Renewals

Renew your mortgage

Renewal notice

About 45 days before your mortgage matures, you’ll receive an offer of renewal notice in the mail. It tells you how to renew your mortgage and provides a list of available rate and term options. You can sign and return the agreement, or contact us and we’ll be happy to discuss your options in more detail. You do not need to resubmit a full application for mortgage approval; we review your credit, mortgage payment and client history upon renewal.

Maintaining adequate property insurance on your property and ensuring your property taxes remain current are requirements of your mortgage. Upon renewal of your mortgage, you are required to confirm property tax and property insurance.

Property tax

When you renew, you are required to send us a copy of either:

• Your most recent property tax bill.
• Confirmation that you are involved in a property tax payment plan with the municipality or other appropriate entity.
• A recent bank statement which indicates a tax payment, lump sum or installment to confirm payment of taxes. This process speeds up the renewal process by confirming that all taxes are paid up to date.

Property insurance

When you are renewing your mortgage, you are also required to complete the property insurance confirmation section when you sign the renewal agreement. This means you certify that the mortgaged property is insured by the policy and you agree that you will notify us immediately of any changes to your property insurance. You also certify that Bridgewater Bank is currently named in the policy below as first loss payee.

Mortgage life and disability insurance

Life is forever changing and so are your family needs. Mortgage life and disability insurance is an option you can add to your mortgage any time. Safeguard your family’s security with mortgage life and disability insurance; it can help ease the burden on your family in the event of the unexpected.

Questions? Contact us.