Compare Equitable Bank Mortgage Rates in Canada

Equitable Bank, a Canadian financial institution, provides various lending options for personal, residential, and commercial real estate through its subsidiary, EQ Bank. On this page, we will assist you in evaluating Equitable Bank mortgage rates and products in comparison to other leading Canadian banks.


Key Highlights

  • EQ Bank also referred to as Equitable Bank, is a digital bank that provides financial services such as personal banking and consumer lending to Canadians.
  • It is ranked as the 7th largest Schedule I bank in Canada.

Compare Equitable Bank Mortgage Rates

Equitable Bank mortgage rates are available on their platform for customers to view. However, if you are looking to compare these rates to those of other lenders quickly and efficiently, our EQ Bank mortgage rate comparison tool can assist you in finding the best rate for your specific needs. 

By securing the best rate possible, you can save money in the long term and simplify the borrowing process. We have also provided a comparison of Equitable Bank’s rates to those of other lenders in Canada.

Compare Big Bank & Lender Rates

It can be time-consuming and frustrating to compare rates by yourself. With us, you can find everything you need in one convenient location. Also, ensure that you consider the mortgage product term length and type when comparing rates. For instance, if you are in the market for a fixed-rate mortgage, it is essential to examine the range of terms given by various banks, such as three-year and five-year offerings, and not just the interest rate.

How to Compare Bank Rates from Big Banks

Equitable Bank is a Schedule I bank and a federally-regulated financial institution, which makes them an A-lender or conventional lender, even though they are not considered one of Canada’s Big Five Banks. To find the best rate when comparing rates from larger lenders like Equitable or the Big Five, it’s best to compare the rates simultaneously. 

Equitable Bank Overview & Stock Information

Equitable Bank, Canada’s Challenger Bank and 7th largest Schedule I bank in the country can trace its roots back to 1970 with The Equitable Trust Company. Holding more than $45 billion in assets today as a direct banking institution offering consumer, personal and commercial services. It is listed on Toronto Stock Exchange under symbols EQB.  

Equitable Bank Prime Rate

The EQ Bank rate is often similar to other lenders, as it is a benchmark for determining the risk associated with a specific customer. Lenders like Equitable Bank will typically use the Prime Rate as a base and add or subtract a spread (such as +/- 1%) to determine the EQ Bank interest rate for various lending products, particularly mortgages.

Equitable Bank 5-Year Fixed and Variable Rate History

Equitable Bank currently has a standard 5-year fixed rate mortgage (closed) at 6.54%. Their adjustable EQ Bank mortgage rate for 5 years is Prime + 0.75% as of the time of writing.

An analysis of Equitable Bank’s 5-year rates over the past couple of years shows that they have generally followed the trends of other traditional A-lenders. It is anticipated that rates may increase further based on the Bank of Canada’s interest rate decisions.

Equitable Bank Mortgage Products

Equitable Bank offers a variety of mortgage options for borrowers, including fixed and adjustable rate mortgages, as well as reverse mortgages. They also provide prime mortgage options for individuals with alternative income sources, such as those who receive commission or are self-employed, under their EQB Evolution Suite®.

EQB Evolution Suite®

The EQB Evolution Suite® from Equitable offers a variety of top-quality mortgage options that cater to a diverse group of borrowers, including individuals with salaried jobs, those who earn a commission, self-employed individuals, investors interested in purchasing rental properties, newcomers to Canada, and those looking to buy second or vacation homes.

Reverse Mortgage

Equitable Bank’s Reverse Mortgage program provides homeowners with the unique opportunity to tap into much-needed cash without having to part ways with their beloved property. With an equitable range of terms and interest rate options – including both fixed and adjustable rates for up six months up to five years – this mortgage option goes well beyond what was previously attainable, providing borrowers with a chance at unlocking as much as 59% of their home’s value.

Equitable Bank Home Equity Line of Credit (HELOC)

Equitable Bank offers a Home Equity Line of Credit (HELOC) product that allows customers to borrow against the equity in their homes. The HELOC is a revolving line of credit, meaning interest is only charged on the funds that are borrowed, similar to a credit card. Equitable’s HELOC offers several options, such as combining it with a first Equitable Bank mortgage or using it to pay off an existing mortgage with another lender. It is similar to other conventional HELOCs, which are a common way to access equity in a residential property.

Equitable offers various choices for individuals looking to access the value in their home, including combining a HELOC with a primary mortgage or obtaining a HELOC from Equitable Bank if you already have a mortgage with them. Additionally, you can use funds from the Equitable Bank HELOC to pay off an existing mortgage from another lender.

Equitable Bank Mortgage Payment Increases

When a borrower pays off some or all of their mortgage before it is due, it is called a mortgage prepayment. Each lender has different rules and penalties for this. Equitable Bank allows for prepayment on all their mortgage products through lump sum payments or increased regular payments, but this varies based on the mortgage type and terms. If you have a closed-term mortgage with Equitable Bank and prepay it fully or make a lump sum payment that exceeds the allowed amount, there will be a prepayment charge, which can be calculated using Equitable’s prepayment charge calculator.

Equitable Bank Annual Mortgage Prepayment

Equitable Bank has a range of 15-20% for their annual mortgage prepayment option, which varies depending on the type of mortgage. It is suggested to consult your mortgage loan documents or contact the bank at 1-888-334-3313 for specific pre-payment terms.

Renewal Process with Big Banks

If you have an Equitable Bank mortgage, you can contact them directly to discuss your renewal options by calling 1-888-334-3313 or emailing renewals@eqbank.ca. Typically, when your Equitable Bank mortgage is nearing the end of its term, the bank will send you a renewal letter outlining the terms, conditions, and EQ Bank interest rate for your renewal. However, it’s important to remember that you are not obligated to renew with the same lender and can check for better rates with other lenders. 

Frequently Asked Questions

Here are the most commonly asked questions about Equitable Bank’s mortgages and rates.

Are Equitable Bank rates lower than other big banks?

Equitable Bank rates are in line with other bank rates.

Are Equitable Bank mortgages portable?

Equitable Bank makes it easy to move your mortgage to a new home if you’re looking to switch up your residence. Depending on your mortgage product, you may have the option to transfer the existing balance, annual interest rate, and term over as-is (a straight port) or increase your loan balance and receive a new blended rate (port and increase).

Is Equitable Bank an A or B lender?

Equitable Bank is a great option for prospective borrowers who may have difficulty receiving financing from traditional banks. As a Schedule I lender based in Canada, it is subject to federal regulations and has been providing financial services to Canadians for decades. Equitable Bank is an independent lender, with offers both A and B lending. B lending offers more lenient qualification criteria than the larger banks but with higher interest rates.

Final Thoughts

Equitable Bank is an independent lender in Canada, renowned for its residential mortgages that cater to unique consumer needs. With competitive rates and a variety of mortgage products on offer, as well as reasonable prepayment options, this bank makes navigating the housing market easy and hassle-free.