Equitable Bank

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Written By David Pipe
 

Review of Equitable Bank Mortgages

Equitable Bank manages over $74.1 billion in assets and is a wholly-owned subsidiary of EQB Inc. It was founded in 1970 as The Equitable Trust Company and has become Canada’s seventh-largest Schedule I bank. Equitable Bank offers a diverse suite of residential lending, commercial lending, and savings solutions, including high-interest savings products and GICs.

Equitable Bank focuses on offering flexible mortgage solutions that cater to a wide range of clients, including business owners, self-employed individuals, and investors. Their specialized programs, such as flexible debt ratios, a rental program, and a HELOC product, are designed to meet the diverse needs of clients looking for tailored financing options.

 
Equitable Bank

Today’s Lowest Rates from Equitable Bank

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Ideal Client

Equitable Bank is best suited for business owners, self-employed individuals, those with bruised credit, or looking to invest in properties. With competitive rates, alternative mortgage options, and a graduate program that helps transition from alternative to traditional mortgages, Equitable Bank provides comprehensive solutions, despite the paperwork-intensive process, lender fee, and lack of physical branches.

 

Special Features:

Loan Services (HELOC)

 

Equitable Bank offers a range of flexible mortgage products designed to meet various needs. Their loan services include a Home Equity Line of Credit (HELOC), which allows you to access funds as needed. They also provide flexible debt ratios, making it easier for you to qualify. For those who are self-employed, their bank statement program is a great option, while the rental program caters to real estate investors. Additionally, the graduate program helps those transitioning from alternative financing back to lower-rate lenders. With these features, clients can find a mortgage solution that fits their unique situation, but it's important to consider both the benefits and potential downsides before making a decision.

 

Downsides:

Paperwork Intensive

No Physical Branches

 

When considering this mortgage lender, it's important to keep a few downsides in mind. They may charge a potential lender fee, which could add to your overall costs. Additionally, they operate without physical branches, meaning interactions will be online or over the phone, which might not be ideal for everyone. Lastly, the application process can be paperwork-intensive, so prepare accordingly. Being aware of these factors can help you make an informed decision that best suits your needs.

 

Best Suited For:

 

Business Owners

Bruised Credit

Self-Employed

Investors

 
 
 
 
 
David Pipe

David Pipe helps business owners, investors, and first-time homebuyers build and protect family wealth with creative financing and tax-efficient life insurance solutions. He is an award-winning mortgage agent and life insurance agent in Ontario. David believes education in personal finance and seeking great advice is the best way to reach our financial goals, and he is focused on sharing his knowledge with others. He lives in Guelph, Ontario with his wife Kate Pipe and their triplets (and english bulldog Myrtle).

https://www.wealthtrack.ca/about#about-david-pipe
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