Rental Mortgage
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The Gateway Rental Mortgage™
For your clients looking to grow their income property assets.
The Gateway Rental Mortgage is the best option for clients looking to purchase or refinance an investment property. With an LTV of up to 80%, this product offers flexible solutions to your client roster of rental investors.
Download the Gateway Rental Mortgage product sheet.
CREDIT
- 550+
- 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 of 55% GDS / 55% TDS
LTV
- Up to 80%
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
- Non-owner-occupied rental/investment properties
- Single-family, duplex, fourplex, condo
- Property must be registered in personal name
- Non-conforming suites in major markets that conform to municipal zoning requirements considered
- Please contact your BDM to confirm rental locations.
DOCUMENTS
- See our list of accepted income docs for verified income and alternative provable income.
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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.
| Feature | The Gateway Simple Mortgage™ | The Gateway Rental Mortgage™ | The Gateway Self-Employed Mortgage™ | The Gateway Open Mortgage™ | The Gateway Canadian Newcomers Mortgage™ |
|---|---|---|---|---|---|
| CREDIT | 500+ | 550+ | 500+ | 600+ (primary), 550+ (co) | 550+ + 6 months verifiable payments + bank statements |
| GDS / TDS | 55% / 55% | 55% / 55% | 55% / 55% | 55% / 55% | 55% / 55% |
| LTV | Up to 80% | Up to 80% | Up to 80% | Up to 80% | Up to 80% |
| AMORTIZATION | Up to 35 years | Up to 35 years | Up to 35 years | Up to 35 years | Up to 35 years |
| DOWN PAYMENT | 10% own/gifted (20% min) | 10% own/gifted (20% min) | 10% own/gifted (20% min) | 10% own/gifted (20% min) | 10% own/gifted (90-day hold in CDN acct) |
| PROPERTY TYPE | Owner-occupied, 2nd, mobile, rural | Rental/investment only | Owner-occupied, 2nd, rental, rural | Owner-occupied, rental, 2nd, rural | Assumed marketable properties |