Prime rate

The prime rate is the lending rate Canada’s banks and financial institutions use to set interest rates for variable loans and lines of credit, including mortgages.

Bridgewater Bank Prime Rate 3.95%
Last date adjusted: October 25, 2018.

Features

Flexible options

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.
  • We lend where you are – Bridgewater Bank provides mortgages in urban and rural areas in British Columbia, Alberta, Saskatchewan, Manitoba and Ontario.

 

Bridgewater Bank fees

  • Mortgage fees & service charges

    Bridgewater Bank charges fees for providing administrative, clerical and other services. These fees are subject to change without notice. As of October 15, 2014, Bridgewater Bank’s fees include, but are not limited to, the following:

    Payment Related Fees
    Non-Payment Fee (e.g. non-sufficient funds (NSF), returned or refused payments) $75
    Changes to payment frequency or payment date $25
    Change Fee
    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 and release of Borrower from mortgage. $400
    Full or Partial Discharge Fee
    Alberta No Charge
    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
    Servicing Fees
    Additional Annual Mortgage Statement (one annual statement is provided at no charge) $50
    Duplicate copies of documentation (e.g. discharge documents, assignments) $50
    Information Statement (one information statement is provided when requested every 3 months at no charge) $25
    Payout Statement (one payout statement is provided when requested every 3 months at no charge) $25
     Payment History Breakdown $60 per hour
     Lender Acceptance Fee (if applicable) Up to 2% of mortgage amount
     Management Administration Fees
    Property Tax Search Fee
    Investigation of property tax status if not received directly by customer
    $100
    Property Insurance Administration
    This fee is incurred when property insurance lapses and the Bank is required to place property insurance on the mortgage property to protect the asset
    $500 per quarter
    Arrears Processing
    Arrears management fee for condo fees, property tax arrears and utilities arrears
    $250
    Mortgage Reinstatement
    Charged in the event a mortgage is recovered from legal status
    $400
    Fees and service charges are subject to change without notice.

    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 disclosure statement for information about charges which apply to you.

    Download the Service Fees PDF.

Prepayment privileges

Our flexible prepayment privileges can help you to pay down your mortgage sooner, potentially saving you thousands of dollars in interest.

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. It is 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?

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