The Gateway Open Mortgage™
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A flexible option for clients looking to pay off their mortgage in the near future.
The Gateway Open Mortgage is the best option for clients looking for short-term financing with no restrictions and the ability to payout any time at no charge.
An open mortgage gives flexibility to your clients who may be considering moving in the very near future or are looking to make large lump sum payments on their mortgage.
Download the Gateway Open Mortgage product sheet.
CREDIT
- 600+ for primary borrower
- 550+ for co-borrowers
- Discharged from bankruptcy for minimum 12 months with re-established credit
- Consumer proposals considered (must be discharged or paid out from proceeds)
GDS / TDS
- Maximum 55% GDS / 55% TDS
LTV
- Up to 80% (maximum for primary financing or primary plus secondary financing)
AMORTIZATION
- Up to 35 years
DOWN PAYMENT
- 10% must be from own resources or gifted; 20% minimum
- See our list of approved down payment sources
PROPERTY TYPE
- Marketable, owner-occupied properties
- Rental properties
- Second and vacation properties
- Rural properties (agricultural zoned properties not accepted)
DOCUMENTS
- See our list of accepted income docs
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Additional product information
Additional product information
Bridgewater Bank Gateway mortgages can be used for purchases, refinances or equity take outs. Our mortgages are available in 1 year, 2 year and 3 year terms.
Once in each 12 month period, prepay up to 20% of the loan amount (min. $500). Unused portion cannot be carried forward. Any prepayment more than 20% will be subject to prepayment charge calculated on the entire amount being prepaid. Certain conditions may apply.
Prepayment Charge Method
The prepayment charge is the greater of:
Three (3) months interest at the annual interest rate of the mortgage calculated on the amount being prepaid; and the interest rate differential (“IRD”), calculated on the amount being prepaid.
The IRD amount is the difference in the interest rate between the annual interest rate of the mortgage and the reference rate* reported on the business day preceding the date your mortgage prepayment/payout statement is prepared multiplied by the amount being prepaid and multiplied by the time that is remaining on the term.
*How to determine which reference rate applies: Please visit bridgewaterbank.ca/mortgages/my-mortgage-solution/prepayments for more details. Certain conditions may apply
Visit our Gateway product standards page for full details that apply across all Gateway alternative lending products.
Subject to full underwriting policy and may change without notice.