Tangerine Mortgage review

Rates on offer

We read Tangerine’s mortgage rates on October 14, 2026, from the data feed behind its rates page, which carried a February 23, 2026 date. Rates change often, so check Tangerine’s site before you apply. Tangerine shows two rates for each closed term. The standard published rate is what non-clients see; we record it as a posted rate, but Tangerine doesn’t use that label. Existing Tangerine Clients can see preferred rates, which must be requested and may vary per Client.

Tangerine publishes one rate per term, with no insured or uninsured split, and shows an APR only on the 3-year term, based on $350,000, a 25-year amortization, a $250 appraisal and a $280 funding fee. Closed fixed rates by term:

• 1-year fixed: 5.99% published, 5.59% preferred
• 2-year fixed: 5.14% published, 4.34% preferred
• 3-year fixed: 4.64% published, 4.49% preferred (APR 4.69% and 4.54%)
• 4-year fixed: 4.74% published, 4.59% preferred
• 5-year fixed: 4.84% published, 4.69% preferred
• 7-year fixed: 5.50% published, 4.79% preferred
• 10-year fixed: 5.90% published, 4.99% preferred

Variable rate and prime

There is one variable option, a closed 5-year term at 3.90% published or 3.70% preferred. With Tangerine Prime at 4.45%, effective February 23, 2026, those work out to prime minus 0.55% and prime minus 0.75%. We calculated those spreads ourselves, as Tangerine doesn’t state them. The spread is guaranteed for the 5-year term, and you can convert to a fixed term of 3 years or more at any time without a penalty.

Prepayment privileges

Tangerine uses a 25/25 structure on fixed and variable mortgages. Each mortgage year you can make lump-sum payments of up to 25% of the original mortgage amount and raise your regular payment by up to 25% of the original payment. Accelerated weekly or biweekly payments are available, and conventional mortgages include a skip-a-payment option.

Penalties and portability

Breaking a fixed mortgage costs the greater of 3 months’ interest or the interest rate differential. Tangerine’s prepayment calculator uses the standard published rate for that differential, so ask for an estimate before you break a fixed term. Breaking a variable mortgage costs 3 months’ interest.

If you sell and buy a new home, Tangerine says you can transfer your mortgage at your current rate, term and loan amount without prepayment charges. You can also blend and extend to today’s rate without a penalty.

Features and how to apply

Tangerine is an online bank that offers closed mortgages only. Its rate guarantee lasts 120 days, and you can hold a rate without completing a full application. A Tangerine FAQ puts the maximum amortization at 25 years, and we didn’t see a 30-year option on the pages we read. You pay an appraisal fee only when an appraisal is needed. If you’re already a Client, ask for the preferred rate when you apply, since Tangerine says it must be requested.