Select a location from above to display BDMs
Contact a BDM
Vice-President, National Sales
Jason Provencher Phone: 403.472.7340 Toll Free: 1.888.472.7340 Fax: 403.718.3042 jprovencher@bridgewaterbank.ca
British Columbia
Yvonne Futter Phone: 604.506.7114 Toll Free: 1.866.867.1777 Fax: 403.718.3042 yfutter@bridgewaterbank.ca
Edmonton, central & northern Alberta
Laura Cook Phone: 587.341.4160 Toll Free: 1.844.430.4846 lcook@bridgewaterbank.ca
Select a location from above to display BDMs
Contact a BDM
Vice-President, National Sales
Jason Provencher
Phone: 403.472.7340
Toll Free: 1.888.472.7340
Fax: 403.718.3042
jprovencher@bridgewaterbank.ca
British Columbia
Yvonne Futter
Phone: 604.506.7114
Toll Free: 1.866.867.1777
Fax: 403.718.3042
yfutter@bridgewaterbank.ca
Edmonton, central & northern Alberta
Laura Cook
Phone: 587.341.4160
Toll Free: 1.844.430.4846
lcook@bridgewaterbank.ca

Purchasing a home after a consumer proposal

Tyler and Raya are a happily married couple looking to purchase an owner-occupied property in a major urban center. They will be selling their current property in order to purchase a new one.

They have good credit, but Tyler filed a consumer proposal in 2016 which is making their mortgage acceptance difficult. The consumer proposal was paid shortly after filing and trades have all been paid as agreed. Their down payment will come from the sale of their existing property.

Raya called her mortgage broker as the consumer proposal made it difficult to gain an approval from their A lender.

Solution

It can be difficult to gain a mortgage approval after a consumer proposal which is why Tyler and Raya’s broker sent their deal to Bridgewater Bank. Bridgewater Bank underwriters work to understand the story behind client financial setbacks in order to get them the mortgage they need.

Tyler and Raya took on a 2-year term, giving them the time needed to work out their finances and move to a lower mortgage rate at renewal.

Term2-year
Amortization30 years
Rate5.09%
Loan amount$488,000
LTV80%
GDS/TDS27.59%/39.04%
Fee1% ($4,880)
Finders fee paid to broker70 bps
Turnaround timeCommitment: 1 day Funding: 23 days
*The AIR is compounded semi-annually, not in advance. The APR based on the $488,000 loan with a 30-year amortization and loan fee of 1% is 5.60%. For internal use only (brokers, agents and affiliates). Not intended for external consumer use.
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