Gateway Mortgage Corporation Rates, Fees & Info

KENOSHA, WI

LEI: 549300XFW2CXGSLDJ958

Tax ID: 39-1447979

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Gateway Mortgage Corporation is a smaller mortgage company specializing in Home Purchase loans. Gateway Mortgage Corporation has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets by origination volume include: Chicago, Racine, Milwaukee, Whitewater, and Stevens Point among others. We have data for 9 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Gateway Mortgage Corporation has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Gateway Mortgage Corporation is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

    We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.71% 12/3/24
    30 Year Conventional Refi 6.31% 12/3/24
    30 Year Cash-out Refi 6.34% 12/3/24
    30 Year FHA Purchase 7.28% 12/3/24
    30 Year FHA Refi 5.60% 12/3/24
    30 Year VA Purchase 6.17% 12/3/24
    15 Year Conventional Purchase 5.97% 12/3/24
    15 Year Conventional Refi 5.38% 12/3/24
    15 Year Cash-out Refi 5.38% 12/3/24
    15 Year FHA Purchase 5.68% 12/3/24
    15 Year FHA Refi 6.72% 12/3/24
    These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

    Gateway Mortgage Corporation Mortgage Calculator






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from Gateway Mortgage Corporation. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

    The default purchase price is the median sales price across the US for 2022Q4, per FRED.


    Originations

    621

    Origination Dollar Volume (All Markets)

    $122,025,000
    Show all (6) awards

    Top Markets

    Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.

    Market Originations Total Value Average Loan Average Fees Average Rate
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 442 $82,510,000 $186,674 $3,313 4.55%
    RACINE, WI (FHA|USDA|VA) 118 $22,460,000 $190,339 $3,254 4.58%
    Outside of Metro Areas 20 $7,590,000 $379,500 $2,527 4.19%
    MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 24 $5,670,000 $236,250 $3,163 4.61%
    Whitewater, WI (FHA|USDA|VA) 11 $2,725,000 $247,727 $3,267 4.33%
    Stevens Point, WI (FHA|USDA|VA) 2 $480,000 $240,000 $2,440 4.75%
    EAU CLAIRE, WI (FHA|USDA|VA) 2 $420,000 $210,000 $3,315 4.25%
    Marinette, WI-MI (FHA|USDA|VA) 1 $125,000 $125,000 $3,068 4.63%
    Manitowoc, WI (FHA|USDA|VA) 1 $45,000 $45,000 $1,968 4.13%
    Gateway Mortgage Corporation's top markets include Chicago, Racine, Milwaukee, Whitewater, and Stevens Point among others.

    Their top states include:
  • Wisconsin (FHA|USDA|VA)
  • Illinois (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against GATEWAY MORTGAGE CORPORATION based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    AppleTree Credit Union
    Similarity Rank: 10
    NORTHWESTERN MUTUAL
    Similarity Rank: 12
    UNITED
    Similarity Rank: 28
    Liberty Bank for Savings
    Similarity Rank: 104
    Kohler Credit Union
    Similarity Rank: 128
    Empower Credit Union
    Similarity Rank: 135
    HERITAGE CREDIT UNION
    Similarity Rank: 143
    The First National Bank and Trust Company
    Similarity Rank: 187
    PRIME FINANCIAL CREDIT UNION
    Similarity Rank: 275
    Partnership Bank
    Similarity Rank: 333

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 505 $100,165,000 $198,347 $2,719 4.55%
    FHA 78 $13,720,000 $175,897 $5,447 4.56%
    VA 38 $8,140,000 $214,211 $5,907 4.43%

    For 2018, Gateway Mortgage Corporation's most frequently originated type of loan was Conventional, with 505 originations. Their 2nd most popular type was FHA, with 78 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 479 $94,255,000 $196,775 $3,499 4.58%
    Refi 74 $13,860,000 $187,297 $2,051 4.36%
    Cash Out Refi 49 $7,095,000 $144,796 $2,976 4.52%
    Home Improvement 11 $4,465,000 $405,909 $2,835 4.36%
    Other 8 $2,350,000 $293,750 $2,753 4.34%

    For 2018, Gateway Mortgage Corporation's most frequently cited loan purpose was Home Purchase, with 479 originations. The 2nd most popular reason was Refi, with 74 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 496 $93,050,000 $187,601 $3,517 4.63%
    15 Year 53 $7,425,000 $140,094 $1,873 4.03%
    1 Year 51 $18,775,000 $368,137 $2,413 4.34%
    20 Year 12 $2,000,000 $166,667 $2,667 4.33%
    10 Year 9 $775,000 $86,111 $2,163 4.00%

