Equitable Bank
Is Part of RateShop Mortgage's Trusted Canadian Lender Network
Equitable Bank: A Leading Mortgage Lender in Canada
Equitable Bank: A Leading Mortgage Lender in Canada
History as a Mortgage Lender in Canada
founded in 1970, is a Canadian financial institution that operates under the holding company Equitable Group Inc. Over the past five decades, the bank has built a strong reputation as one of Canada’s largest and most trusted providers of alternative and prime residential mortgages. Headquartered in Toronto, Ontario, Equitable Bank is a federally regulated bank and publicly traded on the Toronto Stock Exchange (TSX). The institution’s mortgage division is known for offering customized solutions to meet the unique needs of its customers.
Equitable Bank primarily serves residential and commercial clients, providing a full spectrum of mortgage products, from traditional home loans to specialized lending options. The bank has also expanded its presence in the alternative mortgage market, making homeownership more accessible for individuals with non-traditional financial situations.
Types of Mortgage Products & Programs
Equitable Bank offers a wide array of residential and commercial mortgage products, catering to both new and experienced homeowners. Some of the key mortgage options include:
Residential Mortgages:
Fixed-Rate Mortgages: Offers stability with a guaranteed interest rate for the mortgage term, allowing borrowers to budget predictably.
Variable-Rate Mortgages: Provides a lower initial rate that fluctuates based on the Bank of Canada’s prime rate.
High-Ratio Mortgages: Available for buyers with less than 20% down payment, these mortgages are insured by either the Canada Mortgage and Housing Corporation (CMHC) or a private insurer.
First-Time Home Buyer Mortgages: Specialized mortgages with lower down payment requirements for first-time buyers, as well as competitive rates and helpful guidance through the home-buying process.
Vacation & Second Home Mortgages: Designed for those looking to purchase a vacation property or second home, often with flexible terms.
Cash-Back Mortgages: Borrowers receive a lump sum amount upfront to assist with closing costs or home renovations.
Commercial Mortgages:
Commercial Real Estate Mortgages: Financing for businesses to purchase, refinance, or develop commercial properties such as office buildings, retail spaces, and industrial complexes.
Multi-Unit Residential Mortgages: Ideal for investors interested in purchasing or refinancing multi-family properties to generate rental income.
Construction Mortgages: Designed for builders and developers who wish to finance the construction of new commercial or residential properties.
Residential Mortgages:
Fixed-Rate Mortgages: Offers stability with a guaranteed interest rate for the mortgage term, allowing borrowers to budget predictably.
Variable-Rate Mortgages: Provides a lower initial rate that fluctuates based on the Bank of Canada’s prime rate.
High-Ratio Mortgages: Available for buyers with less than 20% down payment, these mortgages are insured by either the Canada Mortgage and Housing Corporation (CMHC) or a private insurer.
First-Time Home Buyer Mortgages: Specialized mortgages with lower down payment requirements for first-time buyers, as well as competitive rates and helpful guidance through the home-buying process.
Vacation & Second Home Mortgages: Designed for those looking to purchase a vacation property or second home, often with flexible terms.
Cash-Back Mortgages: Borrowers receive a lump sum amount upfront to assist with closing costs or home renovations.
Commercial Mortgages:
Commercial Real Estate Mortgages: Financing for businesses to purchase, refinance, or develop commercial properties such as office buildings, retail spaces, and industrial complexes.
Multi-Unit Residential Mortgages: Ideal for investors interested in purchasing or refinancing multi-family properties to generate rental income.
Construction Mortgages: Designed for builders and developers who wish to finance the construction of new commercial or residential properties.
Minimum Credit & Income Requirements
Equitable Bank aims to serve a wide range of customers, including those who may not meet traditional lending criteria. Here are the general requirements for various types of borrowers:
First-Time Home Buyers: Borrowers can qualify with a minimum credit score of 620 and as little as 5% down payment for insured mortgages.
Salaried Employees: Applicants must provide stable income documentation, such as pay stubs or T4 slips, and typically have a minimum credit score of 620.
Self-Employed Borrowers: Self-employed individuals must provide at least two years of tax returns and a stable business history. A credit score of 620 or higher is generally required.
Contract Employees: Contract workers need to show proof of consistent contract income and at least two years of contract history. A credit score of 620 is often needed for approval.
Stated Income Programs: Available for those who are unable to provide full documentation of income. These programs usually require a 20% down payment and may have higher interest rates.
Equitable Bank aims to serve a wide range of customers, including those who may not meet traditional lending criteria. Here are the general requirements for various types of borrowers:
First-Time Home Buyers: Borrowers can qualify with a minimum credit score of 620 and as little as 5% down payment for insured mortgages.
