Gateway product standards

PURPOSE

• Purchase
• Refinance
• Equity take outs

AVAILABLE TERMS

• 1 year
• 2 year
• 3 year

PAYMENT FREQUENCY

• Monthly
• Semi-monthly
• Bi-weekly
• Weekly

RATE HOLDS

• 10 days from date of approval
• 90 days from date of approval with signed commitment

LOAN AMOUNT

• $100,000 to $2,000,000*

*Subject to underwriting. Sliding scale applies over $1M. Geographic, property, and credit restrictions apply.

APPRAISALS REQUIRED

• Please select an appraiser from the approved appraisers list
• Type of appraisal is determined at commitment

PREPAYMENT PRIVILEGES

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

More information and resources:

Income verification

Net worth assets

Down payment sources

Lending areas