FAQs
Mortgages

1)   Do you accept mortgage applications on-line?
2)   What role does a mortgage broker play?
3)   How do I find a mortgage broker?
4)   How long does it take to approve a residential mortgage?

 

1)   Do you accept mortgage applications on-line?
  At this present time applications cannot be submitted online. However, Equitable Trust’s Single Family Residential application is available for downloading by clicking on “Mortgages” on the home page. You will be taken to Equitable Trust Mortgage where you can click on Application to download the document. Once it is completely filled out you can fax it to Equitable Trust at 416 515-7001 for approval.
2)   What role does a mortgage broker play?
  A mortgage broker acts as an intermediary who sources mortgages on behalf of individuals or businesses. They can guide individuals through the process of selecting a suitable mortgage and offer mortgage and property related financial advice.

The majority of mortgage brokers are regulated to ensure a level of protection for the consumer. For borrowers with poor credit records, or other unusual circumstances, finding a lender may be difficult. A mortgage broker, having specialized knowledge and multiple lending sources, will be a valuable resource in obtaining financing.
3)   How do I find a mortgage broker?
  There are several ways to locate a mortgage broker - Yellow Pages, real estate agents and friend/family referrals, as well as contacting your local provincial brokers association for a directory.
4)   How long does it take to approve a residential mortgage?
Approval for a residential mortgage depends on the following:

For average/small size loans:
A response will generally be given the same day, as long as the necessary documents are provided.

For large size loans:
A response may take longer than a day, due to the required authorization as deemed necessary.

Mandatory Documentation required for an approval for every loan size (small/average/large):
-Purchase & Sale Agreement (purchase only)
-Application
-MLS Listing (for applicable purchases)
-Credit Bureau report
**additional documentation may be required for larger loan amounts***

 
GICs

1)   Why would I purchase a GIC from Equitable Trust?
2)   Where can I purchase an Equitable Trust GIC? Do you have branches?
3)   Where are you located, do you have parking?
4)   Do I have to come in person?
5)   How do I find a deposit broker who can sell an Equitable Trust GIC?
6)   Would my term deposit be insured?
7)   What is the minimum deposit?
8)   What requirements do you have to purchase a GIC, (identification, signatures for a joint certificate, purchase for a minor etc)?
9)   What if I need the funds prior to maturity?

 

1)   Why would I purchase a GIC from Equitable Trust?
 

Equitable Trust provides competitive rates with excellent service.

 
2)   Where can I purchase an Equitable Trust GIC? Do you have branches?
 

Equitable Trust operates out of one location, however, our GICs are sold through thousands of agents located across Canada.

 
3)   Where are you located, do you have parking?
 

Our office is located at 30 St Clair Avenue West. The closest major intersection is Yonge and St Clair. We are on the north side of St Clair about 2 buildings west of Yonge St. Parking is available at several lots in the vicinity, including at the side of our building. See map in “contact us” section.

 
4)   Do I have to come in person?
 

For the initial set up of your account, you are required to come in person with 2 pieces of valid government issued ID. Once we have physically seen your ID, you may mail a cheque with a letter of direction for future deposits. We will guarantee the rate from the day it is put into the mail, but it will be issued from the day we receive the payment. Be sure to include all necessary ID (copy of driver’s license, social insurance number, date of birth, full address and telephone number) in your letter of direction, along with the term and payment option at maturity. For instance, have your interest directly deposited into your account or would you prefer Equitable to automatically roll the deposit for a similar term.

 
5)   How do I find a deposit broker who can sell an Equitable Trust GIC?
 

Contact a financial planner in your area, or try the members’ directory on the FCIDB website. www.fcidb.com You may, of course contact us directly.

 
6)   Would my term deposit be insured?
 

Please select the “Canada Deposit Insurance Corporation (CDIC)” on the GIC menu or go to www.cdic.ca.

 
7)   What is the minimum deposit?
 

$5000 for short term investments (30-364 days) and $1000 for longer term investments (1-5 years).

 
8)   What requirements do you have to purchase a GIC, (identification, signatures for a joint certificate, purchase for a minor etc)?
 

Equitable Trust abides by the Money Laundering Act (?). We are required to have on record for each person:

  • 2 pieces of Government Issued ID (1 piece has to have a photo) (i.e.: drivers’ license, passport, birth certificate)
  • Social Insurance Number
  • Birth date
  • Address & Telephone number.
  • Occupation
  • If the GIC is ‘In Trust’ we require the ID for the individual it is being placed in trust for as well as the ID for the Trustee.

 
9)   What if I need the funds prior to maturity?
 

This is dependent upon what you choose when you purchase your GIC. At maturity you can choose one of the following

  • Equitable can hold both principal and interest payments for client instructions (we call on the day of maturity, we do not send out renewal notices). If we are unable to reach you after one week, we will reinvest for the same term at the current rate.
  • Both the interest and principal can be mailed (usually they are sent out a week ahead of maturity post dated).
  • Interest can be directly deposited into clients account (we require account information at least 3 weeks before maturity) and the principal can be either held at Equitable or mailed to you in the form of a cheque.