Gateway Mortgage Group Review

About Gateway Mortgage Group LLC

Gateway Mortgage Group LLC

Founded in February 2000, Gateway Mortgage Group has become one of the largest privately held mortgage companies in the country with offices in more than 23 states. As a national, industry leading mortgage banker, Gateway serves the needs of thousands of customers and their billions of dollars’ worth of mortgage loans. Gateway Mortgage Group believes strongly in its obligation to demonstrate leadership at a local, national and global level.  It’s about Communities, Families and Homes.

review breakdown

Recommended
95%
Interest Rates
Fees & Closing Cost
Customer Service
Responsiveness

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What is Gateway Mortgage Group?

Gateway Mortgage Group touts itself as one of the nation’s largest private mortgage companies. In 2018, it funded more than 29,000 mortgage loans totaling $6.1 billion.

The company was founded in 2000 and has more than 1,100 employees across 160 offices nationwide. Gateway’s headquarters are in Jenks, Oklahoma.


Working with Gateway Mortgage Group

Gateway offers its mortgage products in 40 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
  • North Dakota
  • Oklahoma
  • Ohio
  • Oregon
  • Pennsylvania
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Virginia
  • Washington
  • West Virginia
  • Wisconsin
  • Wyoming

The company specializes in mortgage products and does not issue other types of loans. Gateway provides financing for the following types of properties:

  • Single-family homes
  • Multi-family homes
  • Manufactured double-wide homes
  • Townhouses
  • Planned-unit developments (PUDs)
  • Approved condominium projects
  • Second homes
  • Investment properties

Gateway offers multiple loans for buyers with varying credit needs; however, its website does not indicate the minimum credit score required for the company’s products.


Gateway mortgage products

Purchase

 

Refinance

According to the company’s website, most loans can be refinanced. So borrowers should contact the company directly to explore additional refinance options.

Home equity

The company’s website does not mention home equity loans or home equity lines of credit (HELOCs). There was no lender representative available for comment at the time of publication.


Gateway special mortgage programs

  • Bonds and down payment assistance programs: Gateway addresses the challenge of coming up with a down payment by connecting buyers with the down payment assistance programs available in their state or city.
  • Doctor Loan program: Borrowers in the medical profession can take advantage of flexible loan terms, including low down payments, high loan amounts and lenient debt-to-income (DTI) ratios.
  • Alternative documentation loans: The company accepts non-traditional income and asset documentation under this program.
  • Expanded Ratio program: Buyers with high DTI ratios but strong credit scores and down payments can qualify under this program.
  • Jumbo Buster program: Gateway offers an alternative to the higher interest rates of jumbo loans by combining a first and second mortgage to finance homes above conventional loan limits.
  • Non-qualifying mortgages: Gateway provides loan options to borrowers with high DTI ratios, non-traditional income or other unique situations.
  • Lock & Shop program: Borrowers can lock in their rate for up to 30 days while shopping for a home.
  • Down Payment Protection program: In this program, Gateway partners with PVI Agency to provide borrowers protection against losing their down payment should they need to sell their home within seven years.

The mortgage application process

  • How to apply: Borrowers begin the process by contacting a local loan officer to discuss loan options. Next, you submit an application online using Gateway’s digital loan tool, LinkStep. Alternatively, customers can apply online without contacting a loan officer. You may also choose to pre-qualify for your loan as a first step and can elect to lock in your interest rate before you shop for a property.
  • Disclosure process: Gateway’s digital tool, LinkStep, will be the primary way you’ll submit your information and receive loan disclosures. The platform integrates with financial institutions and major payroll providers to simplify the process of providing your documents.
  • Submitting loan for approval: Once your information has been uploaded to LinkStep, the underwriting team will process your loan and request any additional information needed. The bank will also have your home appraised during this time. The underwriter typically provides a decision within one business day.
  • Final approval: If approved, the bank will provide you a final closing disclosure with the final terms of your loan and the amounts you will need for closing.
  • Closing: Gateway will work with you and your closing agent or attorney to schedule a loan closing.

 

Communication during the process

Your initial contact during the mortgage process will be your local loan officer. They will help you identify the best loan for your situation and guide you through the next steps of applying.

As your loan progresses towards closing, other team members, including the underwriting process team, will reach out to you. Much of the communication will be through the company’s digital platform, LinkStep, which will provide status updates and action steps along the way.


Pros and cons of a Gateway mortgage

Pros

  • Extensive product offering. Gateway has a wide range of new purchase and refinance options.
  • Special programs. The company offers multiple solutions to address borrowers’ needs.
  • Low down payment options. Among its offerings, Gateway has many low- and no-down-payment loans.
  • Fast loan approval. Gateway typically provides a decision within one day of receiving a complete application.
  • Website and mobile app are easy to navigate.

 

Cons

  • Not available in all states. Gateway is only licensed in 40 states and Washington, D.C.
  • Loan officers not available in all licensed states. Customers in some states may have to rely on the online application.
  • Not good for those who prefer a traditional mortgage process. The digital platform may be great for some but less so for borrowers who are not as tech-savvy.
  • Limited home equity products. Gateway does not advertise any offerings of home equity loans or HELOCs.

 
Editorial Note: Parts of this article were reviewed by a lender to ensure accuracy prior to publication. The overall conclusions, recommendations and opinions are the author’s alone.

The information in this article is accurate as of the date of publishing.