Equitable Bank fixed-rate mortgages
A fixed-rate mortgage offers certainty. With a fixed-rate mortgage, your payments will remain the same throughout your mortgage term. Unlike variable-rate mortgages, they don't fluctuate with prime lending rates. Most mortgage borrowers choose to go with a fixed-rate mortgage because of their predictability.
Equitable Bank's fixed-rate mortgage terms range from 1 to 5 years. For borrowers with less than 20% equity in their home and who get mortgage insurance, Equitable Bank offers a 5-year fixed-rate insured mortgage as well.
Equitable Bank adjustable rate mortgages
Equitable Bank's adjustable-rate mortgage comes with a variable interest rate. Currently, Equitable Bank only offers a 5-year adjustable-rate mortgage.
The variable interest rate is equal to Equitable Bank's prime lending rate plus or minus a certain percentage. Their prime lending rate varies and is subject to change at any time during your mortgage term.
The EQB Evolution Suite
Whether you are self-employed or a new Canadian with no credit history, Equitable Bank has customized mortgage solutions to meet your needs. Under their EQB Evolution Suite of mortgages, they can help borrowers from a wide array of backgrounds achieve their homeownership goals.
Home Equity Line of Credit
If you already own a home, you could open up a home equity line of credit (HELOC) account with Equitable Bank, allowing you to use your home to secure a revolving line of credit.
With a home equity line of credit, you can borrow as much as you'd like and pay it back on your schedule. At the minimum, you only have to pay monthly interest on the amount you borrow.
Getting a mortgage with Equitable Bank
Equitable Bank primarily works with a network of mortgage brokers to sign up new mortgage clients. To apply for a mortgage with Equitable Bank, contact a local mortgage broker who can get you started. You can also call Equitable Bank's customer service centre to speak to a mortgage specialist who can answer any questions you may have about their mortgage products.
If you already have a mortgage with Equitable Bank, and you would like to refinance or renew your existing mortgage, you can do so by contacting an Equitable Bank mortgage specialist who can assist you with your mortgage needs.
If you are 55 years or older and are a homeowner, you could qualify for a reverse mortgage from Equitable Bank. With a reverse mortgage, you can help supplement your retirement income by using a portion of the equity in your home to receive tax-free cash every month.
Equitable Bank's reverse mortgages are only available to homeowners who live in larger urban areas of British Columbia, Alberta, Ontario, or Quebec for at least the past six months. The home that you're living in must also be valued at $250,000 or more.
About Equitable Bank
Founded in 1970, Equitable Bank is Canada's 9th largest bank. They primarily offer banking solutions in commercial and residential mortgage lending. In 2016 they launched EQ Bank, a direct banking brand that offers clients higher than average savings rates. EQ Bank is entirely digital, with no physical branches.