Calgary Mortgage Broker Explains:

Equitable Bank

Equitable Bank is Canada’s ninth-largest independent Schedule I bank, serving customers across the nation for over 50 years. With a firm commitment to its customers, the bank stands out as an alternative to the ‘Big Five’ in the Canadian banking sector, offering unique and innovative banking solutions.

Equitable Bank of Canada introduced by a Calgary Mortgage Broker

Equitable Bank started its journey in 1970 as “The Equitable Trust Company.” Over the years, the bank has seen robust growth in assets, deposits, and capital, solidifying its position as a significant player in Canada’s financial landscape. In today’s digital age, Equitable Bank has also ventured into online banking with its digital banking arm, EQ Bank, which offers impressive savings rates and online features to a new generation of customers.

Mortgage Offerings

Equitable Bank’s reputation is anchored in its vast range of mortgage products tailored to the diverse needs of Canadians. Whether you’re a first-time homebuyer or a seasoned property investor, Equitable Bank offers options that cater to unique situations. Here’s a glance at their core mortgage offerings:

  1. Prime Mortgage Solutions: For those with a strong credit history, the bank offers competitive rates and flexible terms. Borrowers can enjoy features like 20% prepayment privileges, which means you can pay up to 20% of the original mortgage balance annually without penalties.

  2. Alternative Mortgage Solutions: Recognizing that not everyone has a perfect credit history or traditional employment, Equitable Bank offers mortgages for those who are self-employed, have recently immigrated, or have a non-traditional income source. This product is crafted to understand the individual needs of the borrowers and offers a tailored solution.

  3. Reverse Mortgages: A unique offering for homeowners aged 55 and older, the EQB Evolution Suite™ provides the ability to tap into home equity without selling the property. It’s a smart way to enhance retirement cash flow, fund home renovations, or even support a grandchild’s education.

  4. Commercial Lending: Beyond residential mortgages, Equitable Bank serves the commercial market, funding various types of properties ranging from retail spaces, mixed-use commercial properties to apartment buildings. With competitive rates and a strong team of commercial lenders, the bank is an attractive choice for business owners and investors.

Why Choose Equitable Bank?

  • Diverse Product Suite: Equitable Bank understands that there’s no one-size-fits-all in the mortgage world. With a plethora of products catering to different segments of the market, the bank ensures it addresses the varied needs of its customers.

  • Flexible Options: With features like 20% prepayment privileges on some products, the bank provides borrowers with the flexibility they crave to manage their mortgages on their terms.

  • Customer-Centric Approach: The bank’s primary goal is to ensure customer satisfaction. Their team of mortgage professionals works diligently to guide applicants through the mortgage process, ensuring a smooth and seamless experience.

  • Competitive Rates: In an ever-evolving market, Equitable Bank consistently offers some of the most competitive mortgage rates, ensuring that borrowers get the best value for their money.

  • Innovative Digital Platform: Through EQ Bank, customers have access to a state-of-the-art digital banking platform, which not only offers impressive savings rates but also integrates seamlessly with their mortgage products, providing a holistic banking experience.

Final Thoughts

Equitable Bank has come a long way from its humble beginnings, transforming into a formidable challenger in the Canadian banking sector. Its commitment to creating tailored mortgage solutions that cater to the diverse needs of Canadians sets it apart. Whether you’re navigating the complexities of your first home purchase, exploring commercial real estate investments, or considering tapping into your home equity in your golden years, Equitable Bank stands ready to be your trusted partner on this journey. Join the thousands of Canadians who trust Equitable Bank with their mortgage needs and discover a banking experience that truly understands you.