Bridgewater Bank has updated our fees and introduced a new fee for loan administration effective April 1, 2024.
Introduction of new mortgage service fees and updates to existing fees are subject to change without notice. Bridgewater Bank’s fees include, but are not limited to the following:
Loan Administration Fee
We want to inform you about a new fee related to the management of your mortgage account. This fee, which is non-refundable, will be charged at the beginning of your term. It will be divided evenly over the term based on your chosen payment frequency and included in your payment amount as installments until it’s paid in full.
| 6 month open | $475.00 |
| 1-year term | $475.00 |
| 2- year term | $950.00 |
| 3-year term | $1,425.00 |
An example of how a portion of the fee will be included in your total payment amount using a monthly payment option. Divide the total fee by the number of months in your term.
| Total fee | # of months | Monthly fee payment |
| $475.00 | 6 months | $79.18 |
| $475.00 | 12 months | $39.59 |
| $950.00 | 24 months | $39.59 |
Total payment amount example: Using a 24-month term with monthly payments.
| $1,500.00 | (principal and interest payment) |
| + $39.59 | (loan administration fee) |
| = $1,539.59 | (total payment amount) |
Renewal Processing Fee – $450.00
This fee is charged each time the mortgage is renewed. The fee is split evenly over the term and will be included in your payment amount as installments.
An example of how a portion of the fee will be included in your total payment amount using a monthly payment option.
Divide the total fee by the number of months in your term.
| Total fee | # of months | Monthly fee payment |
| $450.00 | 12 months | $37.50 |
| $450.00 | 24 months | $18.75 |
| $450.00 | 36 months | $12.50 |
Total payment amount example: using a 24-month term with monthly payments.
| $1,500.00 | (principal and interest payment) |
| + $18.75 | (renewal processing fee) |
| = $1,518.75 | (total payment amount) |
Lender Acceptance Fee – up to 2 percent of your principal amount.
Charged for accepting and processing your mortgage. This fee is not included in your principal amount and will be paid upfront.
Returned Payment, e.g. non-sufficient funds (NSF) – $225
Delayed Payment – $100
Additional changes to Payment Frequency or Payment Date – $75
One Payment Frequency or Payment Date change is permitted once per year for free.
Change Fee – $400
A change fee is described as changing either the borrowing structure, mortgage structure or underlying security of the mortgage. Changes are subject to the approval of Bridgewater Bank. Fees are charged regardless if the change is approved or not.
A change fee is applicable on the following:
Cheque Processing – $25
Amortization Changes – $100
Duplicate copy of Annual Mortgage Statement – $100
Additional Information Statement – $25
One Information Statement is provided for free, if requested, every three months.
Additional Payout Statement – $25
One Payout Statement is provided for free, if requested, every three months.
Amortization Schedule – $25
Payment History Breakdown – $100
Records Research – $75
This fee is charged for researching and reviewing a customer file (e.g. reviewing past transactions).
Courier Fees – $15
Full/Partial Discharge Fee:
| Alberta | $0 |
| British Columbia | $75 |
| Manitoba | $100 |
| All other provinces | $400 |
Mortgage Assignment/Transfer Fee:
| Prince Edward Island | $25 |
| Nova Scotia | $25 |
| Newfoundland & Labrador | $50 |
| All other provinces | $400 |
Property Tax Search Fee – $100
This fee is charged for investigation of property tax status if not received directly by customer.
Property Insurance Administration – $500 per quarter
This fee is incurred when property insurance lapses and Bridgewater Bank is required to place property insurance on the mortgaged property to protect the asset.
Property Inspection/Property Appraisal – $300 – $500
This fee is charged when inspection or appraisal is required and reflects the actual cost of visit.
Arrears Processing Fee:
| Below $1,000 | $50 |
| Above $1,000 | $150 or 10% of arrears, whichever is greater |
This fee is incurred due to arrears management including condo fees, property tax arrears and utilities arrears.
Legal Administration or Mortgage Reinstatement – $1000
This fee is charged each time a mortgage is either reinstated or paid out from legal enforcement status.
Bankruptcy or Consumer Proposal document completion – $60
This fee is charged for filling out bankruptcy or consumer proposal documents.
Prepayment charges also apply to mortgages when making payments in excess of available prepayment privileges or paying out a closed mortgage prior to maturity.
Refer to your most recent disclosure statement or renewal agreement for more information about fees and charges which apply to you.
If you have questions or would like more information, please contact one of our customer experience specialists. They will be happy to help.