|Provider||5 Year fixed||5 Year variable||3 Year fixed|
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Jamie David, Sr. Director of Marketing and Mortgages
Equitable Bank is a relative newcomer to Canada's banking industry, founded in 1970. Despite that, it's one of Canada's ten largest independent banks, with a strong offering of mortgage products. It's direct banking arm, EQ bank, offers 100% digital savings products, but does not offer mortgages.
Below is an outline of the various mortgage products offered by Equitable Bank in Canada. When you're ready, use the tools at the top of this page to receive personalized quotes from multiple lenders for free. It's only by comparing what lenders will offer you that you'll really be able to understand what kind of mortgages are available to you.
Equitable Bank mortgage products
Equitable Bank offers a range of mortgage products, though not as many as some of the larger banks in Canada. To get more details on which Equitable Bank mortgage product is right for you, you'll want to speak to a licensed mortgage broker. Meantime, here is a selection of mortgage products that Equitable Bank offers.
Fixed-rate closed mortgages: Equitable Bank offers closed fixed mortgage rates with terms between 1 and 5 years.
Adjustable (variable rate) closed mortgages: Equitable Bank doesn't offer as many variable-rate mortgage options as other banks. Under the EQB Evolution Suite, it offers a 5-year adjustable closed rate.
EQB Evolution Suite: Equitable Bank's EQB Evolution Suite provides mortgages for a range of different customer types including: newcomers to Canada; borrowers who are salaried, salaried with commission, or self-employed; and people purchasing a vacation home or second property.
Home Equity Line of Credit (HELOC): Equity Bank offers a HELOC product that can be bundled with a new mortgage, or applied for at any point during your mortgage term. A stand-alone HELOC is also available from Equitable Bank if you are mortgage-free.
Reverse Mortgage: Equitable Bank is one of the two providers of reverse mortgages in Canada. Reverse mortgages are a niche product, specifically designed for older Canadians looking to use their home equity to fund their retirement. If this is something that might apply to you, learn more by reading our article about reverse mortgages.
How to get a mortgage from Equitable Bank
Equitable Banks doesn't take direct mortgage applications. Instead, it relies on licensed mortgage brokers. If you think a mortgage from Equitable Banks might be right for you, speak to a mortgage broker about it. A broker can help you find the best mortgage for you at no cost (mortgage brokers are paid on commission) and provide expert advice on your situation.
Jamie David, Director of Marketing and Head of Mortgages
Jamie has 15+ years of business and marketing experience. She contributes her mortgage expertise to The Globe and Mail and authors Ratehub’s mortgage and homebuying guides. read full bio
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