An in-depth analysis of the lender Gibraltar Mortgage Services LLC
Are you looking for the perfect mortgage services provider? Or are you just looking to get a better sense of what’s out there? Whatever the reason, it’s important to do your research when it comes to selecting the right provider. Gibraltar Mortgage Services claims to be one of the leading providers in the TX and offers some great benefits for homeowners.
In this honest Gibraltar Mortgage Services review we will take a look at what mortgage programs they offer and on what terms. By the end, you’ll know how to decide what’s best for you. We’ll also cover their fees, customer service, and more, so you can make an informed decision.
Gibraltar Mortgage Services LLC is a mortgage broker that has been in business since 2006. They are based in Houston, Texas. Gibraltar offers a variety of mortgage products including fixed-rate and adjustable rate mortgages, FHA and VA loans, jumbo loans, USDA loans, and conforming loans.
|Loan Amount||$1.5 million|
|Loan Terms(Years)||15, 20 and 30 years|
|Credit Score Range||N/A|
|No Origination Fee||Yes|
|Mortgage Programs||Conventional, Jumbo, FHA, FHA203(k), VA, Non-owner occupied, Other low/ No down payment|
|Employment Statuses Considered||Full-time or part-time employed|
|Intended Use||Home purchase, renovation and consolidation|
|Joint Loan Applications Accepted||N/A|
|Verification Documents Required||ID, Social Security number, tax returns, pay stubs|
How Much Money Can You Borrow from Gibraltar Mortgage Services Corp?
When it comes to any type of lender, it’s always important to know how much money you can actually borrow. In the case of Gibraltar, considering they offer jumbo loans, the maximum allowed amount to borrow is $1.5 million.
All in all, we do recommend you consult with your loan officer before you decide to put your name on the dotted line.
Gibraltar Mortgage Services Corp Pros & Cons
If you’re considering working with Gibraltar Mortgage Services Corp, it’s important to weigh the pros and cons of doing so. One of the biggest benefits of working with Gibraltar Mortgage Services is that they are a HUD-accredited company. On top of that, they are not a high fee lender, which means you will not overpay your loan.
Either way, there are downsides to working with them. The major one is that they are not a BBB-accredited company and they also haven’t disclosed their interest rates on their website. Another problem they have is that their website doesn’t function the right way and just keeps crashing. All of this presents a major red flag.
- HUD accredited
- No prepayment fees
- Good loan terms
- Not BBB accredited
- No interest rates disclosed
- The website doesn’t work properly
What is the Longest Loan Term You May Obtain from Gibraltar Mortgage Services Corp?
The longest loan term you can get from this mortgage broker is 30 years. In case you are unfamiliar, this is a standard mortgage loan length and will give you the lowest monthly payments. However, it also means you’ll be paying more interest over the life of the loan.
But if you can swing a shorter loan term, you’ll save money in the long run. That’s why we suggest you also take a look at the shorter terms this broker offers which are 15 and 20-year terms.
What Mortgage Rates Do Gibraltar Mortgage Services Offer?
As we have mentioned, there are no interest rates disclosed anywhere on the Gibraltar Mortgage Services website. This is considered a major red flag since they are not a transparent lender and they are not honest with their future clients.
With this said, we do advise you to look for a good and reputable lender, who will not have a problem disclosing basic information to you.
What is the Estimated Funding Time?
It can take anywhere from a few days to about two weeks to get funded for a mortgage through Gibraltar Mortgage Services. The exact time frame depends on the individual’s financial situation and creditworthiness, but also the loan type you are trying to get.
The company does not give out pre-approvals, so interested individuals must complete an application and submit all required documentation before learning if they are approved for financing.
Do They Charge Mortgage Origination Fees?
When you take out a mortgage with Gibraltar Mortgage Services, they will charge you an origination fee.
