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Vice-President, National Sales
Jason Provencher Phone: 403.472.7340 Toll Free: 1.888.472.7340 Fax: 403.718.3042 jprovencher@bridgewaterbank.ca
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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
Laura Cook Phone: 587.341.4160 Toll Free: 1.844.430.4846 lcook@bridgewaterbank.ca
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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
Headshot of Jason Provencher
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
Laura Cook
Phone: 587.341.4160
Toll Free: 1.844.430.4846
lcook@bridgewaterbank.ca
Headshot of Laura Cook

Refinancing two properties to lower monthly payments

Danny is a sole borrower working full time. He has had the same job for more than ten years. Danny has two mortgages, one on his owner-occupied home, the other on his disabled parent’s home.

Danny is trying to lower his monthly payments to increase his savings.

He called his mortgage broker to help him assess his options. His broker knew that if he refinanced both properties, he could get a great rate on his owner-occupied home since it is in a desirable location and in good condition. Danny has a story to tell; he is taking care of his disabled, aging parents, paying his bills on time and has steady income – all of which look positive to a lender underwriter.

Danny’s ratios are a bit high for an A lender and his parents live in a secondary market location (outside a major urban center) leading Danny to refinance with an alternative lender.

deal scenario 4 deal snapshot

Solution(s):

Danny’s broker thought of Bridgewater Bank for this deal. Their expert underwriters and sales team are always available to discuss a deal and find a solution.

The Gateway suite of products was designed with clients like Danny in mind. Both refinances were done, and Danny’s monthly payments were reduced thanks to the great rate he received on his owner-occupied property. To top it off, his broker collected two finder’s fees – a win/win situation!

Term 2 year
Amortization 30 years
Rate 3.99%
Loan amount $271,500
LTV 75%
GDS/TDS 24.23%/47.05%
Fee 1% ($2,715)
Finders fees paid to broker 70 bps
Turnaround time Commitment: 1 day; Funding: 23 days

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