Gateway Mortgage Group

Over the last few years, Gateway Mortgage has had an average rate that’s about on par with the national average for noncommercial home purchase loans. Just remember that interest rates depend on a borrower’s personal financial circumstances (including their credit score and DTI ratio) and current economic conditions.

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

The loan process at Gateway Mortgage begins with an online application on the company’s website. The application will ask a few short questions, like the state you plan to purchase in and the mortgage loan officer you are currently working with. If you don’t have a loan officer, the company provides a phone number to call if you have any questions as you complete the application.

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

Gateway Mortgage offers both conventional mortgages (conforming and jumbo loans) and government-backed mortgages (FHA, VA and USDA loans). Loan terms range from 10 to 30 years, and loans are available with fixed or adjustable rates. The company also offers loans to purchase condominiums, lots and manufactured homes.

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.

Loan applications for home purchases only by year

Refinancing

In 2021, more than half of the mortgage loans Gateway Mortgage originated were for refinances. About 39% were for rate-and-term refinance loans, and 20% were for cash-out refinances. The remaining portion of loans (about 41%) was for home purchase.

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

Gateway Mortgage doesn’t publish many of its borrower requirements, but those that it does post online are generally in line with industry norms. We’ve included the table below to outline some general mortgage requirements, but be aware that Gateway may deviate from these, especially with some of its less common loan programs.

National mortgage requirements by type

Gateway Mortgage does not publish much information on fees for its loans; however, closing costs generally total 2% to 5% of the loan amount. Also, before you sign a loan agreement, you have the right to know the fees a lender charges to process, underwrite and originate your loan.

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.