Gateway Mortgage is an Oklahoma-based lender that's a subsidiary of Gateway First bank. The firm offers a variety of mortgage products, including fixed-rate mortgages, adjustable-rate mortgages, FHA loans, VA loans and USDA loans. The company also operates in most of the U.S.
Gateway was named as one of Mortgage Executive Magazine's Top 100 Mortgage Companies in the U.S. each year between 2012 and 2019. From 2013 to 2019, the company also appeared on Inc. Magazine's list of the 5000 Fastest Growing Private Companies.
Does Gateway Mortgage Operate in My Area?
Gateway Mortgage originates loans in the following 39 states and Washington, D.C.: Alabama, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maryland, Michigan, Minnesota, Mississippi, Missouri, Nebraska, Nevada, New Jersey, New Mexico, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, South Dakota, Tennessee, Texas, Utah, Virginia, Washington, West Virginia, Wisconsin and Wyoming.
What Kind of Mortgage Can I Get With Gateway Mortgage?
Fixed-rate mortgage: This is the most popular type of mortgage available. A rate is locked in at the beginning of the mortgage and does not change. Gateway offers these with terms of between 10 and 30 years.
Adjustable-rate mortgage (ARM): With adjustable-rate loans, there is a fixed rate for a set period of time, after which the interest rate is periodically adjusted. Gateway offers 3/6, 5/6, 7/6 and 10/6 loans. The first number represents the length of the fixed-rate period, and the six designates that after that the rates is adjusted every six months.
Jumbo loans: These work the same ways as conventional loans, but are for bigger amounts of money. For 2023, the limit for a conventional loan is $726,200 in most of the country, though it could go up to $1,089,300 in some high-cost sections of the country.
FHA Loans: FHA loans are offered in conjunction with the Federal Housing Administration (FHA). They require as little as 3% down payment and are available to buyers with less-than-sterling credit histories.
VA loans: VA loans are available with the backing of the U.S. Veterans Administration to veterans of the armed services. There is no down payment required and interest rates are generally better than with conventional loans, though there is a VA funding fee.
USDA loans: USDA loans, created by the Department of Agriculture, require no down payment and can be had with a low credit score. They are only available in designated rural areas, though.
What Can You Do Online With Gateway Mortgage?
You can apply for a loan online with Gateway Mortgage, meaning you won’t have to take the trouble of going into an office to meet with a mortgage agent. You can also use Gateways website to autopay your loan. This makes it easier to make sure you state up to date on your payments.
There is a Gateway mobile app, but it is part of the larger bank and not focused on mortgages.
Would You Qualify for a Mortgage from Gateway Mortgage?
Gateway does not provide an explicit minimum FICO score for its mortgages. However, generally speaking, a credit score of at least 620 is required for a conventional loan, either fixed or adjustable. Loans with government backing may have a lower FICO score requirement. For instance, an FHA loan may only call for a minimum credit score of 580.
For conventional loans, a down payment of at least 3% is required, though this could change on a customer-to-customer basis. If you can muster up at least 20% down, you won’t need private mortgage insurance (PMI), which is standard across the industry.
What’s the Process for Getting a Mortgage With Gateway Mortgage?
You can start the process by getting preapproved for a loan using Gateway Mortgage’s website. You’ll upload all of your relevant documents and Gateway will see what you qualify for.
From there, you’ll need to find a home. Once you have a home you want to buy, you’ll bring your pre-approval and make an offer. The loan will go to an underwriter for final approval. Once your loan is approved, you’ll close the sale - including paying relevant closing costs - and get your keys.
How Gateway Mortgage Stacks Up
You can get most of the loan options you’re looking for at Gateway Mortgage, including popular government-backed programs. If you live in a state where Gateway operates, chances are you’ll be able to find what you’re looking for.
Notably, Gateway has strong online tools, including the ability to apply for a loan and make mortgage payments online. Many smaller lenders don’t offer this, so that’s a major plus for the company.
Tips for Finding the Best Mortgage
- Do you want a holistic view of what the current rate environment looks like for the mortgage you're interested in? Check out SmartAsset's mortgage rates overview to get started.
- Buying a house is a big financial decision, and getting the help of a professional can be beneficial. Finding a financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
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