The Gateway Open Mortgage™
The Gateway Open Mortgage is the best option for clients who are looking for flexible and short-term financing with no restrictions, need the ability to payout at any time without charge, have traditional or proven income, and posses a 600+ beacon.
- 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 45% GDS / 50% TDS
- Up to 80% (maximum for primary financing or primary plus secondary financing)
- Up to 30 years
- 10% must be from own resources; 20% minimum
- See our list of approved down payment sources
- Marketable, owner-occupied properties
- Rental properties
- Second and vacation properties
- See our list of accepted income docs
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.
Prepayment privileges* are available. Up to 20% of loan amount (minimum of $500) can be paid once a year on the anniversary date of mortgage (unused portion cannot be carried forward).
We also offer a 3-2-1 PAYOUT*. We recognize that Gateway Mortgages aren’t forever and your client may need to leave early. Our 3-2-1 payout is simple to understand with no complicated formulas. It’s as easy as 1, 2, 3! Early payout amounts are based on which year of the mortgage the customer is in:
- Year 1 = 3% of remaining balance
- Year 2 = 2% of remaining balance
- Year 3 = 1% of remaining balance
*Certain conditions may apply.
Visit our Gateway product standards page for full details that apply across all Gateway alternative lending products.