Equitable Bank Mortgage Review 2025
Equitable Bank Review 2025
In addition to advertising a handful of traditional mortgages, Equitable Bank offers some notable non-traditional mortgage types, including reverse mortgages and loans for buyers with low credit scores.
Who is an Equitable Bank mortgage best for?
Those looking to access home equity via a reverse mortgage will probably consider Equitable Bank at some point: it’s one of just a few financial institutions in Canada that offer it.
Those with low credit scores or limited credit history may also want to consider Equitable Bank.
Who's eligible for an Equitable Bank mortgage?
Equitable Bank doesn’t publish specific eligibility requirements for conventional mortgages.
Its website suggests that it works with a wider range of applicants than a Big 6 bank: “Our solutions are ideal for those who may not fit into the conventional bank lending box.”
To understand whether you’re eligible, reach out to a mortgage broker who works with Equitable Bank.
When it comes to reverse mortgages, the lender publishes more detailed eligibility criteria. To qualify, you must:
Be at least 55 years of age.
Live in the home at least 6 months of the year.
Have a minimum appraised home value of $250,000.
Live in a major city in Alberta, B.C., Ontario or Quebec.
What type of mortgages does Equitable Bank offer?
Equitable Bank offers:
Convertible mortgages.
Limited/low credit mortgages.
Mortgages for laneway houses.
Reverse mortgages.
About Equitable Bank rates
You can find posted rates on Equitable Bank’s website. Like many alternative mortgage lenders, Equitable Bank doesn’t advertise special rates, which are a better indicator of the best rates a lender typically offers to those with excellent credit. Ultimately, any rate you’re offered depends on the details of your mortgage application.
Equitable Bank doesn’t offer mortgages directly to borrowers. To get a better sense of what rates you can get, you’ll need to work with a mortgage broker.
Best mortgage rates in Canada
Compare offers from Canada’s top mortgage lenders and brokers.
Review of Equitable Bank mortgage features
We've sifted through lender websites for features borrowers are interested in and summarized how each lender compares to its competitors with the labels "limited," "standard" or "excellent."
To see the details that led to each summary, expand the box below each entry.
Term length options
STANDARD
Equitable Mortgage advertises terms ranging from six months to 5 years.
Why this might matter for you: Some borrowers need financing for an unusual amount of time (six months, six years or 25 years, for example).
Why this might not matter: If you intend to get a standard three- or five-year term, having access to less common terms doesn't matter as much.
Expand for details
Most terms are available for all of Equitable Bank’s mortgage products, including reverse mortgages.
6 months convertible
1 year fixed
2 year fixed
3 year fixed
4 year fixed
5 year fixed
5 year variable
Prepayment limits
STANDARD
Equitable Bank’s prepayment limits are as high as 20% on some mortgage products. If you have the cash, you can make a one-time prepayment to reduce your mortgage balance. Your lender limits how much you can pay off in any year. Exceed the limit and you'll face stiff penalties.
Why this might matter for you: Paying off a mortgage early is a goal many homeowners have. The bigger your lender's lump-sum prepayment limit, the more flexibility you'll have.
Why this might not matter: If you don't expect to have funds available for prepayments, this limit is irrelevant.
What it's like to apply at Equitable Bank
You can’t apply for a mortgage directly with Equitable Bank. Its mortgages are only available through mortgage brokers.
About NerdWallet mortgage reviews
When we review mortgage lenders, we look for the options it offers customers, transparency in advertising, ease of application and flexibility it offers mortgage-holders.
Of course, a mortgage is a highly personalized product. The offer you receive depends on the details of your financial situation. A lender may have a less-than-transparent website but offer you a great rate.
Use this review to familiarize yourself with this mortgage lender. To get the best mortgage rate, work with a mortgage broker or negotiate directly with multiple lenders.
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