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Lower Mainland, Island and northern British Columbia
Yvonne Futter Phone: 604.506.7114 Toll Free: 1.866.867.1777 Fax: 403.718.3042 yfutter@bridgewaterbank.ca
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Edmonton, central & northern Alberta
Eric Doucet Phone: 403.806.8466 edoucet@bridgewaterbank.ca
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Manager, National Accounts
Eric Doucet Phone: 403.806.8466 edoucet@bridgewaterbank.ca
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Nova Scotia, New Brunswick, Newfoundland and Prince Edward Island
Paul Delaney Phone: 905.866.7162 Toll Free: 1.844.734.4762 pdelaney@bridgewaterbank.ca
Headshot of Paul Delaney
Manager, National Accounts
Eric Doucet Phone: 403.806.8466 edoucet@bridgewaterbank.ca
Headshot of Eric Doucet
Select a location from above to display BDMs
Contact a BDM
Lower Mainland, Island and northern British Columbia
Yvonne Futter
Phone: 604.506.7114
Toll Free: 1.866.867.1777
Fax: 403.718.3042
yfutter@bridgewaterbank.ca
Headshot of Yvonne Futter
Edmonton, central & northern Alberta
Eric Doucet
Phone: 403.806.8466
edoucet@bridgewaterbank.ca
Headshot of Eric Doucet
Manager, National Accounts
Eric Doucet
Phone: 403.806.8466
edoucet@bridgewaterbank.ca
Headshot of Eric Doucet
Nova Scotia, New Brunswick, Newfoundland and Prince Edward Island
Paul Delaney
Phone: 905.866.7162
Toll Free: 1.844.734.4762
pdelaney@bridgewaterbank.ca
Headshot of Paul Delaney
Manager, National Accounts
Eric Doucet
Phone: 403.806.8466
edoucet@bridgewaterbank.ca
Headshot of Eric Doucet

Couple explores refinancing to access their home’s equity

In this case, the clients have been dreaming of building a second home on a plot of land they own together. They have equity in their current home, but they also have some debt they want to pay off. Due to high ratios, primary borrower being self-employed and a low beacon score for the co-borrower, an A lender wasn’t going to approve this deal.

They made the decision to talk to their mortgage broker about how to consolidate their debts and secure a mortgage to build their second home. The expert underwriter could see that they had good payment histories, equity in their existing home and steady income and was able to secure them a great rate at near prime.

Solution:

Their dedicated broker partnered with Bridgewater Bank and refinanced their existing property and used the equity to pay off an unsecured line of credit and they will use the remaining equity to build their second home.

Term 1 year
Amortization 30 years
Rate 3.39%
Loan amount $337,500
LTV 75%
GDS/TDS 27.71%/45.77%
Down payment Existing equity
Fee 1% ($3,375)
Finders fees paid to broker 60 bps
Turnaround time Funding: 20 days

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