Get your client our near-prime super sweet 3.99% rate on one-year terms on qualifying deals. And you enjoy 60bps for yourself! Run your deal past your BDM to see if it qualifies.
We also have 2 and 3-year terms available for qualifying deals. Be sure to talk to your BDM!
|1-year term||2-year term||3-year term|
|Rate (680+ beacon)||3.99%1||4.59%2||4.79%3|
|Finder’s fee||60 bps||70 bps||80 bps|
Take a look at a recently approved 3.99% deal to see if this sounds like any of your clients.
Sahid and Kim are purchasing a new home in Kitchener, Ont. using the equity from their existing home for the down payment. Sahid and Kim refinanced the existing home and will be using it as a rental property going forward.
|Location & Property||Income Documents|
Sahid and Kim went to their mortgage broker for help. Their broker knew Bridgewater Bank could do the refinance as well as get them a competitive rate on their new home purchase. Because Sahid and Kim are salaried employees, it was easy to prove their income. They have great credit scores and no bankruptcies or consumer proposals. This got Kim and Sahid a fantastic rate on their purchase on a one-year term. Kim and Sahid will be able to move into their new home and rent out their income property. This was also a win for their mortgage broker who was able to do two deals at once and double their commission.
|Term: 1 year||Amortization: 30 years|
|Rate: 3.99%||Loan amount: $320,000|
|LTV: 80%||GDS/TDS: 41%/47%|
|Fee: 1% ($3,200)||Finders fees paid to broker: 60 bps|
|Turnaround time: Commitment – 1 day||Funding – 23 days|
*All deals subject to credit approval.
2 APR 5.10% 3 APR 5.13%
All rates are compounded semi-annually, not in advance. The above annual percentage rates (APR) calculations are based on a $200,000 loan with a 30-year amortization and loan fee of 1%. The information on this page is for internal broker use only. Not intended for external consumer use.