    For 2018, Gateway Mortgage Corporation's most frequently cited loan duration was 30 Year, with 496 originations. The 2nd most popular length was 15 Year, with 53 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 297 $57,895,000 $194,933
    $1k-2k 186 $36,120,000 $194,194
    $2k-3k 84 $16,850,000 $200,595
    $3k-4k 36 $6,960,000 $193,333
    $4k-5k 16 $3,880,000 $242,500
    $5k+ 2 $320,000 $160,000

    Gateway Mortgage Corporation's average total fees were $3,517, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 297 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 506 $102,170,000 $201,917
    3-4% 88 $16,510,000 $187,614
    5-6% 27 $3,345,000 $123,889

    During 2018, Gateway Mortgage Corporation's average interest rate for loans was 4.63%, while their most frequently originated rate bucket for loans was 4-5%, with 506 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 307 $44,815,000 $145,977 $3,147 4.58%
    $200k-400k 200 $54,280,000 $271,400 $3,873 4.54%
    $100,000 or less 79 $5,805,000 $73,481 $2,142 4.50%
    $400k-600k 31 $14,075,000 $454,032 $3,620 4.35%
    $600k-1MM 3 $2,045,000 $681,667 $2,271 4.42%
    $1MM+ 1 $1,005,000 $1,005,000 $1,987 4.25%

    2018 saw Gateway Mortgage Corporation place emphasis on $100k-200k loans with 307 originations, totaling $44,815,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 167 $24,995,000 $149,671 $3,243 4.55%
    $100k-150k 135 $34,745,000 $257,370 $3,570 4.50%
    $50k or less 117 $14,625,000 $125,000 $2,795 4.56%
    $75k-100k 103 $20,735,000 $201,311 $3,809 4.60%
    $150k-250k 78 $22,120,000 $283,590 $3,061 4.49%
    $250k+ 13 $3,195,000 $245,769 $2,871 4.63%

    Gateway Mortgage Corporation lent most frequently to those with incomes in the $50k-75k range, with 167 originations. The second most popular income band? $100k-150k, with 135 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 105 $20,085,000 $191,286 $2,891 4.50%
    30-36% 102 $19,850,000 $194,608 $3,254 4.50%
    50-60% 39 $8,675,000 $222,436 $4,858 4.56%
    <20% 38 $6,860,000 $180,526 $1,980 4.38%
    42% 28 $4,740,000 $169,286 $3,211 4.64%
    43% 25 $4,915,000 $196,600 $3,298 4.77%
    48% 22 $4,100,000 $186,364 $2,973 4.59%
    38% 21 $3,735,000 $177,857 $3,939 4.60%
    44% 19 $3,465,000 $182,368 $3,840 4.56%
    46% 19 $4,745,000 $249,737 $3,188 4.43%
    37% 18 $4,280,000 $237,778 $2,911 4.49%
    36% 17 $3,805,000 $223,824 $4,716 4.54%
    41% 16 $2,790,000 $174,375 $2,861 4.69%
    47% 16 $3,050,000 $190,625 $4,210 4.56%
    39% 16 $3,630,000 $226,875 $3,919 4.48%
    49% 14 $2,180,000 $155,714 $2,186 4.59%
    40% 13 $2,505,000 $192,692 $2,965 4.59%
    >60% 10 $2,120,000 $212,000 $2,990 4.69%
    45% 8 $1,620,000 $202,500 $4,087 4.55%

    Gateway Mortgage Corporation lent most frequently to those with DTI ratios of 20-30%, with 105 originations. The next most common DTI ratio? 30-36%, with 102 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 595 $116,705,000 $196,143 $3,237 4.54%
    Not provided 11 $2,525,000 $229,545 $3,392 4.43%
    Black 9 $1,675,000 $186,111 $3,903 4.60%
    American Indian 2 $450,000 $225,000 $6,944 5.06%
    Asian 3 $375,000 $125,000 $3,451 3.83%
    Native Hawaiian or Islander 1 $295,000 $295,000 $6,963 5.00%

    Approval Rates

    Total approvals of all applications
    98.02%

    Gateway Mortgage Corporation has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    81.32%

    Gateway Mortgage Corporation has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 621 $122,025,000 $196,498

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 621 $122,025,000 $196,498

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 13 $1,215,000 $93,462 $1,638 4.28%
    40-60% 37 $5,775,000 $156,081 $1,763 4.40%
    60-80% 146 $26,510,000 $181,575 $2,552 4.54%
    80-100% 334 $68,570,000 $205,299 $3,691 4.57%
    Over 100% 13 $4,935,000 $379,615 $7,625 4.37%
    Under 20% 3 $145,000 $48,333 $1,468 4.42%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    Gotmortgage.com FHA mortgage Applying for a mortgage or refinancing an existing mortgage 1 50.0%
    Gotmortgage.com VA mortgage Trouble during payment process 1 50.0%