Equitable Bank provides mortgages to suit different requirements. Whether you are new to the country, salaried, self-employed, an investor, or in the process of building your credit, you might qualify for an Equitable Bank mortgage. The bank provides fixed-rate mortgages, adjustable-rate mortgages, as well as a home equity line of credit (HELOC).
EQ Bank Mortgage Interest Rates
The interest rate that applies to your mortgage depends on Equitable Bank’s prime rate (P), which currently stands at 3.95%.
If you get a variable-rate mortgage, the interest that applies is the Equitable Bank prime rate, plus or minus a percentage point. For instance, the interest on the five-year variable-rate EQB Evolution Suite is P minus 1.05% as of now. This puts the interest rate at 2.90%. If there is a change in the bank’s prime rate, the same would also reflect on your mortgage rate.
If you wish to mitigate your risk in case there’s an interest rate hike, you might consider getting an Equitable Bank fixed-rate mortgage. Depending on whether you qualify, the interest rate on the five-year fixed-rate EQB Evolution Suite can be as low as 2.99%.
Loan Term
Equitable Bank’s Standard mortgage comes with one-year, two-year, three-year, four-year, and five-year fixed-rate alternatives. The EQB Evolution Suite offers a five-year adjustable-rate alternative as well.
Equitable Bank reverse mortgages come with one-year, two-year, three-year, four-year, and five-year fixed-rate alternatives; as well as five-year adjustable rate alternatives. With the regular Equitable Bank reverse mortgage, the bank offers a six-month fixed-rate option too.
Switching Your Mortgage to EQ bank
If it’s time to renew your existing mortgage or if you wish to go the refinancing way, consider taking a look at Equitable Bank’s switch program offered through the EQB Evolution Suite. What you may expect includes a competitive rate, flexibility in making repayments, as well as dedicated customer support. Prepayment charge limits to three months of interest.
Customer Service
You may speak to an Equitable Bank representative over the phone for answers to any questions you might have about applying for a new mortgage. The number you need to call is 1-888-334-3313. You may also contact the bank via email at [email protected].
Before you apply, compare the best Equitable Bank mortgage rates with rates offered by some of the other top mortgage providers in Canada. Looking for ongoing offers and promotions might also serve you well.
