
Gateway Mortgage Group Reviews
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About Gateway Mortgage Group
Gateway Mortgage is the mortgage lending division of Gateway First Bank (NMLS #7233). It has a wide range of loan products, including traditional mortgages and harder-to-find options (like one-time close construction loans, FHA 203(k) mortgages and manufactured-home loans). You can apply for a loan from the company’s website.
- Variety of loans, including construction and lot loans
- Programs for first-time homebuyers
- Online application process available
- Not available in all states
- Unclear fees and requirements
Gateway Mortgage details
Rates
Gateway Mortgage offers both fixed-rate and adjustable-rate mortgages (ARMs). Its ARMs’ initial rates stay fixed for three to 10 years, which means you’ll have a fixed rate for that time frame. Then your rate will reset every six months for the rest of your loan term.
Choosing between a fixed rate and an adjustable rate often comes down to personal preference and economic circumstances. For example, some borrowers prefer a monthly mortgage payment that won’t change for the next 30 years. However, other borrowers may prefer a rate reset in the future if rates are currently high and are expected to come down over time. Also, buyers who know they will sell the house before the rate resets may be attracted to the low introductory rates of ARMs.
Gateway Mortgage average home purchase rate vs. national average
Year | Difference from national average |
---|---|
2021 | -0.01% |
2020 | -0.00% |
2019 | -0.02% |
Information pulled from public Home Mortgage Disclosure Act data. Rates reflect noncommercial home purchase loans only.
Application process
Next, you’ll create an account and provide your contact information, like your name, address and phone number. You’ll also provide information about your account balances and the value of any real estate you own.
Once you’ve done as much as you can online, a loan officer will contact you to help finalize your application. They may ask you questions about your financial situation to determine the best loan option for you. Be prepared to answer questions about your debt and income too — Gateway Mortgage uses this information to determine your loan amount. Once your application is complete, you could receive a pre-qualification decision in as little as one business day.
Rachael, a ConsumerAffairs reviewer from Salt Lake City, had this to say about their experience with Gateway:
“Debbie and her team helped me lower my interest rate on my mortgage and get rid of my private mortgage insurance, which lead to a substantial drop in my monthly mortgage payment. Even closing was easy, I signed some documents online and Debbie coordinated a mobile notary to come to my house.”
Gateway Mortgage application features
Features | Availability |
---|---|
Online application | Available |
Mobile document upload | Available |
Physical branches | 170 nationwide |
Publishes minimum rate on website | X |
Rate lock | Up to 60 days |
Pre-qualification (no hard credit pull) | Undisclosed |
Certified approval letter | Available |
Loan types
In addition, there are a variety of programs available to homebuyers in unique situations. For first-time homebuyers, there’s the HomeReady program by Fannie Mae and the Home Possible program by Freddie Mac. Both feature low down payments and varying loan terms. Gateway also works with down payment assistance programs, which help borrowers apply for grants to help cover the cost of the down payments and closing costs.
In 2021, Gateway Mortgage had 761 home purchase applications submitted. About 63% (478) of home purchase applications resulted in loans, and less than 1% (5) were denied.
Gateway Mortgage application features
2021 | 2020 | 2019 | |
---|---|---|---|
Home purchase applications | 761 | 680 | 853 |
Home purchase loans closed | 478 | 458 | 470 |
Home purchase applications denied | 5 | 18 | 5 |
Home purchase preapprovals denied | 60 | 91 | 91 |
Information pulled from public Home Mortgage Disclosure Act data. Includes conventional, USDA, VA and FHA mortgages.
Refinancing
Many borrowers chose to refinance in 2020 and 2021 as rates fell to historic lows. By locking in a lower rate, borrowers who refinanced in the first half of 2021 were able to save over $2,800 a year on average, according to data from Freddie Mac.
As mortgage rates climb, fewer borrowers are expected to refinance in 2022. However, you may still choose to explore your refinancing options should you need the cash or want to pocket some interest savings each year. Generally speaking, reducing your loan term can help you lock in a lower rate and save thousands in interest over the lifetime of the loan. However, keep in mind that your monthly payment is likely to increase with a reduced loan term.
Home purchase vs. refinance loans by year
2021 | 2020 | 2019 | |
---|---|---|---|
Home purchase loans | 40.75% | 29.43% | 63.77% |
Refinance loans | 38.87% | 53.86% | 21.30% |
Cash-out refinance | 20.03% | 16.71% | 3.57% |
Information pulled from public Home Mortgage Disclosure Act Data. Includes conventional, USDA, VA and FHA mortgages.
Requirements
National mortgage requirements by type
Min. credit score | Min. down payment | Compare with other lenders | |
---|---|---|---|
Conventional | Typically 620 | Typically 3% | Mortgage lenders |
FHA | 500 | 3.5% with 580 credit score | FHA lenders |
VA | Set by lender (often 580) | 0% | VA lenders |
USDA | Set by lender (often 640) | 0% | USDA lenders |
Cost and fees
Gateway Mortgage should provide a Loan Estimate within three business days of receiving your application, which will give you an idea of your closing costs. Keep in mind that this is only an estimate and costs could vary slightly before closing. You’ll receive a Closing Disclosure three days before the closing that details all your final costs.
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FAQ
What is Gateway Mortgage?
Gateway Mortgage is a division of Gateway First Bank. Gateway First Bank is a financial institution that offers banking and mortgage services to both individuals and businesses. It was founded in 2000 and offers an array of loan options. The company is headquartered in Jenks, Oklahoma.
Is Gateway Mortgage legit?
Gateway Mortgage has been in business for over 20 years, accumulating 170 locations nationwide and more than 300,000 home loans closed.
Where is Gateway Mortgage available?
At the time of publishing, Gateway Mortgage’s online application process allows you to start an application if you’re in any state except:
- Alaska
- Hawaii
- California
- Maine
- Massachusetts
- Montana
- New Hampshire
- New York
- Rhode Island
- Vermont
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- 4,681,260 reviews on ConsumerAffairs are verified.
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- 4,681,260 reviews on ConsumerAffairs are verified.
- We require contact information to ensure our reviewers are real.
- We use intelligent software that helps us maintain the integrity of reviews.
- Our moderators read all reviews to verify quality and helpfulness.
Sources
- Federal Financial Institutions Examination Council (FFIEC) “ HMDA Dataset Filtering .” Accessed September 12, 2022.
- Freddie Mac, “ Refinance Trends in the First Half of 2021 .” Accessed September 12, 2022.
Gateway Mortgage Group Company Information
- Company Name:
- Gateway Mortgage Group
- Website:
- www.gatewayloan.com
