When deciding on the best mortgage provider for your needs, there are many important factors to consider. Some prime examples include the types of mortgages that the company offers, their current rates, as well as the types of online tools that they offer. One example of a company you may want to consider is Gateway Mortgage. In our article, we will be reviewing several key areas of this business. In the end, we will offer a final recommendation based on our findings.
Gateway Mortgage – Details and Overview
Gateway Mortgage, also known as Gateway Mortgage Group, is a mortgage company that is headquartered out of Jenks, Oklahoma. The company was founded in the early 2000s by J. Kevin Stitt. Known for its rapid growth and commitment to meeting customers’ needs, the company has remained a fairly popular mortgage originator.
Currently, Gateway Mortgage services 41 states in the U.S. To find out if they service your particular state, you can use their convenient Gateway branch locator tool. With several mortgage programs to choose from as well as some refinancing options, it remains a popular choice for many consumers.
Gateway Mortgage Loan Process Explained
Starting Your Application
The initial online application will be the beginning of your loan process at Gateway Mortgage. You will need to provide your email address, contact information, as well as select a unique username and password for this process.
Registering is completely free. Once a member, you can search for your own mortgage broker in your area, select that you already have one with the company, or ask for a recommendation from the company. Once this step is done, the next part will ask for some basic information about the property you are potentially interested in.
If you do not know the exact value of the home you are interested in, just input a dollar amount that is somewhat close to your desired price range. It will also ask for the zip code where your property will likely be located as well.
Next, a loan officer will be in contact with you within the next business day. They will likely discuss the available loan offerings that they have in the area that may be a good match for you. One of their most popular programs is FHA. These loans are designed for first-time home buyers. Their appeal comes from a low down payment requirement of only 3.5 percent.
Another great loan program that is ideal for people who want to live in a rural area is USDA loans. These mortgages can have down payments as low as zero percent. On top of that, they do not require any PMI coverage for the life of the loan. Instead, they charge a small funding fee that is part of your closing costs.
VA loans are another popular mortgage type that your mortgage broker may recommend. Designed for military personnel, these loans also require zero down payment and offer flexible credit requirements.
Finishing Your Pre-Qualification and Starting Your Search
Now that you have an understanding of what types of loan programs Gateway Mortgage offers, the loan officer will help you finish your pre-qualification. This step involves determining what type of home you can realistically afford given your current budget. The loan officer will ask for a variety of income documentation for this step.
Some common examples of documents that they may ask for include prior year’s tax returns, paycheck stubs, invoices, and profit and loss statements. In addition, they may ask for contact information for your employer to conduct a verification of employment. They will also pull your credit report to make sure that you meet the tentative guidelines for the mortgage type you decided on.
House Hunting Begins
Once all this is complete, you will receive a pre-qualification letter. You can take this letter to any real estate agent to show them that you are already working with a financing company. Using the information in it, your real estate agent will work with you to find the best properties that fall within the details outlined in your pre-qualification letter.
To increase your chances of success, just remember to stay within the established budget that the loan officer gave you. Once you have found a property you are interested in, you are ready to proceed to the next step.
Underwriting and Beyond
At this stage in the game, you should have a house that you are interested in. You are now ready to make an official offer to the seller. If all goes well, the seller will accept your offer and will enter a preliminary contract with you.
During this stage, it’s important that you carefully watch your financial situation. Gateway Mortgage will be verifying your financial information again and will pull a fresh credit report as well. Any dip from your initial credit score could complicate the underwriting process or result in a potential denial. With this in mind, avoid wracking up an increased balance on your credit cards or making any large purchases.
This step also involves verifying certain details about the property of interest. Gateway Mortgage will require an appraisal and possibly a home inspection report as well. Each loan program is a bit different, and the property has to meet specific criteria for each one.
If any issues are found, you will likely have to make a change to your agreement with the original seller. If no issues are found, or the seller agrees to any changes that are needed, your loan should receive approval without any further issues.
Receiving Your Keys
The final stage is closing. This is where you will get your keys and sign the legally binding documents with Gateway Mortgage. You should pay careful attention to the financial disclosures to make sure your rate information and loan program type match what you originally negotiated with your loan officer.
You will also receive your payment remittance information. Using your account details, you can sign up for an online account at Gateway Mortgage where you can make payments online and view your statements electronically.
PROs and CONs of Gateway Mortgage
- Multiple mortgage types are available.
- Also offers several refinancing programs.
- Provides free access to several educational resources.
- The application is easy to complete online.
- Some customers have complained about delays in mortgage processing.
- No rate information is available on their website.
Gateway Mortgage Customer Service Review
The feedback from customers at Gateway Mortgage is a bit of a mixed bag. While some customers have stated that they are very satisfied with their home buying experience, others have complained about delays in closing and more.
However, Gateway Mortgage maintains current accreditation with the Better Business Bureau and has actively worked to address customers’ complaints. With this in mind, they seem to do a great job working with customers to try to fix any mistakes that they may make.
- Official Website: Gateway Official Website.
- Facebook: Gateway Facebook Profile.
- Customer Service: 1-877-406-8109.
Drawing to a Close
Overall, Gateway Mortgage seems to offer a lot to their customers. With a fully online application process and several mortgage types to choose from, you should have no problem finding a financing solution to meet your needs. For those of you who have used Gateway Mortgage in the past, tell us about your experience with them in the comments section.