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Compare Equitable Bank Mortgage Rates in Canada

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Compare Equitable Bank Mortgage Rates in Canada

Equitable Bank is a Canadian bank that offers personal, residential, and commercial real estate lending, through its direct banking brand EQ Bank. If you’re looking to compare mortgages and mortgage products from EQ Bank, look no further. This post will help you see where EQ bank stacks up in its rate offerings and products compared to other major Canadian banks.

Key Highlights

  • Equitable Bank, or EQ Bank as they are also known, is a direct bank that specializes in personal banking and consumer lending for Canadians.
  • Equitable Bank is the 8th-largest Schedule I bank in Canada, and is considered a B Lender.
  • Equitable’s 5-year fixed rate closed mortgage is 6.19%, and their adjustable 5-year mortgage rate is Prime + 0.75% (at the time of writing).

Compare Equitable Bank Mortgage Rates

All of Equitable Bank’s mortgage rates can be found on their website. However, if you want to compare these to hundreds of other lenders instantly, and find the best rate possible, check out our mortgage rate comparison. Finding the best rate possible for your situation will help you save money over the lifetime of your loan, and make borrowing a whole lot easier. Here’s a breakdown of how Equitable Bank’s rates stack up against other lenders in Canada.

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*Toronto rates

How to Compare Bank Rates from Big Banks

Although Equitable Bank is not considered one of Canada’s Big Five Banks, they are a Schedule I bank. This means that they’re a federally-regulated financial institution, and would be considered an A-lender, or conventional lender. When comparing rates from larger lenders like Equitable, or the Big Five, you should focus on finding the best rate possible. The easiest way to do this is to compare the best rates simultaneously.

As part of our low rate guarantee, if you find a rate from Equitable Bank or another conventional lender that you like, nesto will guarantee to match or beat it (or you could get $500).

Equitable Bank Overview & Stock Information

Branding themselves as ‘Canada’s Challenger Bank’, Equitable Bank is the eighth-largest Schedule I bank in the country, with over $45 billion in assets. Founded in 1970 as The Equitable Trust Company, Equitable Bank is now known as a direct bank, dealing primarily with a range of consumer, personal, and commercial solutions for their clients. Equitable Bank trades on the Toronto Stock Exchange under EQB and EQB.PR.C, and over the last year have seen a steady decline in share value, trading between roughly 80 dollars a share to just over 40 dollars a share at the time of writing. 

Equitable Bank Prime Rate

Currently, Equitable Bank’s Prime Rate is 5.45%, as of September 8th this year. Most lender’s Prime Rate will be the same or very similar. The Prime Rate is a benchmark used by lenders to determine how much risk a certain customer represents. For example, often lenders will quote a rate that is Prime plus or minus a spread (e.g. +/- 1%). This will determine the rate on several lending products, particularly mortgages.

Equitable Bank 5-Year Fixed and Variable Rate History

Equitable’s current rate for a standard 5-year fixed rate mortgage (closed) is 6.19%, which is higher than some other lenders. Their adjustable mortgage rate for 5-years is Prime + 0.75%, at the time of writing. 

Below is a breakdown of Equitable Bank’s 5-year rates over the last couple of years. In general, Equitable Bank’s rates have followed the trends of other conventional A-lenders over the last few years. Rates are expected to rise in line with the Bank of Canada’s interest rate decisions throughout the last quarter of 2022.

Equitable Bank Mortgage Products

Equitable Bank has a reasonable range of mortgage products for consumer borrowers, including fixed and adjustable rate mortgages, plus a number of reverse mortgages. Additionally, Equitable Bank offers several prime mortgage solutions for alternative income situations, such as individuals who are salaried with commission and those who are self-employed. These fall under Equitable Bank’s EQB Evolution Suite®.

Fixed rate mortgages

EQ Bank offers fixed rate, closed mortgages for 1 to 5 year terms. Here are their rates at the time of writing:

1 Year Fixed2 Year Fixed3 Year Fixed4 Year Fixed5 Year Fixed
Standard Mortgage Rate (Closed)5.99%5.99%5.99%6.69%6.19%

Variable rate mortgages

Equitable offers what’s known as an adjustable rate mortgage. This type of mortgage is similar to a variable rate mortgage, in that your mortgage rate is floating, depending on what interest rates are generally. Unlike a variable rate, with an adjustable mortgage, your payment will change when interest rates change. If rates go up, your mortgage payment will go up. If rates go down, your mortgage payment will go down. Equitable offers a 5 Year Adjustable mortgage with a rate of P + 0.75%.

EQB Evolution Suite®

Equitable’s EQB Evolution Suite® encompasses a range of prime mortgage solutions that appeal to a wide range of borrowers, from salaried workers to those who earn commission, are self employed, and for investors looking to acquire rental properties, newcomers to Canada, and those purchasing second or vacation homes.

Reverse Mortgage Flex Rate

A reverse mortgage lets you convert some of the equity in your home into cash, without having to sell your home. Equitable’s Reverse Mortgage Flex Rate offers a number of terms, from 6 month fixed to 5 year fixed and adjustable. According to Equitable, this mortgage solution lets homeowners access more money on their reverse mortgage than previously available, up to 55% of their home’s value. Here are the current rates for Equitable’s Reverse Mortgage Flex Rate products. 

