About Gateway Mortgage Group
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Gateway Mortgage Group is a mortgage provider that’s available in select states across the nation. It offers a wide variety of mortgage types, and its Lock & Shop program lets you lock in your interest rates. It’s a division of Gateway First Bank, and its website includes some helpful resources and loan calculators.
Overall Satisfaction Rating
- 5 stars
- 4 stars
- 3 stars
- 2 stars
- 1 stars
Pros
- Helpful online resources
- Lock & Shop program
- Large variety of products
Cons
- Not available nationwide
- Sparse information on the website
Bottom Line
Gateway Mortgage Group is a privately owned mortgage lender. It operates in 40 states and in D.C. The company is a division of Gateway First Bank and offers purchase, refinancing, renovation and specialty loans.
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We could not be happier with the care and attentiveness that our mortgage team has provided. We are first time home buyers and are truly impressed by the service we received. Woul...
Read full review… I thoroughly enjoyed working with Tom ** and his team in Edmond, OK… We moved from Ardmore to Edmond, and we were so appreciative of how Tom and his team treated us. They were r...
Read full reviewAbout Gateway Mortgage
Gateway Mortgage was founded in 2000 and offers a vast array of loan options — whether you’re a first-time homebuyer, looking to refinance or planning renovations, Gateway is likely to have a loan that suits you. It promises an intuitive and secure digital mortgage experience. The company uses LinkStep technology, which simplifies and streamlines the mortgage process.
In 2019, Gateway merged with Farmers Exchange Bank, creating Gateway First Bank. The bank offers a full suite of services and is one of the 10 biggest banks in Oklahoma. Gateway as a whole promises reasonable rates, top-notch service and convenient technology.
How does Gateway Mortgage work?
Gateway Mortgage offers a large selection of loans and refinancing options and promises solutions for most homebuyers. Its products are categorized as either purchase, refinance, renovate/build and specialty loans. Its purchase loans include:
- Conventional
- FHA
- VA
- USDA rural
- Condo
- Manufactured home
- Lock & Shop
- Adjustable-rate mortgage
- Down payment protection
- Fannie Mae’s HomeReady
- Freddie Mac’s Home Possible and Home Possible Advantage
- Bonds and down payment assistance program
Specialty loans from Gateway include:
- Jumbo
- Jumbo one-time close
- Investor’s advantage
- Lot loans
- Non-qualifying mortgages
- Alt doc loans
- Doctor loans
- Investor products
- Expanded ratio
- Jumbo buster
- Second lien (piggyback)
- Foreign national
- Section 184 Indian Home Loan Guarantee
Its refinance loans include cash-out and VA interest rate reduction financing, and its renovation and build options include one-time close construction, Fannie Mae’s HomeStyle, FHA 203(k) and FHA 203(h).
Gateway Mortgage rates
Gateway Mortgage doesn’t include cost or fee information on its website, so it’s difficult to know how competitive its rates are or what fees to expect. Because Gateway offers so many loan options, costs can vary widely — your rates will depend on the type of loan you choose, your down payment, credit score, loan terms and other factors.
The company does offer pricing tools, including a mortgage calculator, a loan comparison calculator and other resources, which can help you understand your costs and determine what you can afford, what type of loan works best and whether or not you’re better off renting.
Gateway Mortgage FAQ
- Where is Gateway Mortgage available?
- Gateway Mortgage is currently licensed to operate in 40 states and in D.C. It’s not available in Alaska, Georgia, Hawaii, Maine, Massachusetts, Montana, New Hampshire, New York, Rhode Island and Vermont.
- Does Gateway offer banking services?
- Gateway Mortgage itself doesn’t offer banking services, but it recently merged with Farmers Exchange Bank to create Gateway First Bank, which provides personal loans, checking accounts, savings accounts and other banking options.
- Who owns Gateway Mortgage?
- Kevin Stitt founded the company in 2000. He stepped down as CEO in 2018; as of 2020, the CEO is Scott Gesell.
- Where is Gateway Mortgage located?
- Gateway Mortgage has locations in many states across the country.
Is Gateway Mortgage good?
Gateway Mortgage has grown exponentially over 20 years, and it claims to be one of the largest privately held mortgage lenders in the country. While it doesn’t serve all of the U.S., it’s continually expanding, and now you can get home loan products from Gateway Mortgage paired with banking services through Gateway First. The company doesn’t list financial info online, but it offers tools to help estimate costs. Overall, it's good for many loan and refinancing needs.
Gateway Mortgage Group Reviews
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1). My account was double charged for my mortgage twice during the last 18 months.
2). I called in to inquire about a refinance and was asked for my SSN to access my account. I deliberately stated not to run my credit multiple times and Grant ran my credit without my knowledge the first time I ever spoke with him. Which has been removed from my credit report. After I found the unauthorized credit pull I changed mortgage companies. BUT HE WAS NEVER FIRED AND KEPT CONTACTING ME.
3). Upon requesting a payoff I found they took my principal payment of $600 and used it towards invalid fees charged but accidentally charging me twice for my mortgage. I spoke to two managers to ensure that this would be corrected before my payoff was sent to me. I was reinsured this would be $3,400-$3,500 back due to the issues.
4) I received a payoff check for $1,785.60, nearly HALF of what was guaranteed. I called in and was informed that PMI was charged on the 18th of October, 14 days after my mortgage was closed with Gateway. I paid $330 per month toward PMI every month and they are telling me that I only get charged every 6 months for it.
