Equitable Bank Mortgage Rates & Reviews
Equitable Bank Background
Equitable Bank (TSE: EQB) is a Canadian bank that was founded in 1970 and has offices in Toronto (HQ), Vancouver, Halifax and Montreal. They are a boutique bank that primarily provides residential and commercial real estate lending. With over $25 billion in assets under management, they are Canada’s ninth largest bank. They are one of nine banks listed as schedule 1 banks on the Toronto Stock Exchange. In 2018, Equitable bank and their team of 600+ employees had over $10 billion in deposits through its digital banking services. They are one of Canada’s few completely online banks, which means they have no branch locations and also do not provide debit cards or cheques to its consumers.
Equitable Bank Fixed-Rate Mortgages
Equitable Bank Fixed Rate Mortgages reduce the risk of future interest rate fluctuations by “locking in” a specific interest rate for the term. This can create peace of mind for homeowners, which makes it a fundamentally appealing program for home buyers. If you are arranging a new mortgage for a future or current home, your fixed interest rate can be guaranteed up to 120 days before the closing date of your home. If interest rates go up during that time, you will be guaranteed the lower rate.
| Term | Rate | Monthly Payment |
|---|---|---|
1-Year Fixed | 2.94% | $1,884 |
2-Year Fixed | 2.24% | $1,743 |
3-Year Fixed | 2.24% | $1,743 |
4-Year Fixed | 2.24% | $1,743 |
5-Year Fixed | 1.99% | $1,693 |
The rates shown are for insured mortgages with a down payment of less than 20%. You may get a different rate if you have a low credit score or a conventional mortgage. Rates may change at any time.
Equitable Variable-Rate Mortgages
Equitable Variable Rate Mortgages provides you with fixed payments over the term; however, the interest rate will fluctuate with any changes in the prime interest rate. If their prime rate goes down, more of your payment will go towards paying off your principal; if our prime rate goes up, more of your payment will go towards interest costs. As a result, this can be a great financial tool for those expecting rates to fall in the upcoming year. A convertible mortgage allows you to convert to another term at any time. This feature provides security and flexibility, as it enables you to convert to a longer closed term should your variable rate mortgage no longer meet your needs.
| Term | Rate | Monthly Payment |
|---|---|---|
5-Year Variable | 1.45% | $1,590 |
The rates shown are for insured mortgages with a down payment of less than 20%. You may get a different rate if you have a low credit score or a conventional mortgage. Rates may change at any time.
Equitable Bank Prime Rate
Equitable Bank's Prime Rate is used as the basis for many of Equitable Bank's lending products including variable rate mortgages, lines of credit, and HELOCs. Prime, or P, is normally combined with a spread to make up the final interest rate.
Current Equitable Bank Prime Rate: 2.45%
Equitable Posted Rates
Equitable Posted Rates are the official rates used when calculating your mortgage break penalty, the fee you pay if you want to break or refinance your mortgage early. Your mortgage payment, interest, and stress test will be based on a different rate which is usually lower than the posted rate.
| Term Length | Equitable Posted Rate |
|---|---|
| 1-Year Fixed | 2.69% |
| 2-Year Fixed | 2.79% |
| 3-Year Fixed | 3.04% |
| 4-Year Fixed | 4.09% |
| 5-Year Fixed | 3.59% |
Equitable Mortgage Break Penalty
| Bank or Lender | Variable Rate Mortgage | Fixed Rate Mortgage |
|---|---|---|
 | 3 to 5 Months’ Interest* | Greater of 3 Months’ Interest or the IRD amount |
Penalty for a Standard Equitable Bank Adjustable Rate Closed Term Mortgage is as follows:
- 5 months’ interest during the first year of your term.
- 4 months’ interest during the second year of your term.
- 3 months’ interest after the second year of your term.
Penalty for an EQB Evolution Suite Adjustable Rate Closed Term Mortgage is 3 months' interest.
For a Standard Equitable Bank Fixed Rate Closed Term Mortgage, the IRD is the difference between your current mortgage rate and the Reference Rate.
Reference Rate: If the remaining term is less than or equal to 24 months, the Reference Rate is the yield for one-year daily series Government of Canada Treasury Bills.
If the remaining term is more than 24 months, the Reference Rate is the Government of Canada Selected Benchmark Bond Yield, specifically the bond yield with a comparable term to your remaining mortgage term
For a EQB Evolution Suite Fixed Rate Closed Term Mortgage, the greater of Three Months’ Interest or the IRD amount, which is the difference between your current mortgage rate (plus any rate discounts that you received), and the lowest interest rate offered by Equitable Bank on a comparable mortgage.