This is a standard fee that many mortgage lenders charge in order to cover the cost of processing your loan. The origination fee is typically a percentage of your loan amount, and it can vary depending on the lender. While the exact percentage is not disclosed on the website, we speculate that Gibraltar Mortgage Services charges from about 0,5% to 1% in origination fees.
Does Gibraltar Mortgage Services Charge Prepayment Fees?
Gibraltar Mortgage Services does not charge prepayment fees on any of its mortgage products.
This is a huge benefit for all those borrowers who may need or want to sell their homes before the end of their mortgage term. With many other lenders, borrowers would be charged a fee for paying off their mortgage ahead of time, which can add up to thousands of dollars.
Additionally, if you took out the longest term you can get, but would like to be debt-free sooner, it’s convenient that you can do so without any additional charges.
What Mortgage Programs Are Available?
When deciding to take out a mortgage it’s essential to know which type is right for you and your needs. Here is a list of mortgage programs Gibraltar Mortgage Services offers:
- Conventional mortgage
- Jumbo loan
- Non-owner occupied
- Other low/ No down payment
We would say this is a good variety suitable for most borrowers looking to either purchase a house or refinance their loan. Lastly, in case you need help figuring out the right type for you, we suggest you contact a loan officer.
What Property Usage Types Does Gibraltar Mortgage Services Allow?
Gibraltar Mortgage Services offers a variety of mortgage products for different types of properties. This includes:
- Single-family homes
- Multi-family homes
- Vacation homes
- Second homes
How Do People Rate the Customer Service and User Experience?
There are a number of factors that go into determining whether or not a customer service or user experience is good. In the case of Gibraltar Mortgage Services, there are many bad ratings and reviews. Mainly because people state their customer service is terrible and unprofessional.
On top of that, many people had the same issues as us when it comes to their website not working properly. All in all, customer satisfaction with Gibraltar Mortgage Services is not very good which a rating of 3.7 can confirm.
In case you are looking for a loan but don’t know which lender to choose, feel free to reach us. We will help you find a good and trustworthy lender that will be the best match for your needs and your pocket.
Contacts of Gibraltar Mortgage Services
If you’re considering Gibraltar Mortgage Services for your mortgage needs, you’ll want to know whom to contact and how to reach them. Here’s a look at the contacts of Gibraltar Mortgage Services:
Phone: (713) 935-1100
Address: 5120 WOODWAY DR SUITE 5016 HOUSTON, TX
Email: [email protected]
Hours: Monday – Friday 9 am-5 pm
Availability of Gibraltar Mortgage Services
Considering that Gibraltar has its offices only in Houston, Texas, it might not be the best mortgage banker for you if you are living out of state. With this said, we will provide you with all the locations they have in Houston.
1790 NASA PKWY HOUSTON, TX
5120 WOODWAY DR SUITE 5016 HOUSTON, TX
1705 W GRAY ST STE 200 HOUSTON, TX
1177 WEST LOOP S STE 1200 HOUSTON, TX
12850 MEMORIAL DR STE 1155 HOUSTON, TX
Gibraltar Mortgage Services Summary
- Gibraltar Mortgage Services is a mortgage broker based in Huston, Texas.
- They offer a variety of both government-backed and conventional mortgage programs.
- This broker does not have BBB accreditation but they are accredited by HUD.
- Many people complain that their website does not work properly, so you may need to reach out to them either by phone or email if you want to work with them.
- Overall, they have satisfying online reviews and a 3.7 out of 5-star rating.
FAQs About Gibraltar Mortgage Services
1. How to Contact Gibraltar Mortgage Services?
You can contact Gibraltar Mortgage Services by calling them on this number: (713) 935-1100 or by email:[email protected]
2. What Services Does Gibraltar Mortgage Services Offer?
Gibraltar Mortgage Services offers a variety of mortgage programs to potential homebuyers.
3. How Can I Obtain a Loan at Gibraltar Mortgage Services?
You can get a loan from this broker by visiting one of their branches and filling out an application form.