Our guide to Equitable Bank mortgages

James Rodriguez James Rodriguez updated on 2022-03-31

When it comes to mortgages, there are a lot of things to think about. What’s the interest rate? What’s the term? Do you want a fixed or a variable interest rate?

There are lots of important questions to ask when you’re shopping around for a mortgage. But at the top of that list is without a doubt, "which mortgage lender should you work with?"

Each lender has its own set of pros and cons, so it’s important to understand the differences before you decide which one is right for you. In this review, we take a close look at Equitable Bank mortgages and their current rates.

About Equitable Bank

Founded in 1970, The Equitable Trust Company has become Canada's 8th largest Schedule I Bank. Equitable Bank offers a diverse suite of residential lending, commercial lending, and savings solutions, including high-interest savings products and GICs. Equitable Bank was recongnized by Forbes as the #1 Bank in Canada in 2021.

Our review of Equitable Bank

The Equitable Bank website offers customizable mortgage options, allowing you to find the exact plan you want. With myEquitable Online, you can get quick and easy access to your account in seconds. Whether you're self-employed, new to Canada with no or limited credit history, currently rebuilding your credit, or an investor, The Equitable Bank has solutions to help you reach your homeownership goals.

Equitable Bank mortgage pros and cons

Here are some of the advantages and disadvantages of Equitable Bank mortgages:

Why Equitable Bank might be right for you:

Low fees
Convenient mobile app
Tools and resources available

Why Equitable Bank might not be right for you:

100% online
No in-person contact

To find the best mortgage rates, it is important to weigh quotes from different lenders. Subtle differences in the interest rates, term lengths and fine print can mean tens of thousands of dollars over the course of the mortgage. Use our free, online mortgage rates comparison tool today to help you find the perfect provider!

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What types of mortgages does Equitable Bank offer?

Below is a table showing some details about the different mortgage plans Equitable Bank offers. Most providers will offer a variety of mortgage options.

DetailsCustomizable mortgagesThe EQB Evolution Suite
Who is this best for?Borrows who may be:
  • Self-employed
  • New to Canada
  • With no or limited credit history
  • An investor
  • Rebuilding their credit
Borrows who may be:
  • Salaried
  • Salaried with commission
  • Self-employed individuals
When should you choose this?
  • Home purchases
  • Renewals
  • Refinancing
  • Investors acquiring rental properties
  • Newcomers to Canada who are buying a home
  • Purchasing a vacation or second property
What do these products include?
  • Fixed rates
  • Adjustable rates
  • Home equity line of credit (HELOC)
  • Financial solutions
  • Mortgage solutions
Equitable Bank mortgage details

What mortgage rates does Equitable Bank offer?

There are two main types of mortgage rates in Canada: fixed and variable rates.

Fixed-rate mortgages are a great option for people who want to know exactly what their interest rate will be throughout the entire course of their loan term. With a variable rate, your payments change based on market conditions. This could mean rates that go up over the course of the term.

Below are some of the mortgage rates Equitable Bank offers:

Rate Type

Term Length

Rate

Standard fixed (closed)

1 year

3.39%

Standard fixed (closed)

2 years

3.84%

Standard fixed (closed)

3 years

4.41%

Standard fixed (closed)

4 years

4.79%

Standard fixed (closed)

5 years

4.39%

Standard adjustable

5 years

P + 1.10%

Annual percentage rate

1 year

4.79%

Annual percentage rate

2 years

4.63%

Annual percentage rate

3 years

4.73%

Annual percentage rate

4 years

5.01%

Annual percentage rate

5 years

4.82%

EQB Evolution Suite

1 year

3.14%

EQB Evolution Suite

2 years

2.99%

EQB Evolution Suite

3 years

2.99%

EQB Evolution Suite

4 years

3.04%

EQB Evolution Suite

5 years

2.99%

Equitable Bank's mortgage rates

Want to compare mortgage rates in Canada from other lenders? You can for free, and anonymously right on this website.

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How do I contact Equitable Bank?

You can contact Equitable Bank through these numbers:

Telephone: 416-515-7000
Toll-Free: 1-866-407-0004
Fax: 416-515-7001
Toll-Free Fax: 1-866-407-5859

You can contact Equitable Bank mortgage services at:
1-888-334-3313 or email [email protected]

Our Equitable Bank mortgage calculator

Want to calculate what your Equitable Bank mortgage will look like? We have some tools right here on our website that can help:

Our mortgage payment calculator lets you see monthly payments and gives a yearly amortization schedule.

Our mortgage affordability calculator will help you determine how large a mortgage you can get.

Our mortgage default insurance calculator will tell you how much you'll owe for mortgage default insurance