Bridgewater Bank charges fees for providing administrative services. Introduction of new mortgage service fees and updates to existing fees are subject to change without notice.
As of January 15, 2020, Bridgewater Bank’s fees include, but are not limited to, the following:
Returned Payment, e.g. non-sufficient funds (NSF) – $110
Delayed Payment – $90
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 – $75
Duplicate copy of Annual Mortgage Statement – $50
Duplicate copies of documentation (e.g. discharge documents, assignments) – $50
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 – $25
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 to $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 – $500
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.