The Progress Advance Mortgage (+Land)™

A smooth start-to-finish solution for your ready-to-build clients.

Our Progress Advance Mortgage (+Land) offers a smooth, start-to-finish solution for your ready-to-build clients. With the addition of a land advance option, there’s no need to send your client to a bank branch – Bridgewater Bank’s complete offering includes expert support every step of the way. You can earn a finder’s fee and your clients have the option to switch without penalty upon completion.

Information

• Comparison Sheet

Resources

To ensure a fast approval of your application, please provide the documents outlined in the schedules below, along with your application:

• Schedule A: Construction Cost Schedule (PDF) – only required for self-builds
• Schedule B: Advance Schedule Report (PDF) – required for all Progress Advance mortgages
• Schedule C: Document Checklist (PDF) – required for all Progress Advance mortgages
• Schedule B for mobile/modular: Advance Schedule Report (PDF) – required for all Progress Advance mortgages

New home construction financing

Big banks No broker payment Land loan interest rate at bank’s discretion In branch only Registration fee		Bridgewater Bank Land advance (optional) and progress advance are wrapped under one mortgage for a smooth, seamless client experience Broker Paid $ at completion Transparent rate (Prime + 5% – interest only on advance) Single registration Single insurance premium Inspections included Dedicated underwriter for entire process
No broker payment Non-transparent rate (anywhere from Prime + 2-5% – interest only on advance) Second registration fee Possible inspection costs
Broker finally paid $ Rate typically locked in at posted – 1% (roughly 1% above best advertised rate) Limited options for mortgage term and type		(With Switch): Broker paid AGAIN $$$ Broker keeps control of client Best rate available based on client’s profile

Building a home is a big commitment for your clients. Managing their expectations and controlling their fears can be one of the biggest challenges for brokers. We are here to help. Contact your local BDM.