Reverse Mortgage Flex RateAnnual Percentage Rate (APR)
Set-up Fee5$995
6 Month Fixed6.99%8.624%
1 Year Fixed6.87%7.589%
2 Year Fixed7.34%7.620%
3 Year Fixed7.37%7.502%
5 Year Fixed7.49%7.501%
5 Year AdjustableP + 2.69%8.258%

Reverse Mortgage Flex PLUS Rate

Here are the current rates for Equitable Bank’s Reverse Mortgage Flex PLUS Rate.

 Reverse Mortgage Flex PLUS RateAnnual Percentage Rate (APR)
Set-up Fee$995
6 Month Fixed8.24%9.833%
1 Year Fixed8.14%8.808%
2 Year Fixed8.39%8.628%
3 Year Fixed8.79%8.863%
5 Year Fixed8.99%8.990%
5 Year AdjustableP + 3.49%9.050%

Reverse Mortgage Flex Lite Rate

Finally, here are the rates for Equitable Bank’s Reverse Mortgage Flex Lite Rate.

Reverse Mortgage Flex Lite RateAnnual Percentage Rate (APR)
Set-up Fee5$995
6 Month Fixed6.99%8.624%
1 Year Fixed6.79%7.512%
2 Year Fixed7.19%7.476%
3 Year Fixed7.29%7.425%
5 Year Fixed7.39%7.405%
5 Year AdjustableP + 2.69%8.258%

Equitable Bank Home Equity Line of Credit (HELOC)

Equitable Bank also offers a popular lending product known as a HELOC. A Home Equity Line of Credit is a revolving line of credit that lets you take out money against your home’s equity. HELOCs accrue interest only on money you spend, a lot like other revolving lines of credit, or credit cards. Equitable Bank’s HELOC is similar to most conventional HELOCs, which are a common way to borrow against your home’s equity

Equitable’s HELOC has several options for people looking to unlock equity in their residential property, such as combining the HELOC with your first mortgage, or applying for the Equitable Bank HELOC if you have an existing mortgage with them. You can also use funds from your Equitable Bank HELOC to pay out your existing mortgage if you already have one elsewhere.

Equitable Bank Mortgage Payment Increases

Mortgage prepayment defines a situation where a borrower pays off some, or all of their mortgage early. Each lender has its own allowances for prepayment, and its own penalties for breaking your mortgage early through prepayment. 

Equitable Bank provides prepayment privileges on all their mortgage products, including making a lump sum payment up to a certain percent of your original principal balance, or by increasing your regular payments by a certain amount. These privileges depend on the type of mortgage you have with Equitable Bank and the specifics of your mortgage terms and conditions. If you have a closed-term mortgage with Equitable Bank and you prepay your mortgage loan in full, or make a lump sum payment to reduce your principal amount but exceeds your prepayment privilege, you will have to pay an additional prepayment charge, for which Equitable has a prepayment charge calculator.

Equitable Bank Annual Mortgage Prepayment

Equitable Bank offers a fairly competitive annual mortgage prepayment amount of 15-20%, depending on the type of mortgage you have with them. On their website, the bank recommends checking your mortgage loan documents for your exact prepayment terms, or by calling them directly at 1-888-334-3313.

Canadian Bank Closed Mortgage Prepayment Amounts
National Bank10%
TD Bank15%
Equitable Bank15-20%

Renewal Process with Big Banks

If you already have a mortgage with Equitable Bank, you can speak to them directly about your mortgage renewal, at 1-888-334-3313 or by emailing renewals@eqbank.ca. Generally, the process will be that as your mortgage reaches the expiry of its term, your bank will send you a letter of renewal that contains the terms, conditions, and rate for your renewal. 

However, it’s worth noting that you don’t have to stick with the same lender when it comes to renewal time. This is a good moment to check around for better rates with other lenders too. If you want to renew your Equitable Bank mortgage with another lender, explore mortgage rates first, and make sure you’re getting the best one possible.

At nesto, we can help you find the best rate on your mortgage. Plus, we also lend directly. To learn more about renewing your Equitable Bank mortgage with nesto, check out our guide to the renewal process in Canada.

Frequently Asked Questions (FAQ)

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

Are Equitable Bank rates lower than other big banks?

Equitable’s current rate for a standard 5-year fixed rate mortgage (closed) is 6.19%, which is higher than other big lenders like the Big Five. Equitable’s adjustable mortgage rate for 5-years is Prime + 0.75%, at the time of writing, which is in line with some other big banks. When comparing rates, it’s important to keep in mind that some larger banks will have different criteria and flexibility around negotiating rates. It ultimately depends on your individual application and the level of risk you bring to the table, from a lender’s perspective.

Are Equitable Bank mortgages portable?

According to Equitable Bank, depending on your mortgage product, you may be able to move your mortgage to a new home and transfer the existing balance, annual interest rate, and term (i.e. a straight port), or increase your loan balance (i.e. port and increase) with a new blended rate.

Is Equitable Bank an A or B lender?

Equitable Bank is a Schedule I lender in Canada, meaning that it is federally regulated. However, although it is a large independent lender, it is considered a B Lender, since it provides a lower barrier of entry to qualification but with higher rates compared to the larger banks.

Final Thoughts 

Equitable Bank is a large independent lender in Canada and fairly popular for residential mortgages, particularly for individuals who may have different needs compared to other conventional lender clients. The bank provides reasonable rates and a range of common mortgage products, and their prepayment options are fair in comparison with other banks. If you’re thinking of getting a mortgage soon, nesto can help you compare the best rates available and we also lend directly. If you’re with Equitable Bank and looking to renew with a different lender, speak to our team today, and we’ll help you get started.

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