Review of Bridgewater Bank Mortgages

Headquartered in Calgary, Bridgewater Bank was established in 1997 as a wholly-owned subsidiary of the Alberta Motor Association (AMA).

Bridgewater Bank focuses on providing mortgage solutions for borrowers who may not fit the traditional lending mold through flexible debt ratios and programs that cater to self-employed individuals who use bank statements as proof of income. They also have a rental program for investors looking to finance rental properties.

• Type of Lender: Alternative Lender

• Relevant Links: Mortgage Calculator

Today’s Lowest Rates from Bridgewater Bank

Ideal Client:

Bridgewater Bank is ideal for borrowers who need flexible lending criteria and can benefit from higher debt ratios. This lender is particularly suitable for self-employed individuals who rely on alternative income documentation, such as bank statements, or investors who are seeking to finance rental properties.

Special Features:

Bridgewater Bank offers a variety of flexible mortgage options designed to meet diverse needs. With their flexible debt ratios, clients can enjoy more accommodating criteria that may make it easier to qualify. Their bank statement program is ideal for self-employed borrowers, allowing them to use bank statements as proof of income. Additionally, their rental program caters to investors looking to finance rental properties, providing tailored solutions to fit different investment strategies. While these features can be beneficial, clients need to weigh the pros and cons to find the right fit for their financial situation.

Downsides:

When considering this lender for your mortgage, there are a few downsides to keep in mind. They may charge a potential lender fee, and their prepayment penalties can be higher than what some other lenders offer. Additionally, their lending area is limited, and they don't have physical branches, which might be inconvenient for some. Lastly, the application process can be paperwork-intensive. Being aware of these factors can help you make a well-informed decision that’s right for your needs.

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