Frequently Asked Questions (F.A.Q.)
What are your service areas? Back to top
We service the entire Oklahoma City Metro area, including:
- Oklahoma City OK
- Bethany OK
- Del City OK
- Edmond OK
- Midwest City OK
- Moore OK
- Norman OK
- Warr Acres OK
- Yukon OK
- And all Surrounding Areas
- A number of other states [see license map]
What services do you provide? Back to top
- Mortgage Home Loan
- Refinance Loan ( Refi )
- Home Equity Loan
- FHA Home Loans
- VA Home Loans
- Zero-Down Home Loan
- Reverse Mortgage / HECM
- Native American Loans
- RHS Loan Programs - USDA
- Jumbo Loans
- B/C Loans (poor credit)
Where are you based? Back to top
Our corporate office is in Tulsa and our production center is in Dallas. Kevin was a loan originator in Tulsa and decided to open his own mortgage company.
How long have you been in business? Back to top
Gateway was launched in 1998, Gateway Mortgage Group is a privately owned mortgage company that specializes in helping borrowers with their home financing, we have been doing this for over a decade. INC. Magazine recognized Gateway Mortgage as one of the top 100 fastest growing companies in the country in 2006 and Gateway Mortgage continues to grow at an astounding pace.
We specialize in residential mortgages in over 30 states throughout the U.S. Our repertoire of home loans includes FHA, VA, Section 184 Native American Loans, Rehab loans, Conventional, USDA Rural Development and many others.
Gateway is in the business to become a lifelong mortgage provider and advisor to every one of our clients. Our low mortgage interest rates and quick turn times are complimented by good old fashioned customer service from start to finish
How are you different than similar companies? Back to top
- Gateway provides a free mortgage consultation - including credit report.
- Gateway makes sure you're on the right track with your mortgage.
- Gateway is always available for questions.
- If you need approved at midnight Gateway can do it.
- Not comfortable providing info by phone? Gateway professionals will come to you.
- Clients and real estate agents gets weekly status updates from Gateway.
How long does it take to close? Back to top
On a home purchase the closing time is traditionally 30 days. Many things need to be completed before closing on a home loan. Income, Asset, Identity and Credit approval is the first step. For us to complete this step we need the borrower to provide us with good copies of all the documentation we require and to do this in a timely manner. The faster we receive these documents the faster we can get started on the other tasks. These other tasks include but are not limited to the appraisal and title work. We have partnered with several great title companies and appraisers to ensure this work is completed professionally for you.
What is private mortgage insurance? Back to top
This is insurance that protects the lender in case of default. This is required on most loans where the loan amount exceeds 80% of the value of the home. The amount of mortgage insurance varies with different types of loans. On an FHA loan the mortgage insurance is a set amount no matter the amount of down payment. With a conventional loan the mortgage insurance amount is based on the amount of your down payment. Your mortgage insurance amount will be lower if you put down 10% then if you put down 5%.
Is this a fixed interest rate? Back to top
Yes, all of our interest rates are fixed interest rates, this means the principle and interest portion of your mortgage payment will not change through the life of your loan.
For a Native American Home Loan, does the property have to be on Tribal Land? Back to top
No, you do not have to purchase a home on your tribes land, the program differs from state to state. There are many states that the entire state qualifies, this includes California, Oklahoma, Alaska and Florida.
Do both borrowers on the Native American Home Loan need to be Native American? Back to top
No, just one borrower must be a member of a federally recognized tribe to qualify for this program. If you are not a member of a tribe but your husband or wife is, you can purchase or refinance a home together and take advantage of this great home loan program.
If I have bad credit, can I still purchase a home? Back to top
We never just turn someone down, we will review your credit with you, if you are not approved right now we will let you know exactly what steps you need to take to be approved. You may be two months away, six months away or a year away from becoming a homeowner but we want to help you the entire way.
Do I have to be on time with mortgage payments to qualify for a reverse mortgage? Back to top
No, this is one of the few mortgage programs that does not require the borrower to be current with their mortgage payment.
Can the terms of my loan change if you sell my loan? Back to top
We are currently servicing about 98% of the loans we originate. If you do fall into the 2% of the loans that we sell, none of the terms of your loan can change. The only thing that will change is who you make your payment too. We encourage you to contact us if you have any questions regarding your mortgage. Whether this question comes the first 6 months or 10 years from now, we want you to contact us.
Are FHA loans harder to qualify for? Back to top
There seems to be a misconception about FHA loans, these loans may require a little more documentation than a conventional loan but the qualification process is much more flexible than the process for a conventional loan. FHA also requires the home that is being purchased or refinanced meet minimum requirements, this is why we offer the 203K FHA rehab loan. If you would like to purchase a home that has some minor repair work needed, you can qualify for up to $35,000 on top of your purchase price.
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