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)
- 2.45%
Equitable Prime Rate as of March 30th, 2020.
| Mortgage |
6 Month Fixed |
1 Year Fixed |
2 Year Fixed |
3 Year Fixed |
5 Year Fixed |
5 Year Adjustable |
|
Reverse Mortgage (Lump-Sum) Rate2 |
4.89% |
3.49% |
3.59% |
3.69% |
3.79% |
P + 1.79% |
|
Annual Percentage Rate (APR)3 |
6.50% |
4.31% |
3.98% |
3.93% |
3.91% |
4.39% |
|
Reverse Mortgage Flex Rate
|
4.89% |
3.69% |
3.99% |
4.09% |
4.39% |
P + 1.94% |
|
Annual Percentage Rate (APR)3 |
6.50% |
4.51% |
4.37% |
4.32% |
4.50% |
4.54% |
2 These interest rates only apply to certain transactions within Equitable Bank’s lending guidelines. Rates and conditions subject to change without notice.
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); and
- all funds drawn as an initial advance; and
- no prepayments
| Equitable Bank Reverse Mortgage Prime Rate (P) |
2.45% |