FAQ: Equitable Bank Mortgage Products


You can view mortgage details, such as your balance, interest rate, payment amount, and prepayment privileges using your myEquitable online account. Log in or enroll today at my.equitablebank.ca.

Mortgage payments pay in arrears. This means that interest accrues daily before your mortgage payment is due.

When you make a regular mortgage payment, all of the interest that accrued since your last payment is paid, along with a portion toward your principal balance and tax account, if applicable.

For example, if your mortgage payment is on the first of each month, your June 1 payment covers the period May 1 to May 31.

Your first regular payment due date will depend on your chosen payment frequency at the time your mortgage commitment was signed.

If your payments do not start right away, it may be because there was an interest adjustment to accommodate your desired payment date.

For example, your mortgage closed on May 15 and you wish to make your regular mortgage payments on the first day of each month:

  • Advance date: May 15
  • First payment date: July 1, which covers the period June 1 to June 30
  • Interest adjustment: May 15 through May 31 were not covered by your first payment. Interest for these 17 days was paid on the day your mortgage funded by deducting the amount from the advance funds delivered to your solicitor or financial institution.

Refer to your welcome email or letter, or create an account at my.equitablebank.ca to view your payment details.

When you change your payment due date or payment frequency, the first new payment may not cover all of the interest that accrued since you made your last payment.

The interest adjustment amount covers any interest that accrued but is not covered by a regular payment.

For example, your payments are currently on the first day of each month and you would like to change your payment to the 15th of each month:

  • Last payment in current frequency: June 1, which covers the period May 1 to May 31.
  • First payment in new frequency: July 15, which covers the period June 15 to July 14.
  • Interest adjustment: June 1 through June 14 were not covered by one of the payments above. Interest for these 14 days must be paid by you at the time the mortgage payment change is processed.

There is a fee to change your mortgage payment; however, if you request a payment schedule change within the first month of your mortgage, the fee is waived.

You can request your payment due date or payment frequency change by logging in to your myEquitable account at my.equitablebank.ca or by contacting Customer Service.

Depending on the type of mortgage you have, you may have a prepayment privilege that allows a payment increase.

You can check your prepayment privilege by logging in to your myEquitable account at my.equitablebank.ca or by contacting Customer Service.

If you have repaid your mortgage faster than scheduled by using your annual prepayment privilege or by having an accelerated payment frequency, it may be possible to decrease your payment amount.

If you meet this criteria, please contact our Customer Service team.

Please contact our Customer Payments team to speak with one of our Specialists about your options at 1-888-334-3313 ext. 1906 or customerpayments@eqbank.ca.

An Amortization Schedule displays the principal and interest breakdown of all future payments remaining in the term.

This statement is available for download via your myEquitable online account at my.equitablebank.ca.

Your Annual Statement displays the total principal and interest amounts you paid during each calendar year.

This statement is available for download via your myEquitable online account at my.equitablebank.ca.

In order to change the bank account, please send a void cheque or pre-printed pre-authorized debit form from your bank. The bank account must be in the name of one of the borrowers on the mortgage. 

You can send it via:

Property Taxes

Depending on the timing between your mortgage advance date and the next tax bill due date, Equitable Bank may not be responsible for your upcoming tax bill.

We start collecting your taxes with your first regular mortgage payment; however, we may not be able to collect enough funds to cover your first tax bill after your mortgage is advanced. 

Your lawyer will have received instructions stating whether Equitable Bank is responsible for your next bill.

In the province of Quebec, school taxes are billed separately. While we are responsible for collecting and remitting municipal property taxes on your behalf, we do not collect an amount for school taxes. Therefore, you are responsible for paying school taxes directly to the municipality. Note that this applies to Quebec only.

If you were not given the option to pay your own taxes when you received your mortgage commitment, it is a funding condition of your mortgage.

Property taxes will be collected and remitted by us on your behalf.

Yes. You can add a tax portion to your mortgage payments and we will remit your property taxes to the city on your behalf.

We will need to know your most recent annual tax levy and we will need a copy of your next tax bill in order to remit the payment.

