Bridgewater Bank Mortgages
Is Part of RateShop Mortgage's Trusted Canadian Lender Network
Bridgewater Bank Mortgages
Financing Your Future
Bridgewater Bank, an established player in Canada’s financial sector, offers a range of competitive mortgage products and services designed to help Canadians achieve their homeownership goals. With personalized solutions and a reputation for customer-focused service, Bridgewater Bank stands out as a trusted mortgage lender.
Bridgewater Bank’s History as a Mortgage Lender in Canada
Founded in 1997 and headquartered in Calgary, Alberta, Bridgewater Bank is a member of the Canadian Western Bank (CWB) Group. While relatively young in comparison to some larger banks, Bridgewater has built a strong reputation as a specialist in residential and commercial mortgages, offering flexible, competitive solutions tailored to the needs of individual borrowers and businesses. As part of CWB Group, the bank benefits from solid financial backing and access to a wide range of banking services, ensuring customers have access to the best mortgage options.
Types of Mortgage Products & Programs Offered
Bridgewater Bank provides a variety of mortgage products and services for both residential and commercial borrowers. These include:
Fixed-Rate Mortgages: Secure a set interest rate for the duration of the term, offering stable and predictable payments.
Variable-Rate Mortgages: Benefit from the potential for lower rates, with payments that fluctuate with market conditions.
High-Ratio Mortgages: Available for buyers who have a down payment of less than 20%, with mortgage insurance required.
Self-Employed Mortgages: Tailored to meet the unique needs of self-employed borrowers with flexible income verification options.
Commercial Mortgages: Financing for commercial properties, providing access to capital for businesses seeking to purchase or refinance commercial real estate.
Minimum Credit & Income Requirements
Bridgewater Bank offers flexible mortgage solutions to a variety of applicants, from first-time homebuyers to seasoned investors. Below are the key eligibility requirements:
Credit Score: A minimum credit score of 600 is typically required for most mortgage products. However, higher credit scores may be necessary for competitive rates.
Income: For salaried employees, proof of regular income is necessary. Self-employed applicants can provide tax returns and business financials to demonstrate income.
First-Time Homebuyers: Bridgewater offers specialized products for first-time buyers, including lower down payment options and guidance throughout the mortgage process.
Self-Employed & Contract Workers: Bridgewater understands the unique financial circumstances of self-employed individuals. Income verification may include two years of tax returns or other documentation depending on the applicant’s situation.
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*Advertised rates may not be offered by this lender. Mortgage lender offers are aggregated by RateShop & its Brokerage Network subject to change without notice. Speak with our mortgage broker about APR and qualification requirements.
Mortgage Underwriting Criteria for Approval
When assessing mortgage applications, Bridgewater Bank uses the following key criteria:
Debt Service Ratios: The Gross Debt Service (GDS) and Total Debt Service (TDS) ratios are key indicators used to ensure that the applicant can afford the mortgage payments in relation to their income and existing debt.
Income Verification: For salaried employees, this may include recent pay stubs or employment verification. Self-employed individuals need to provide two years of tax returns or other forms of proof of income.
Down Payment: Generally, a down payment of at least 5% is required for first-time buyers, with higher down payment percentages needed for investment properties or those seeking lower loan-to-value ratios.
Appraisal: Bridgewater Bank may require an independent appraisal of the property to ensure the home’s value is in line with the loan amount.
Locations, Services, and Branch Presence in Canada
Bridgewater Bank primarily operates in Canada through a network of brokers, providing services to customers across the country. While the bank does not have as extensive a branch presence as the larger national banks, it is backed by Canadian Western Bank Group, ensuring it has a solid national footprint and a strong reputation in the financial industry. Most mortgage applications and servicing can be handled online, making the process convenient for homeowners from coast to coast.
Mortgage Application Checklist
Before applying for a mortgage with Bridgewater Bank, ensure you have the following documents:
Proof of identity (government-issued ID)
Proof of income (pay stubs, business financials, or tax returns)
Employment details (letter of employment or contract)
Property details (purchase agreement or listing)
Credit report (Bridgewater will obtain this during the process)
How to Start a Mortgage Pre-Approval
Starting your mortgage pre-approval with Bridgewater Bank is a simple process:
Contact a Mortgage Broker: Reach out to a licensed mortgage broker who works with Bridgewater Bank. They can help you navigate the application process and provide guidance on the best mortgage product for your needs.
Submit Documents: Provide necessary documents, including proof of income and a credit report.
Receive Pre-Approval: Once your application is reviewed, you will receive a pre-approval letter outlining the maximum mortgage amount you are eligible for.
Pre-approval helps you understand your budget and shows sellers that you are a serious buyer.
How to Start a Mortgage Pre-Approval
To get the best mortgage rates from Bridgewater Bank:
Visit the Website or Contact a Broker: Bridgewater Bank provides up-to-date rates on their website, or you can speak directly with a broker.
Request a Rate Quote: Based on your mortgage type, term, and financial profile, Bridgewater can provide a customized rate.
Consider Timing: Mortgage rates fluctuate based on market conditions, so it’s important to lock in a rate when the terms are favorable for your financial situation.
Mortgage Pre-Payment Options
Bridgewater Bank offers several pre-payment options to help borrowers pay off their mortgage faster:
Accelerated Payments: Choose weekly or bi-weekly payments to reduce the total amount of interest paid over the life of the loan.
Additional Payments: You can make extra payments toward the principal without penalty, up to a specified limit each year.
Increase Payments: Increase your monthly payment amount to reduce the mortgage balance more quickly and shorten the loan term.
These flexible pre-payment options help you save on interest and pay off your mortgage sooner.
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Contact Information
6 Indell Lane, Brampton ON L6T 3Y3, Canada
Local: 416-827-2626
Toll: 800-725-9946
RateShop Inc. is a Mortgage Brokerage offering lowest mortgage rates to Canadians. We are provincially licensed in the following provinces: Mortgage Brokerage Ontario FSRA #12733, British Columbia BCFSA #MB600776, Alberta RECA #00523056P, Saskatchewan FCAA #00511126, PEI #160622, New Brunswick FCNB #88426, Newfoundland/Labrador. Our Quebec Mortgage Transactions are serviced by Orbis Mortgage Group AMF# 181136.
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