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Equitable Bank (EQ) mortgage rates

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Equitable Bank (EQ) mortgage information

Equitable Bank was founded in 1970 as the Equitable Trust Company and is Canada’s seventh largest Schedule I bank. It is a wholly-owned subsidiary of EQB Inc. They launched EQ Bank in 2016 as a trade name of Equitable Bank and offers Canadians a digital banking experience to help Canadians get the most out of their money. The Equitable Bank head office is located in Toronto, Canada with branch offices in Alberta, British Columbia, Quebec and Atlantic Canada. Their TSX symbol is EQB.

Some of their services include:

  • Residential lending
  • Commercial lending
  • High interest saving products
  • GICs

What is a B lender mortgage?

A B lender mortgage is any mortgage funded through a non-traditional bank or lending sources but is still governed by B-20 guidelines. B lenders include Trust Companies, tier B banks, monoline institutions and credit unions. B lenders will cater to borrowers who don’t fit within the guidelines of an A lender, such as those with low credit, non-qualifying income or other challenges that could cause them to be declined by an A lender.

What services does Equitable Bank provide?

Equitable Bank offers two sectors of lending services which are Single Family Residential and Commercial. They also offer Deposit Services such as short and long term GICs, one-year Cashable GICs and High Interest Savings Accounts. These Deposit Services are available through authorized investment dealers as well as deposit brokers across Canada.

What are the types of Equitable Bank mortgages?

Equitable Bank has a line of products that are customizable to fit your situation. They offer a variety of alternative residential products which include fixed rate mortgages, adjustable rate mortgages and a Home Equity Line of Credit. They also offer mortgage solutions under their EQB Evolution Suite which is designed to provide financial solutions that appeal to a wide range of borrowers. The EQB Evolution Suite includes mortgage solutions for investors who are looking to purchase rental properties, newcomers to Canada and those who are looking to purchase a vacation home or second property.

Are Equitable Bank mortgage rates higher or lower than other banks and lenders?

Rates tend to vary depending on a multitude of factors such as down payment and Loan to Value, term length, and intention for the property, rather than lender to lender. It’s important to shop around and compare mortgage rates from multiple lenders so you can find the best mortgage rate for you.

How do I get a mortgage from Equitable Bank?

In order to get a mortgage from Equitable Bank, you will have to work with your mortgage broker. Your mortgage broker will help you negotiate with your chosen lender to help you get the best rate.

Are Equitable Bank mortgages portable?

Yes, Equitable Bank mortgages are portable as long as the new home purchase closes within 90 days of the sale of your existing property and the new property location is eligible.

How do I view my mortgage statement from Equitable Bank?

Log into your myEquitable online account. This is where you can view your mortgage details like your balance, payment amount and prepayment privileges.

How can I view Equitable Bank mortgage offers?

You can view Equitable Bank mortgage offers by using our Pathfinder tool. This tool will allow you to quickly see your available mortgage offers in just a few clicks.

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