Salaried Employees: Applicants must provide stable income documentation, such as pay stubs or T4 slips, and typically have a minimum credit score of 620.
Self-Employed Borrowers: Self-employed individuals must provide at least two years of tax returns and a stable business history. A credit score of 620 or higher is generally required.
Contract Employees: Contract workers need to show proof of consistent contract income and at least two years of contract history. A credit score of 620 is often needed for approval.
Stated Income Programs: Available for those who are unable to provide full documentation of income. These programs usually require a 20% down payment and may have higher interest rates.
We'll find great rates like this one from one or our several lending partners across Canada.
Call Now for a Free Rate Quote
5 Year - Fixed Term from
4.29%
Apply for your Best Rate in minutes.
Everyone's rate is unique.What's yours?
It is our job to get your lowest possible rate. Your rate qualification depends on certain factors, such as credit score and home equity as per regulations.
*Advertised rates may not be offered by this lender. Mortgage lender offers are aggregated by RateShop & its Brokerage Network subject to change without notice. Speak with our mortgage broker about APR and qualification requirements.
Mortgage Underwriting Criteria for Approval
When evaluating mortgage applications, Equitable Bank considers a number of factors to assess a borrower’s ability to repay the loan. These criteria include:
Debt Service Ratios:
Gross Debt Service (GDS): Typically should be no more than 39% of a borrower’s gross monthly income, including the mortgage payment, property taxes, and heating costs.
Total Debt Service (TDS): Total debt payments, including the mortgage, other loans, and credit card debts, should generally not exceed 44% of gross monthly income.
Credit Score: Equitable Bank typically requires a minimum credit score of 620 for most mortgage products. Higher scores may be necessary for larger loans or specialized programs.
Income Verification: Equitable Bank requires proof of income, whether through traditional salaried employment, self-employment documents, or other sources of verified income.
Down Payment: For insured mortgages, a minimum 5% down payment is required. For conventional mortgages, a 20% down payment is needed.
Property Appraisal: An appraisal is generally required to confirm the property’s market value, ensuring it is sufficient to secure the loan.
When evaluating mortgage applications, Equitable Bank considers a number of factors to assess a borrower’s ability to repay the loan. These criteria include:
Debt Service Ratios:
Gross Debt Service (GDS): Typically should be no more than 39% of a borrower’s gross monthly income, including the mortgage payment, property taxes, and heating costs.
Total Debt Service (TDS): Total debt payments, including the mortgage, other loans, and credit card debts, should generally not exceed 44% of gross monthly income.
Credit Score: Equitable Bank typically requires a minimum credit score of 620 for most mortgage products. Higher scores may be necessary for larger loans or specialized programs.
Income Verification: Equitable Bank requires proof of income, whether through traditional salaried employment, self-employment documents, or other sources of verified income.
Down Payment: For insured mortgages, a minimum 5% down payment is required. For conventional mortgages, a 20% down payment is needed.
Property Appraisal: An appraisal is generally required to confirm the property’s market value, ensuring it is sufficient to secure the loan.
Locations Serviced and Branch Presence in Canada
Equitable Bank operates nationwide, though its physical branch presence is more limited compared to larger banks. It primarily serves customers through online and mobile platforms but also has regional offices in major cities like Toronto, Montreal, Vancouver, and others. Through RateShop Mortgages, customers across Canada have easy access to Equitable Bank’s mortgage products and services.
Mortgage Application Checklist
When applying for a mortgage with Equitable Bank, ensure you have the following documents prepared:
Proof of Identity: Valid government-issued photo ID.
Proof of Income: Pay stubs, T4s, NOAs, or tax returns for self-employed borrowers.
Credit Report: A recent credit report that shows your credit history and score.
Down Payment Proof: Bank statements or other documents showing where your down payment funds are coming from.
Property Information: If you’ve already selected a property, provide the property details, purchase agreement, or MLS listing.
When applying for a mortgage with Equitable Bank, ensure you have the following documents prepared:
Proof of Identity: Valid government-issued photo ID.
Proof of Income: Pay stubs, T4s, NOAs, or tax returns for self-employed borrowers.
Credit Report: A recent credit report that shows your credit history and score.
Down Payment Proof: Bank statements or other documents showing where your down payment funds are coming from.
Property Information: If you’ve already selected a property, provide the property details, purchase agreement, or MLS listing.
How to Start a Mortgage Pre-Approval
Starting your mortgage pre-approval with Equitable Bank is simple:
Contact RateShop Brokers: Brokers can help you determine the mortgage product that best fits your needs, ensuring that you receive competitive rates and personalized advice.
Submit Documentation: Provide the necessary paperwork to support your application, including income verification and credit report.
Receive Pre-Approval: Equitable Bank will review your application and issue a pre-approval, which will provide clarity on how much you can afford to borrow.
Begin House Hunting: With your pre-approval in hand, you can begin looking for a property within your approved budget.
Starting your mortgage pre-approval with Equitable Bank is simple:
Contact RateShop Brokers: Brokers can help you determine the mortgage product that best fits your needs, ensuring that you receive competitive rates and personalized advice.
Submit Documentation: Provide the necessary paperwork to support your application, including income verification and credit report.
Receive Pre-Approval: Equitable Bank will review your application and issue a pre-approval, which will provide clarity on how much you can afford to borrow.
Begin House Hunting: With your pre-approval in hand, you can begin looking for a property within your approved budget.
How to Get Mortgage Rates
To get the best mortgage rates from Equitable Bank:
Consult a RateShop Broker: Brokers work directly with Equitable Bank to help secure the best rates for your financial situation.
Check Online Tools: Use RateShop’s online comparison tools to view current mortgage rates from Equitable Bank and compare them against other lenders.
Contact Equitable Bank Directly: Visit their website or contact customer service to get personalized rate information.
To get the best mortgage rates from Equitable Bank:
Consult a RateShop Broker: Brokers work directly with Equitable Bank to help secure the best rates for your financial situation.
Check Online Tools: Use RateShop’s online comparison tools to view current mortgage rates from Equitable Bank and compare them against other lenders.
Contact Equitable Bank Directly: Visit their website or contact customer service to get personalized rate information.
Mortgage Pre-Payment Options
Equitable Bank offers flexible pre-payment options, allowing you to reduce your mortgage balance faster and pay less interest over the term of your loan. Some options include:
Lump-Sum Payments: You can make annual lump-sum payments of up to 20% of the original principal without penalty.
Increase Your Monthly Payments: Increase your regular monthly payments by up to 20% to pay off your mortgage more quickly.
Double-Up Payments: You can make extra payments on top of your regular mortgage amount to reduce your loan balance faster.
Equitable Bank offers flexible pre-payment options, allowing you to reduce your mortgage balance faster and pay less interest over the term of your loan. Some options include:
Lump-Sum Payments: You can make annual lump-sum payments of up to 20% of the original principal without penalty.
Increase Your Monthly Payments: Increase your regular monthly payments by up to 20% to pay off your mortgage more quickly.
Double-Up Payments: You can make extra payments on top of your regular mortgage amount to reduce your loan balance faster.
By choosing Equitable Bank through RateShop Mortgages, you gain access to:
Highly Competitive Rates: Equitable Bank is known for offering some of the most competitive rates in the industry.
Flexible Mortgage Options: With a wide range of mortgage products, including both traditional and alternative financing options, you’ll find a solution that fits your needs.
Expert Advice: RateShop brokers are here to guide you through the mortgage process, ensuring you make informed decisions every step of the way.
Start your mortgage journey today with Equitable Bank and RateShop Mortgages. Reach out to us now to explore your mortgage options and get the best rates available.
By choosing Equitable Bank through RateShop Mortgages, you gain access to:
Highly Competitive Rates: Equitable Bank is known for offering some of the most competitive rates in the industry.
Flexible Mortgage Options: With a wide range of mortgage products, including both traditional and alternative financing options, you’ll find a solution that fits your needs.
Expert Advice: RateShop brokers are here to guide you through the mortgage process, ensuring you make informed decisions every step of the way.
Start your mortgage journey today with Equitable Bank and RateShop Mortgages. Reach out to us now to explore your mortgage options and get the best rates available.
As Seen And heard on
Quick Links
Calculators
Contact Information
6 Indell Lane, Brampton ON L6T 3Y3, Canada
Local: 416-827-2626
Toll: 800-725-9946
RateShop Inc. is a Mortgage Brokerage offering lowest mortgage rates to Canadians. We are provincially licensed in the following provinces: Mortgage Brokerage Ontario FSRA #12733, British Columbia BCFSA #MB600776, Alberta RECA #00523056P, Saskatchewan FCAA #00511126, PEI #160622, New Brunswick FCNB #88426, Newfoundland/Labrador. Our Quebec Mortgage Transactions are serviced by Orbis Mortgage Group AMF# 181136.
Copyright 2025. RateShop Canada. All Rights Reserved.