Underwriting Updates
Equitable Bank - Extended Ratio Product
Published on 06 Mar 2023
#underwriting
#lender
#EQ Bank
As Canada’s Challenger Bank™, we’re on a mission to better serve you and your clients. To help you move your business forward with clients in unique financial situations, we want to provide solutions that meet their needs.
That’s why we’ve enhanced our Extended Ratio Product (ERP)—our solution for borrowers with higher GDS/TDS ratios than currently accepted by our standard Alternative mortgage program.
Here's what we’ve improved:
- Increased maximum GDS/TDS (from 55% to 60%)
- Expanded geographical eligibility throughout Ontario and BC
- Lower pricing premium (from 0.50% to 0.25%)*
- Clearer eligibility criteria
Be sure to check out the attached ERP Feature Sheet for details.
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