An In-Depth Analysis of the Lender Gateway Mortgage Corporation
If you’re considering taking out a mortgage loan, it’s important to know all the facts about the company you’re working with. Gateway Mortgage Corporation can be one of the options to consider.
So, if you’re curious to learn more about their services and find out what makes them stand out among other lenders, then this review is for you. We’ll review everything from their competitive rates and flexible terms to customer service quality and more.
When it comes to finding a mortgage, it’s important to do your research and know the facts. With so many options out there, it can be tough to know where to start.
Gateway Mortgage Corporation is a lender that offers a variety of mortgage products, including fixed-rate and adjustable-rate mortgages, FHA and VA loans, jumbo loans, conventional loans, and construction loans. They have an experienced team of loan officers who are committed to helping borrowers find the right loan for their needs.
|Loan Amount||Up to $1,000,000|
|Loan Terms(Years)||10, 15, 20, 30 year terms|
|Credit Score Range||620-700|
|No Origination Fee||Yes|
|Mortgage Programs||Conventional, FHA, VA, Construction, Jumbo, WHEDA loan, Refinancing|
|Employment Statuses Considered||N/A|
|Intended Use||Home purchase and refinancing|
|Joint Loan Applications Accepted||N/A|
|Verification Documents Required||Social Security number, Tax returns, Pay stubs|
How Much Money Can You Borrow from Gateway Mortgage Corporation?
If you’re looking to take out a loan from Gateway Mortgage Corporation, you may be wondering how much money you can borrow. The answer to this question depends on a few factors, including your income, credit score, and the type of loan you’re looking for.
Generally speaking, the more money you make, the more money you’ll be able to borrow from Gateway Mortgage Corporation. This is because lenders will view you as a lower-risk borrower if you have a higher income. In addition, having a good credit score will also help you qualify for a higher loan amount from Gateway Mortgage Corporation.
Overall, the maximum allowed amount to borrow considering they have jumbo loans is up to $1 million. But we do advise you to speak with your loan officer before signing the loan agreement.
Gateway Mortgage Corporation Pros & Cons
Like with any other lender, Gateway Mortgage Corporation group has both pros and cons you should weigh out before making a decision to work with them.
One of the biggest benefits of working with them is that they are both BBB and HUD accredited. They also have a BBB rating of A+. This ensures that you are dealing with a good and legitimate lender.
On the other hand, they didn’t disclose their interest rates anywhere on their website. This can create problems for future clients since you will not know what to expect until you apply for a loan.
- BBB Accredited
- HUD accredited
- Long years in business
- No interest rates disclosed
- They have origination fees
What is the Longest Loan Term You May Obtain from Gateway Mortgage Corporation?
The longest loan term this mortgage broker offers is 30 years. This loan term is available for both fixed-rate and adjustable-rate mortgages (ARMs).
To qualify for a 30-year loan, you must have a minimum credit score of 620 and a maximum debt-to-income ratio of 45%. You must also provide proof of income and employment, as well as assets and liabilities.
But in case you don’t want to commit to such a long term and don’t mind paying more each month, you can also decide to take out a loan for 10, 15, or 20 years.
What Mortgage Rates Do Gateway Mortgage Corporation Offer?
As we have mentioned, Gateway Mortgage Corporation didn’t disclose their interest rates anywhere on their website. This can result in many problems down the road for many future clients.
With this said, we advise you to always first check with the lender about the interest rates they offer before putting your name on the dotted line.
What is the Estimated Funding Time?
The estimated funding time for Gateway Mortgage Corporation is 4 weeks. This estimate is based on customers’ experience working with them and their current processing time.
Keep in mind that this is around the average time needed to issue a loan of this type and it can also vary depending on the exact mortgage program you want to take out.
Do They Charge Mortgage Origination Fees?
Yes, Gateway Mortgage Corporation charges mortgage origination fees. These fees are generally 1% of the loan amount but can be more or less depending on the type of loan and other factors.
Origination fees are typically paid at closing but may be added to the loan balance if you choose to finance them that way.
Additionally, this mortgage broker also charges closing costs which can be from $1.000 to $5,000.
Does Gateway Mortgage Corporation Charge Prepayment Fees?
Prepayment fees are charges assessed by a lender when a borrower pays off their loan before the end of the loan term. These fees are most commonly a percentage of the outstanding loan balance and can be quite costly.
Gateway Mortgage Corporation does not charge prepayment fees on any of its loans. This policy allows borrowers to pay off their loans without incurring any additional costs.
What Mortgage Programs Are Available?
There are many different types of mortgage programs available to homebuyers today. As for Gateway Mortgage Corporation, they offer the following:
- Conventional loan
- Construction loan
- Jumbo mortgage
- WHEDA loan
- Loan Refinancing
This variety guarantees there is something suitable for every borrower, but in case you are unsure which type best fits you, we recommend you schedule a meeting with a loan officer.
What Property Usage Types Does Gateway Mortgage Corporation Allow?
There are a few types of properties that Gateway Mortgage Corporation will allow you to use your mortgage for, and they include:
- Single-family homes
- Multi-family homes
- 2-4 unit properties
- Manufactured homes
- Vacation homes
So, as you can see, no matter the property type you are looking to purchase it’s likely this mortgage broker offers ways to finance it.
How Do People Rate the Customer Service and User Experience?
While we were conducting this Gateway Mortgage Corporation review, we did see they have a lot of positive customer ratings. Many clients expressed their satisfaction with Gateway Mortgage Corporation’s customer service, stating they are super friendly and helpful.
Also, a lot of clients said that they like that the company is run by a family and that it has been in business for a long time. It’s safe to say that customer satisfaction with Gateway Mortgage Corporation is very good with a rating of 4.5 that proves it.
In case you want to work with more good and reliable lenders, feel free to reach us. We are more than happy to assist you in finding the lender that will suit you the best.
Contacts of Gateway Mortgage Corporation
Gateway Mortgage Corporation is based in Kenosha, Wisconsin and they offer their services in Wisconsin and Illinois. They have offices all over Wisconsin and one in Chicago, Illinois.
Down below we will provide you with their office address, phone number, and email on which you can reach them. In case you want to speak directly to a loan officer, you can go to their website and choose which one you would like to reach.
6501 Green Bay Road Kenosha, WI
Toll-free number (800) 472-3435
Availability of Gateway Mortgage Corporation
As we have mentioned, the Gateway Mortgage Corporation office is based in Kenosha, Wisconsin. Besides that one, they have a couple more offices in Wisconsin and one in Chicago, Illinois.
In case you are interested in working with them, we do suggest you go to their website and see if their office is close to you. And in case you are looking to speak directly to a loan or mortgage officer, you will have their contact details on the Gateway Mortgage Corporation website.
Their working hours are from Monday to Friday from 8:30 am to 5 pm.
Gateway Mortgage Corporation Summary
- Gateway Mortgage Corporation is based in Kenosha, Wisconsin, with an address of 6501 Green Bay Road.
- This mortgage broker has been in business for 40 years, as they started back in 1983.
- They offer a wide variety of mortgage programs for both home purchasing and loan refinancing.
- Gateway Mortgage Corporation has been BBB accredited since 1996, and they also have HUD accreditation for providing mortgage services.
- They have good online reviews and a rating of 4.5 out of 5 stars.
FAQs About Gateway Mortgage Corporation
1. How to Contact Gateway Mortgage Corporation?
You can contact the company by phone, on this number: (262) 657-7733 or by email: [email protected]
2. What Services Does Gateway Mortgage Corporation Offer?
They offer a variety of government-backed mortgages as well as conventional, jumbo, and construction loans.
3. How Can I Obtain a Loan at Gateway Mortgage Corporation?
You can obtain a loan from Gateway Mortgage Corporation by filling out an online application form or by visiting one of their offices near you.