5) I fought with a manager regarding the missing payment for 3 months.
6) 1YR & 7 Months later I recieved a letter that they still owed me $1785.60 AS I STATED! The check will not be overnighted and will take 30 days to arrive. LET'S SEE IF IT ACTUALLY GETS HERE.
1) Stop committing credit fraud by using your customers account information to your benefit and FIRE people that do commit fraud!2) Reissue me the payoff for the amount we agreed upon for $3,500.
3) Send a detailed account payoff statement and stop leaving your customer in the dark.
4) DO NOT PAY PMI AFTER THE ACCOUNT IS CLOSED AND THEN CHARGE YOUR CUSTOMER FOR SOMETHING THEY HAVE ALREADY PAID, WHEN YOUR CUSTOMER PAYS IT MONTHLY!
I implore anyone even thinking about borrowing from Gateway Mortgage to run as far away as possible. I had a credit score of over 800, Gateway incorrectly processed my payment and then claimed I didn’t pay, even though I never missed a single payment in the entire life of my loan. I called them to try and remedy and they provided horrible customer service and provided no resolution. They do not care at all about their borrowers. They have ruined my credit and will ruin yours.
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We could not be happier with the care and attentiveness that our mortgage team has provided. We are first time home buyers and are truly impressed by the service we received. Would not recommend anyone else. Thank you Marcia ** and Marcy **, Grand Prairie office.
My homeowner's ins. is paid by Gateway Mortgage. It was cancelled 3 times for not being paid on time. Got it started back up and they paid it 3 times in a 4 month period . Gateway says not their fault, ins fault. Ins. says Gateways fault. Both tell me to fix it. I had nothing to do with this, but Gateway has raised my payment by $130.00 a month so they can get the money back that they (not me) overpaid. I put my home up for sale to get away from them. I would never tell anyone to do business with them. I was never allowed to talk to anyone but the person who answered the phone. C S in Warsaw Mo.
I did get a callback from the company and they resolved my issue. Giving us our late fee back along with not reporting our credit rating. We also got an apology from the lender. It was all very much appreciated and in a timely manner.
DO NOT DO BUSINESS WITH GATEWAY! Horrible experience! My wife and I called Jeff **'s team to do a refi as we were with Gateway for our original mortgage. In between our refinance Jeff quit the company and went to Loan Depot, still kept us on as clients just never told us he left Gateway. We didn't find out until the middle of the refinance. He advised us to not make our July payment and request a payoff for the end of month. End of July comes and Jeff is no longer in the picture as he went back to Gateway Mortgage and we had to start all over.
We got a collection call about our July payment and that there is a late fee and it will hit our PERFECT credit. Never have we been late on a payment. We made the payment right away and asked that they reverse the credit ding since it was their employee who told us to skip the payment. They said absolutely not and said they will have a manager call me back in 48 hours... Still have not heard from anyone. Don't get fooled like we did thinking this is a good honest company. They don't care about you and will not try and help you out. During a Pandemic, you would think this company could accommodate on a mistake that THEIR employee made and reverse the credit report, but no - they don't care. Make sure you read all the 1 star reviews before making your decision - there is a clear trend in them. We are having much better luck with LoanDepot.
Our experience with Gateway has been miserable. They have been horribly unprofessional and unreasonable with us concerning a payment discrepancy. We had a FICO score over 800 before Gateway implemented a change in our mortgage payment without ever providing so much as an email to inform us of the payment change. We had never, ever been late on a payment. Gateway provide NO proof of service that our payment was changing. Our automatic payment was submitted as scheduled, well in advance of the due date and Gateway did not credit the payment because it was not the full amount. When we contacted them to address the issue they were rude, disrespectful and flippant about the entire matter. After a year there has been no resolution. I would not recommend Gateway under any circumstance.
The company kept on charging PMI even after the 80% of value met. The insurance department did not drop the automatic deduction. Efforts to have them credit/refund the excess amount were fruitless. Appointment to talk to anyone was like an appointment to the moon. Pocketing un-earned money is not fair and I hope to get another mortgage company and stop doing business with a company which is not sincere and transparent. If they called, then it was "ExACTLY WHEN I HAD INFORMED THEM THAT I WAS AT WORK AND CANT TALK ABOUT MY PERSONAL MATTERS". I had a very dry customer service experience and counted as just a number to them.
To whom it may concern,
I thoroughly enjoyed working with Tom ** and his team in Edmond, OK. They were the only mortgage company open the day after the 4th of July. We moved from Ardmore to Edmond, and we were so appreciative of how Tom and his team treated us. They were ready to help, easy to work with and very professional. I have and I will continue to recommend them.
Sincerely,Micah
Two years after buying my home, Gateway increased our mortgage by $700 Because of an error on THEIR part. They were accounting for a 65+ age tax deduction from the previous owner... We are 30 year olds who would never apply or qualify for, as well as we did not ask for it nor were aware of. Here we are 2 years later they have caught it and are asking us to pay back $6700 or increase our mortgage $700 a month. This is a terrible mistake they are taking no responsibility for! And now my family is being put under severe hardship. I’d give 0 stars if possible!
I was completely satisfied with my experience with Gateway right up until I made my very 1st payment. VERY unprofessional to charge your interest paying customers (interest for 30 years might I add) $10 for the convenience of paying online. Low class! Don't worry though, it won't happen again I can assure you of that.
Gateway Mortgage Group Company Information
- Company Name:
- Gateway Mortgage Group
- Website:
- www.gatewayloan.com
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