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Bridgewater Bank
Suite 150, 926 – 5th Avenue SW
Calgary, Alberta T2P 0N7

Bridgewater Bank has updated our fees and introduced a new fee for loan administration effective April 1, 2024. Click here for a printable PDF of all of our fees.

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:

Service Fees

  • Administration of my mortgage

    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
    If you choose to pay off your mortgage ahead of schedule, any remaining fees will be added to your payout balance.

    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)
    Disclaimer: The calculations provided herein are hypothetical examples for illustrative purposes only and should not be relied upon as accurate, complete, or fit for any particular purpose.
  • Renewing my mortgage

    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.

    If you choose to pay off your mortgage ahead of schedule, any remaining fees will be added to your payout balance.

    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)
    Disclaimer: The calculations provided herein are hypothetical examples for illustrative purposes only and should not be relied upon as accurate, complete, or fit for any particular purpose

     

  • Accepting my mortgage

    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.

  • What fee is charged for a returned payment?

    Returned Payment, e.g. non-sufficient funds (NSF) – $225

  • A delayed payment

    Delayed Payment – $100

  • Making additional changes to payment frequency or payment date

    Additional changes to Payment Frequency or Payment Date – $75

    One Payment Frequency or Payment Date change is permitted once per year for free.

  • I need to make changes to my mortgage details/structure (porting, assumptions, second mortgages, refinance or release of borrower)

    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:

    • Assumptions
    • Porting the mortgage to a new property
    • Second mortgage
    • Refinance
    • Addition or release of a borrower from mortgage
  • I’d like to pay with a cheque this one time

    Cheque Processing – $25

  • Changing my amortization period

    Amortization Changes – $100

  • I want an additional copy of my annual mortgage statement

    Duplicate copy of Annual Mortgage Statement – $100

  • I need additional copies of my documents

    Duplicate copies of documentation (e.g. discharge, documents, assignments) – $50

  • I’d like an additional information statement

    Additional Information Statement – $25

    One Information Statement is provided for free, if requested, every three months.

  • I’d like an additional payout statement

    Additional Payout Statement – $25

    One Payout Statement is provided for free, if requested, every three months.

  • I need a copy of my amortization schedule

    Amortization Schedule – $25

  • Breakdown of payment history

    Payment History Breakdown – $100

  • I’d like to review my records

    Records Research – $75

    This fee is charged for researching and reviewing a customer file (e.g. reviewing past transactions).

  • Send documents I request via courier

    Courier Fees – $15

  • How much does discharging my mortgage cost?

    Full/Partial Discharge Fee:

    Alberta $0
    British Columbia $75
    Manitoba $100
    All other provinces $400
  • Transferring my mortgage

    Mortgage Assignment/Transfer Fee:

    Prince Edward Island $25
    Nova Scotia $25
    Newfoundland & Labrador $50
    All other provinces $400
  • I didn’t provide my property tax status

    Property Tax Search Fee – $100

    This fee is charged for investigation of property tax status if not received directly by customer.

  • Automatic (compulsory) property insurance

    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.

  • Inspections and appraisals

    Property Inspection/Property Appraisal – $300 – $500

    This fee is charged when inspection or appraisal is required and reflects the actual cost of visit.

  • Cost to manage arrears

    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.

  • The cost of reinstating my mortgage once legal enforcement has started

    Legal Administration or Mortgage Reinstatement – $1000

    This fee is charged each time a mortgage is reinstated from a legal status.

  • Bankruptcy or consumer proposal

    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.