to Canadians across the country.
- 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.
Pros
- Lock your rate for up to 120 days.
- Flexible prepayment options.
- Digital-first organization.
Cons
- 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:
- Home price: the total amount you agree to pay for a home.
- Down payment: the total amount you’ll pay upfront toward a home purchase.
- Amortization period: the number of years over which you’ll repay your mortgage.
- Mortgage term: the length of the contract you’ll have with your mortgage lender.
- Payment frequency: how often you’ll make a mortgage payment.
- Mortgage interest rate: the fee you’ll pay to borrow money from the lender; expressed as a percentage of the loan amount.
- Property taxes or title transfer fee: an annual fee based on your property value.
- Mortgage default insurance: an extra cost you’ll pay if your down payment is less than 20%.
Example:
- Home price: $650,000
- Down payment: $58,500 (9%)
- Amortization period: 25 years
- Mortgage term: 5 years
- Payment frequency: Monthly
- Mortgage interest rate: 5.5%
- Mortgage insurance: $23,660
TOTAL MORTGAGE: $615,150
MONTHLY MORTGAGE PAYMENT: $3,778
» 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 had a Trustpilot rating of 1.3 out of 5 possible stars based on more than 1,300 total customer reviews, as of the time of this writing. Feedback on Trustpilot wasn’t limited to mortgages; it included many responses about other products, such as credit cards.
- Tangerine had a rating of 1.08 out of 5 possible stars based on just over 60 reviews on the Better Business Bureau website, at the time of this writing. None of the recent BBB comments mentioned mortgages specifically.
Tangerine mortgage eligibility requirements
To be eligible for a mortgage with Tangerine, you must:
- Be a resident of Canada.
- Use the mortgage to purchase a residential property in Canada.
- Be able to provide information as requested, such as proof of income or consent to check your credit score.
Your down payment minimum is determined by the purchase price:
Purchase price | Down 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
- 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.
- 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.
Alternatives to Tangerine’s mortgage products
True North Mortgage | RBC Mortgage | Rocket Mortgage | |
---|---|---|---|
Lender type | Mortgage brokerage | Big Bank lender | Mortgage broker |
Service area | National | National | National |
In-person service? | Yes | Yes | No |
Ease of application | Easy (online, phone, in-person) | Easy (online, phone, in-person) | Easy (online) |
Mortgage variety | Above average | Average | Above average |
Frequently asked questions about Tangerine
Yes, Tangerine is a CDIC member and offers banking services like savings and chequing accounts.

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