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.
