Choose a country
Canada
Choose a city
Choose a city
Choose a language
English
Select country
Choose a country
Canada
Australia
Canada
España
México
Philippines
United States
Việt nam
Казахстан
Banks
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Bridgewater Bank

Advertiser Disclosure

About bank

Bridgewater bank is a Canadian financial company specializing in residential mortgages and deposit products. The company was established in 1997 as a wholly-owned subsidiary of the Alberta Motor Association (AMA), the largest membership service organization in the province. Now, they manage $2.5 billion in residential mortgages and deposits, representing over 40,000 accounts across Canada. The company works through a select network of brokers.

Besides mortgages, the company offers investment opportunities via its Guaranteed Investment Certificates. The company pledges guaranteed returns, low risk, and flexible terms.

Features

One of the most significant features is that Bridgewater bank not only provides mortgage services to its clients with alternative sources of income but also services that help customers invest and increase their savings.

Bridgewater bank offers two insurance options: mortgage default insurance and mortgage life and disability insurance.

  • Mortgage default insurance

  • Mortgage life and disability

Bridgewater bank offers short-term mortgages for two or fewer years or long-term mortgages for three or more years. The prime rate of Bridgewater Bank is 3,70%.

Also, it is essential to note that Bridgewater bank works with different lenders with other conditions and interest rates.

As a Canadian Schedule I chartered bank, Bridgewater Bank helps customers to save their funds. For example, a customer can open a high-interest savings account.

Pros and cons

The company's advantages may seem obvious, but it must have some drawbacks that can affect clients’ decisions.

Pros

  • The company has partnered with a vast network of financial organizations, such as the Canadian Bankers Association, Mortgage Professionals Canada, etc.;

  • Besides mortgages, the company also provides insurance services and savings and investment solutions;

  • The customer can find a broker nearby simply by filling out the application form on the website;

  • The company offers prepayment privileges to help customers pay their mortgage off sooner;

  • Clients can choose repayment frequency: monthly, semi-monthly, weekly, or bi-weekly.

Cons

  • The company doesn’t have a fixed interest rate as they work with many different brokers who charge their rates;

  • The company’s website doesn’t contain sufficient information, such as the limits of funding methods. However, as they cooperate with different brokers, usually the funding methods depend on them;

  • The customer must be employed for a minimum of 3 months and be past the probationary period at their place of employment for the lender to consider their current employment and salary;

  • The approval process can extend up to 90 days;

  • If the customer issues a short-term mortgage, rates can be tough to predict. They may rise by the time the client’s mortgage term ends. In this case, they’d have to renew at a higher rate;

  • If the customer issues a long-term mortgage, there’s a risk of unexpected payout charges due to different situations like changes in their financial circumstances or having to move unexpectedly.

Loan conditions

To be approved by Bridgewater bank, a customer must

  • be 18 years or older;

  • be a Canadian citizen;

  • have a stable job for at least three months and be past the probationary period at their place of employment for the lender to consider their current employment and salary;

  • be able to pay a minimum of 5% as a down payment.

Also, the customer will need to verify their income and provide information about their net worth assets, lending area, and downpayment sources. However, it is essential to note that Bridgewater bank cooperates with many banks and lenders, so their conditions may differ. All the requirements must be agreed upon with the broker. Usually, mortgage approval takes 30 - 90 days.

Methods of loan funding

As Bridgewater bank works with different brokers, the funding methods depend on them.

Bridgewater bank

FAQ

What is Bridgewater bank?

Bridgewater Bank is a financial organization that provides residential mortgages through a pool of brokers. They were founded in 1997 and now manage $2.5 billion in residential mortgages and deposits, representing over 40,000 accounts across Canada. Besides, the company provides investment and savings services.

Who owns Bridgewater bank?

Bridgewater bank is a wholly-owned subsidiary of the Alberta Motor Association (AMA), the largest membership service organization in Alberta.

How do you qualify for Bridgewater bank?

To be approved by Bridgewater bank, the customer must be older than 18 years old; be a citizen of Canada; have a stable job for at least three months, be past the probationary period at their place of employment for the lender to consider their current employment and salary, and be able to pay a minimum of 5% as a down payment. The rest of the requirements are set by the company’s broker partners.

How much can you borrow from Bridgewater bank?

A customer can borrow from this company the amount between $100 000 and $1 000 000.

Is it a legitimate company?

Bridgewater Bank received its bank license on January 1, 2006. As a federally regulated financial institution, it is subject to the same regulatory and compliance requirements as all Canadian chartered banks. The bank is regulated by the Office of the Superintendent of Financial Institutions (OSFI) and is a member of such organizations as CDIC, CMHC, MBSIA, etc.

Company documents

Terms and Conditions
Privacy

We specialize in competitive residential mortgages and deposit products through a select network of brokers.

© Bridgewater Bank

Bridgewater Bank service available provinces

  • Ontario
  • Quebec
  • Nova Scotia
  • New Brunswick
  • Manitoba
  • British Columbia
  • Prince Edward Island
  • Saskatchewan
  • Alberta
  • Newfoundland and Labrador
  • Northwest Territories
  • Yukon
  • Nunavut
Bridgewater Bank service available provinces

Financial products

Bridgewater Bank
Mortgage
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
$100,000-$1,000,000
Rate
i

Effective interest rate on the product

up to 3.7%
Term
i

Loan term for the financial product

up to 25 years

Similar products

Coast Capital Savings
Personal loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
$500-$50,000
Rate
i

Effective interest rate on the product

7.5%
Term
i

Loan term for the financial product

60 months
Borrowell
Personal loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
$500-$50,000
Rate
i

Effective interest rate on the product

up to 39.99%
Term
i

Loan term for the financial product

up to 84 months
Refresh Financial
Credit builder loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
$1,250-$10,000
Rate
i

Effective interest rate on the product

up to 19.99%
Term
i

Loan term for the financial product

up to 60 months
Apply
Mogo
Personal loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
$500-$15,000
Rate
i

Effective interest rate on the product

up to 46.96%
Term
i

Loan term for the financial product

up to 60 months
Apply
goPeer
Personal loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
$1,000 - $25,000
Rate
i

Effective interest rate on the product

up to 33.92%
Term
i

Loan term for the financial product

up to 60 months

Calculate loan payments in Bridgewater Bank

Bridgewater Bank calculator will allow you to calculate an approximate payment schedule for the loan

Bridgewater Bank calculator
Interest rates are given in accordance with the rates of the Bridgewater Bank of 01.06.2023
Loan amount
i

Enter the desired loan amount

CAD
CAD
USD
100000 C$
1000000 C$
Loan term
i

Specify the loan term for the calculation

years
months
5
25
Province
Your comment has been added
Error
Your complaint has been recorded
Invalid username or password
comment.alert.error-reg
Please log in to like/dislike
Invalid SMS code has been entered
All Bridgewater Bank’s reviews by june 2023
Leave feedback

Similar companies

Fairstone Bank
33 Yonge Street, Suite 810 Toronto, Ontario Canada M5E 1G4
+1 (833) 461-29-00
Digital Commerce Bank
736 Meridian Road NE Calgary, Alberta T2A 2N7
+1 (844) 836-60-40
American Express Company
P.O. Box 3204, Station F, Toronto, ON M1W 3W7
+1 (800) 869-30-16
Simplii Financial
161 Bay St., Toronto, ON M5J 2S8
+1 (888) 723-88-81
Motusbank
Toronto, Ontario , 3280 Bloor Street West Centre Tower, 7th Floor Reception
+1 (833) 696-68-87