Rates

Mortgages

Mortgage1 Year Fixed2 Year Fixed3 Year Fixed4 Year Fixed5 Year Fixed5 Year Adjustable
Standard Mortgage Rate (Closed) 6.44%6.14%5.99%7.04%6.54%P + 0.75%
Annual Percentage Rate (APR)1 8.285%6.913%6.569%7.235%6.947%7.946%
EQB Evolution Suite™6.49%5.74%5.34%5.24%4.64% *P - 0.90% *
Annual Percentage Rate (APR)1 6.605%5.774%5.350%5.240%4.640%5.845%

1 APR means the cost of borrowing expressed as an annualized interest rate including any applicable fees such as service charges, loan origination fees or administration fees. The APR figures above are based on the following:

  • A mortgage amount of $150,000; plus
  • a commitment fee (if applicable) and a closing fee (varies by province)

* Rate available to mortgages with borrower-paid mortgage insurance only. Contact your broker for more information on rates available to you.

Equitable Prime Rate (P)
6.70%

Equitable Prime Rate as of January 26th, 2023.

General Mortgage Rate Information
  • The Equitable Prime Rate (P) is the annual rate of interest that is established from time to time by Equitable Bank, at its discretion, as a point of reference, and may change at any time.
  • Adjustable rate mortgages offer a variable interest rate that consists of the Equitable Prime Rate plus or minus an adjustment factor and varies automatically if and when the Equitable Prime Rate varies.
  • The interest rate for adjustable rate mortgages is compounded monthly, not in advance, and charged monthly.
  • The interest rate for fixed rate mortgages is compounded twice per year, not in advance, and charged at the same frequency as the payment frequency selected.
  • Standard Mortgage Rates are based on our most favourable rates in Ontario and are for reference only and not guaranteed for any particular application. Interest rates are subject to applicants meeting Equitable Bank's credit granting criteria and other conditions and restrictions may apply. Interest rates are subject to change without notice at any time.

Equitable Bank Reverse Mortgage

Are you a new Equitable Bank Reverse Mortgage customer, or an existing customer taking a subsequent advance in your first term? For Reverse Mortgage Flex rates, click the “Origination” button below.

If you’re an existing customer looking to reset (i.e. renew) your Flex mortgage, or an existing customer taking a subsequent advance in your second term or beyond, please view our rates by clicking the “Reset” button below. Note that rates for our Flex PLUS and Flex Lite products remain the same for both origination and reset.

Reverse Mortgage Flex Rates
Reverse Mortgage Flex Rate2,4Annual Percentage Rate (APR)3
Set-up Fee5$995-
6 Month Fixed7.59%9.205%
1 Year Fixed7.59%8.302%
2 Year Fixed7.39%7.668%
3 Year Fixed6.89%7.040%
5 Year Fixed6.74%6.779%
5 Year AdjustableP + 2.69%9.495%
Reverse Mortgage Flex PLUS Rates
Reverse Mortgage Flex PLUS Rate2,4 Annual Percentage Rate (APR)3
Set-up Fee5 $995 -
6 Month Fixed 9.09% 10.651%
1 Year Fixed 9.09% 9.740%
2 Year Fixed 8.89% 9.106%
3 Year Fixed 8.39% 8.481%
5 Year Fixed 8.24% 8.240%
5 Year Adjustable P + 3.49% 10.286%
Reverse Mortgage Flex Lite Rates
Reverse Mortgage Flex Lite Rate2,4Annual Percentage Rate (APR)3
Set-up Fee5$995-
6 Month Fixed7.49%9.108%
1 Year Fixed7.49%8.205%
2 Year Fixed7.29%7.572%
3 Year Fixed6.64%6.799%
5 Year Fixed6.59%6.634%
5 Year AdjustableP + 2.69%9.495%

2 These rates only apply to certain transactions within Equitable Bank’s lending guidelines. Rates and conditions subject to change without notice.

What does APR mean?

3 APR means the cost of borrowing expressed as an annualized interest rate for the Interest Rate Term, based on the Initial Advance Amount, interest and any applicable fees. The APR figures above are based on the following:

  • A mortgage amount of $150,000 and the accumulated interest for the applicable interest rate term; plus
  • a set-up fee and a closing fee (varies by province; not applicable at reset); and
  • all funds drawn as an initial advance; and
  • no prepayments

4 Rates shown apply to new reverse mortgage originations only and are subject to Equitable Bank’s lending guidelines. Rates offered at Interest Rate Reset may differ. All rates and conditions subject to change without notice.

5 Set-up fee is a one-time fee that is deducted from the initial advance.

Equitable Bank Reverse Mortgage Prime Rate (P) 6.70%

Equitable Bank Reverse Mortgage Prime Rate as of January 26th, 2023.

Equitable Bank Reverse Mortgage Rate Information
  • The Equitable Bank Reverse Mortgage Prime Rate (P) is the annual rate of interest that is established from time to time by Equitable Bank, at its discretion, as a point of reference, and may change at any time.
  • An adjustable interest rate term consists of the Equitable Bank Reverse Mortgage Prime Rate plus or minus an adjustment factor and varies automatically if and when the Equitable Bank Reverse Mortgage Prime Rate changes.
  • Interest is calculated and charged daily based on the daily equivalent of a fixed or adjustable interest rate, compounded semi-annually (for a fixed rate) or monthly (for an adjustable rate), not in advance.
  • Interest rates are subject to change at any time without notice.