Equitable Bank Mortgage Rates

Equitable Bank Mortgages

Equitable Bank of Canada is known as one of the most innovative and competitive banks in Canada. Indeed, they have called themselves Canadas ’disruptor bank’, and for good reason – they offer competitive products and a high level of service. When it comes to Equitable Bank mortgage rates, there’s no exception.

Equitable Bank predominantly operates in the alternative mortgage or b-lender mortgage market but also has a thriving low rate, prime lender business.

Equitable Best Mortgage Rates

Equitable offers a very competitive prime rate or low rate mortgage program and some of the best mortgage rates in Ontario and across Canada. Their mortgages come full features with 20% annual pre payment and comprehensive online access. 

Equitable Bank is so confident with its rates part of its online access that it even compares its rates to those of its competitors. This service comes with a very automated, AI driven approach that saves their clientele time and money.

Equitable B Lender mortgages

The B lender mortgage is an important part of the Canadian financial landscape because it allows those with significant home equity (over 20% equity) to access mortgage funding. What are the types of circumstances where Equitable b-type mortgages apply?

Self Employed:

 If self-employed, the income shown on income tax forms may not reflect the strength of a business owned by the borrower. Because the business is such a close part of the borrower’s life, a ‘stated income’ approach may be taken where the bank accounts from the borrower’s business are reviewed to determine if there is sufficient liquidity and cash flow to support payments. It is an ‘outside of the box’ approach and comes with a higher mortgage rate, however, when poking at a cost benefit analysis, it may be worth it for some borrowers.

Bruised Credit: 

Sometimes, life takes a turn for the worse and credit gets affected. And sometimes credit gets affected to the extent of bankruptcy. In such cases, the big banks in Canada won’t lend. However, Equitable Bank will consider these cases. This can help homeowners get back up on their feet and eventually graduate to a lower rate lender.

Extended ratio lending:

Extended ration lending can result in a higher mortgage amount. There are many examples where this type of mortgage offers a solution to borrowers. For example, if there is a year of low income with self employment, or perhaps the self employed income is growing rapidly year over year, either way, the projected income is likely to be higher in 1-2 years. In these cases, an alternative mortgage rate from Equitable may create a solution for this period, and on the maturity date, the borrower may be positioned to graduate to a prime rate lender once the income is higher. There are many examples similar to this.

Commercial mortgage lending

Equitable Bank is one of the largest commercial mortgage lending divisions in Canada. They offer some of the best commercial mortgage rates for high rise apartment towers, warehouses and condominium development. They are widely regarded as a solutions-focused lender for those seeking commercial mortgage rates.