Features and Benefits

A Mortgage to suit you!

Bridgewater Bank mortgages offer flexible options to suit your lifestyle and goals. Some mortgage features are not available for all mortgage products. Always refer to your most recent Disclosure Statement and/or Renewal Agreement for complete information regarding prepayment privileges available to you.

 

Know what to expect With our fixed rate mortgages, your interest rate and payment will not change for the term you select.
Mortgage terms to fit your life Our mortgages are available in 1, 2, 3 and 5 year terms depending on your mortgage type. So you can choose the term that suits your life plans.
Pay off your mortgage sooner View details below on our prepayment privilege.
We lend where
you are
Bridgewater Bank provides mortgages in urban and rural areas in British Columbia, Alberta, Saskatchewan, Manitoba and Ontario.

 

We also offer

Prepayment Privileges

Our flexible prepayment privileges can help you to pay down your mortgage sooner, potentially saving you thousands of dollars in interest. Bridgewater Bank has two great options to pay your mortgage off faster without prepayment charges:

Note: Our open mortgages allow you to payout at any time without charge.

Option 1: Annual 20% Prepayment (1)

You may make a lump sum payment of up to 20% of the principal amount owing on the mortgage at the beginning of your current term without paying a penalty or charge. Apply your savings in a lump sum deposit toward your mortgage.

 

Option 2: Increase your regular mortgage payment by up to 20% over your Term (2)

You can increase your regular payment amount by up to 20% at any time or times during your Term. The total of these increases during the term of your mortgage cannot be more than 20% of the regular payment amount.
You may prepay more than the prepayment privilege options; however, you will be subject to prepayment charges as described in the terms and conditions of your mortgage agreement and disclosure agreement.

 

Amortization options

We offer a range of amortization options, so you have the flexibility to choose what best suits your financial needs. A longer amortization period will keep your payments low while taking longer to pay off your mortgage. A shorter amortization will make your payments higher while paying off your mortgage sooner.

 

Payment Frequencies

Tell us what works for you – monthly, semi-monthly, weekly or bi-weekly – and accelerated payment options may be available.

 

Portable and Assumable

You may not realize that you can move your mortgage with you to your new home – and there’s no heavy lifting! Your Bridgewater Bank mortgage may be portable or assumable. Portable means you can transfer your existing mortgage to your new home. We also offer solutions in case you need more or less money for the purchase. Assumable means the buyer of your property can apply to qualify to take on your existing mortgage.

 

Mortgage Life and Disability Insurance

Bridgewater Bank offers eligible borrowers mortgage life and disability insurance through the Credit Security Plan specifically designed to fit your mortgage and help ensure your family’s security in the event of serious illness, accidental injury or death. Mortgage life and disability insurance are optional and can be added to your mortgage at any time.

Questions? Contact us.

 

(1) Minimum payment of $500. You cannot carry forward any unused portion of the Prepayment Privilege to a future year. Certain mortgage products restrict the day(s) on which this prepayment privilege is available. Refer to your most recent Disclosure Statement or Renewal Agreement for more details or contact us for more information.
(2) This prepayment privilege is not available on all mortgage products. Refer to your most recent Disclosure Statement or Renewal Agreement for more details or contact us for more information.