Tangerine Bank
Is Part of RateShop Mortgage's Trusted Canadian Lender Network
Tangerine Bank:
Simplified Mortgage Solutions
History as a Mortgage Lender in Canada
Founded in 1997 as ING Direct Canada, Tangerine Bank became a subsidiary of Scotiabank in 2012 and rebranded in 2014. Tangerine is recognized as one of Canada’s leading direct banks, specializing in simple and transparent financial products, including mortgages. It serves over 2 million clients nationwide and manages more than $40 billion in assets.
Types of Mortgage Products & Programs
Tangerine provides a wide range of residential and commercial mortgage products tailored to meet the needs of Canadian homeowners and businesses. These include:
Fixed-Rate Mortgages: A popular choice for those who want predictable monthly payments. Tangerine offers terms from 1 to 10 years, giving borrowers flexibility in choosing the best option for
their financial goals.
Variable-Rate Mortgages: These loans offer interest rates that fluctuate based on the market, allowing for potential savings when interest rates are low.
Home Equity Lines of Credit (HELOCs): Tangerine’s HELOCs allow homeowners to borrow against the equity in their property, with the flexibility to use the funds for a variety of purposes.
First-Time Homebuyer Mortgages: Special programs are available for first-time homebuyers, offering competitive rates and lower down payment options to help them get into the housing market.
Commercial Mortgages: Tangerine also provides mortgage solutions for businesses looking to purchase or refinance commercial properties, including term loans and lines of credit.
Special Features:
Tangerine's Home Equity Line of Credit (HELOC): A flexible financing tool that combines a mortgage with a line of credit for added convenience.
Minimum Credit & Income Requirements
Tangerine offers mortgage solutions to a broad spectrum of borrowers, including first-time homebuyers, salaried employees, contract workers, and self-employed individuals. Here are the typical credit and income requirements:
Credit Score: A minimum credit score of 650 is often required for most mortgage products. However, requirements may vary depending on the type of mortgage and the amount of the down payment.
Income Requirements: Tangerine requires verifiable income to ensure that borrowers can afford their mortgage payments. Self-employed borrowers, contract workers, and those with stated income may need to provide additional documentation to verify income.
First-Time Homebuyers: Tangerine offers flexible programs for first-time buyers, including low down payment options and specialized advice to help them navigate the mortgage process.
Self-Employed & Stated Income Programs: Tangerine works with self-employed individuals and those with non-traditional income sources, offering mortgages based on documented income and business performance.
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Mortgage Underwriting Criteria for Approval
Tangerine’s mortgage approval process involves a comprehensive review of several factors to ensure borrowers can manage their mortgage payments responsibly. Key criteria include:
Credit Score: A strong credit score is essential for securing a mortgage, with 650 being the general minimum requirement. A higher score may improve your chances of receiving better terms.
Income Verification: Tangerine requires proof of stable and reliable income. This includes pay stubs, tax returns, or financial statements for self-employed individuals.
Debt-to-Income Ratio: Tangerine evaluates your ability to manage monthly debts relative to your income to ensure that your mortgage payments are affordable.
Property Appraisal: To ensure that the property’s value is sufficient to secure the mortgage loan, Tangerine may require a property appraisal as part of the approval process.
Down Payment: Typically, a minimum of 5% down payment is required for most residential mortgages, though larger down payments may be necessary for high-risk borrowers.
Locations Serviced and Branch Presence in Canada
Tangerine operates primarily as an online bank, providing services across Canada without the need for a physical branch network. While it doesn’t have the extensive in-person branch presence of traditional banks, Tangerine offers 24/7 customer service via phone, email, and live chat. The bank’s digital platform ensures Canadians from coast to coast can access mortgage products, apply for loans, and receive expert guidance on mortgage solutions.
Mortgage Application Checklist
To apply for a mortgage with Tangerine, you'll need the following documents:
Proof of Identity: A government-issued ID (e.g., passport or driver’s license).
Proof of Income: Recent pay stubs, tax returns, or other documentation for self-employed borrowers.
Proof of Down Payment: Bank statements or other documentation to show the source of the down payment.
Employment Verification: Employment letter or business documentation for self-employed borrowers.
Property Information: If purchasing, provide details about the property you intend to buy.
Credit Authorization: Your consent for Tangerine to check your credit history.
How to Start a Mortgage Pre-Approval
Starting the mortgage pre-approval process with Tangerine is simple and can be done online through their website. Pre-approval gives you an estimate of how much you can borrow and helps you understand your budget before shopping for a home. To begin, you’ll need to provide basic personal and financial information, which will be used to determine your eligibility for a mortgage. Tangerine’s digital platform makes it easy to complete the process from the comfort of your home.
How to Get Mortgage Rates
To access Tangerine’s mortgage rates, visit their website, where you can find up-to-date information on their current offerings for fixed-rate and variable-rate mortgages. Tangerine also provides a mortgage calculator to help you estimate your payments based on different rates and loan amounts. For personalized rate quotes, you can contact a Tangerine mortgage advisor who will guide you through the best options based on your specific financial situation.
Mortgage Pre-Payment Options
Tangerine offers flexible pre-payment options, allowing you to pay off your mortgage faster and save on interest. These include:
Extra Payments: You can make lump-sum payments of up to 20% of the original mortgage balance annually without penalties.
Increase Regular Payments: You have the option to increase your regular payments by up to 20%.
Accelerated Payments: Tangerine allows for weekly or bi-weekly payments, helping you reduce your principal faster and minimize interest costs.
Open Mortgages: For the most flexibility, Tangerine offers open mortgages, which allow for unlimited prepayments or full repayment of the loan without penalty.
Tangerine Bank, backed by Scotiabank, offers a range of competitive mortgage products designed to meet the diverse needs of Canadian homeowners and businesses. With a focus on simplicity, transparency, and customer service, Tangerine provides a seamless online mortgage experience. Whether you are a first-time homebuyer, self-employed, or looking for a commercial mortgage, Tangerine’s competitive rates and flexible terms make it a strong choice for Canadian borrowers.
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Contact Information
6 Indell Lane, Brampton ON L6T 3Y3, Canada
Local: 416-827-2626
Toll: 800-725-9946
RateShop Inc. is a Mortgage Brokerage offering lowest mortgage rates to Canadians. We are provincially licensed in the following provinces: Mortgage Brokerage Ontario FSRA #12733, British Columbia BCFSA #MB600776, Alberta RECA #00523056P, Saskatchewan FCAA #00511126, PEI #160622, New Brunswick FCNB #88426, Newfoundland/Labrador. Our Quebec Mortgage Transactions are serviced by Orbis Mortgage Group AMF# 181136.
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