Please provide this information to Customer Service via your preferred contact method.

Once your property has been assessed and your annual taxes are levied, taxes will then become due. This could mean up to two years of property taxes will become due and we need to ensure we have accumulated enough funds to remit the payment.

Please ensure you provide a copy of your first interim or final tax bill and/or any supplementary tax bills you may receive after your mortgage closes.

The tax portion outlined in your Mortgage Loan Commitment or Credit Agreement is an estimate based on the value of your home or similar properties in your area.

After receiving the most recent tax bill or statement of account, we may adjust the amount to the actual tax portion based on the most recent annual tax levy.

Your tax account will be reviewed annually and may be adjusted based on the estimated annual taxes and your tax account balance.

Payouts and Discharges

Typically, your solicitor or new financial institution will request the Payout Statement on your behalf.

If you are paying out your mortgage with your own funds, you can request a Payout Statement by submitting a written request, signed by all borrowers on the property’s title.

Upon receipt of a completed request from you or your solicitor, Equitable Bank will issue a Payout Statement within two business days.

Once your mortgage has been paid out in full, the assignment or discharge will be registered on the property’s title within four to six weeks.

Final documents will be sent to you, or to the solicitor or financial institution acting on your behalf.

Home Equity Line of Credit (HELOC)

A home equity line of credit, or HELOC, is a revolving line of credit secured against the equity in your home.

A HELOC can be provided through the following options:

  • Combined with your first mortgage with Equitable Bank
  • In second position behind an existing mortgage with Equitable Bank
  • As a stand-alone line of credit, if your property is free and clear of any loans or mortgages

If you would like to apply for a HELOC, contact Customer Service so we can connect you with a Mortgage Specialist to assist you with your application.

You will receive a statement each month there is activity or a balance that outlines your minimum payment amount and due date.

Your minimum payments will be debited from your account automatically each month, as disclosed on your HELOC statement.

If you have already satisfied all or part of your minimum payment, the payment amount to be debited from your account will be adjusted.

At any time, you may elect to make an additional payment to your HELOC via electronic bill payment through your everyday banking financial institution.

You can set this up via your institution’s online banking, by visiting your branch, or by calling your bank’s customer service number.

The bill payee name is Equitable Bank Home Equity Line of Credit or Equitable Bank Line of Credit and the account number is your 16-digit Equitable Bank Visa* Access Card number.

When your account was opened, a set of cheques and an Equitable Bank Visa Access Card was mailed to each applicant, which usually arrives within two-three weeks.

If three weeks have passed and you have not received your card and/or cheques, you may contact us to replace each missing item and restrict access to the Access Card or place a stop payment on the cheques.


Your mortgage will be reviewed by a Renewal Specialist three to five months before your maturity date.

Our best rates are offered at this time based on qualifying factors. You can discuss early renewal options at any time after your first payment date.

Contact us at 1-888-334-3313 or renewals@eqbank.ca to discuss your options.

Our mortgages are portable, as long as your new home purchase closes within 90 days of the sale of your existing property and the new property location is eligible.

If your new mortgage is the same amount or more than your current mortgage, the full prepayment charge will be reimbursed to you after the new mortgage closes.

If the new balance is lower than your current mortgage balance, you will receive a partial prepayment reimbursement after the prepayment charge is recalculated, using the difference between your current mortgage balance and new mortgage balance. Subject to credit review and approval.

In order to consolidate your debt or access the equity in your property for other purposes, you will need to qualify to refinance your mortgage.

There are costs associated with discharging your existing mortgage and getting a new one; however, keeping your mortgage with us provides the most seamless experience overall and is generally less costly than moving your mortgage to another lender. If you choose to refinance your mortgage with us, there is no prepayment charge for paying out your existing loan early. 

Please contact us to discuss your needs and we will be happy to present available options to you.

When you create your myEquitable account, you consent to receiving online documents. 

If you currently have a myEquitable account, yet still receive documents by mail, you can change your preference in the “Profile” tab of your myEquitable online account.

Our Customer Service team is available 8am to 8pm ET, Monday to Friday. 

You can contact us by: