The Gateway Open Mortgage (NEW)

The Gateway Open Mortgage is a one-year open term mortgage for your alternative customers who need flexible short-term financing. Whether selling their home,waiting for an inheritance, or on the cusp of being considered prime borrowers, this solution allows your customer to payout at any time without charge.

LTV
  • Based on Beacon Scores & property type:
    80% max. LTV: 640 + beacon score
    75% max. LTV: 600 – 639 beacon score
    65% max. LTV: 550 – 599 beacon score and rental properties
    65% max. LTV: Rental Properties
  • All LTV inclusive of fees
CREDIT
  • Min. 550 beacon
  • Self-declared income not eligible
  • Discharged from bankruptcy
  • Will pay off derog debts from re-fi proceeds
PROPERTY TYPE
  • Single family, duplex, fourplex, townhouse, apartment condo
  • Property must be registered in personal name
  • No co-ops, rental pools, timeshares, fractional ownership, mobile homes or draw mortgages
  • Appraisals required (PDF): choose from up to three local, Bridgewater Bank approved appraisers provided in commitment
TERM, RATE & FEE
  • 1 year / 5.99%* / 2%

* The annual interest rate is compounded semi-annually not in advance. The APR on this, based on a $100,000 mortgage amount with a 25 year amortization, is 8%.

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