Portable means you can transfer your current mortgage to your new home. We also offer solutions in the event you need more or less money for your home purchase.
For example, if your new home’s value is lower than the value of your current mortgage, you can take advantage of the 20/20 prepayment privilege with no penalty. Any prepayment beyond 20% is subject to prepayment charges as described in the terms and conditions of your mortgage.
If your new home’s value is higher than the value of your current mortgage, you can apply to increase your mortgage with us. The increased amount added to your mortgage will be offered at today’s mortgage rates. You will need to qualify to increase the size of your mortgage.
Assumable means the buyer of your property can apply to Bridgewater Bank to take over your existing mortgage. This can be an appealing selling feature if your current mortgage offers a good rate compared to today’s market rates.