Consumers shopping for a mortgage can choose from dozens of lending institutions with different profiles. Some of the factors that differentiate mortgage lenders include the types of mortgages offered, interest rates and points, qualification criteria and the services offered to the borrower after issuance.

One well-known mortgage lending institution is Gateway Bank Mortgage Inc., which has its headquarters in Wilmington, North Carolina. The company offers mortgage products for purchasing and refinancing homes to residents of Delaware, Florida, Georgia, Maryland, North Carolina, South Carolina, Tennessee, Texas and Virginia. The following is an overview of the bank, including a description and review of its products and services.

What They Are

Gateway Bank Mortgage is part of the Gateway Bank & Trust Company, which was acquired in 2009 by Bank of Hampton Roads, a state-chartered U.S. Federal Reserve Member Bank. The bank offers a variety of personal and commercial banking services including mortgage banking, wealth management and insurance. As of December 31, 2015, Hampton Roads Bankshares Inc. (NASDAQ: HMPR), which is the parent company of Bank of Hampton Roads, had $2.06 billion in assets on its balance sheet and $1.78 billion in liabilities.

Mortgage Products Offered

Gateway Bank Mortgage offers several types of mortgages. The fixed-rate mortgage (FRM) is a loan with an interest rate that remains constant throughout the term of the loan. A fixed-rate mortgage allows a borrower to predict future payments accurately. The bank's adjustable-rate mortgage (ARM) is a loan with an initial fixed interest rate for a predetermined period. At the end of this period, the interest rate on an ARM resets periodically. The bank also offers a Federal Housing Administration (FHA) loan, which is a mortgage for low- to moderate-income borrowers who qualify under a program administered by the FHA, as well as a Veterans Administration (VA) loan, which is a mortgage issued to veterans who qualify under a special program established by the United States Department of Veterans Affairs. In addition, the bank offers two kinds of JUMBO loans, which are designed for borrowers purchasing high-priced luxury homes. Finally, the bank offers special loans for investment properties, condominiums, construction projects and rural homes.

Mortgage Rates

As of April 29, 2016, Gateway Bank Mortgage offered a 30-year fixed-rate mortgage with an interest rate of 3.5% and an APR of 3.545%. The mortgage has no points and offers a 50-day period to lock in the rate. The bank also offers a 15-year fixed-rate mortgage with a 2.75% rate, an APR of 2.831%, no points and a 50-day lock period. For a borrower seeking an ARM, the bank offers a 5-year ARM with a rate of 2.75% and an APR of 3.236%. The ARM also has no points and a 50-day lock period.

The bank offers a 30-year FHA loan and a 30-year VA loan. Both loans carry an interest rate of 3.25%, no points and a 50-day lock period. The FHA loan has an APR of 3.299%, while the VA loan has an APR of 3.251%. Gateway also offers two types of JUMBO loans - a 30-year JUMBO and a 5/1 JUMBO. The 30-year JUMBO has a rate of 3.500% and an APR of 3.517%, while the 5/1 JUMBO has a 2.75% rate and an APR of 2.957%. Both JUMBO loans have no points and a 50-day lock period.

To qualify for these rates, applicants must have credit scores of 740 or above. The rates assume a 75% loan-to-value ratio (LTV ratio) and a loan amount of $225,000 or above for a conventional mortgage, or $475,000 for a JUMBO mortgage. Gateway Bank Mortgage advises that these rates are guidelines and may change if market conditions or facts about the financed property change. In addition, borrowers willing to pay points may receive lower rates.

What Consumers Are Saying

Gateway Bank Mortgage generally receives very positive consumer feedback on its mortgage products. Out of 50 reviews the bank received on Bankrate.com, 49 consumers said the bank honored the rates it quoted them, which translates to a 98% approval rating. Out of a possible five stars, Gateway Bank Mortgage received an average of 4.9 stars in each of four categories: professionalism, knowledge, responsiveness and level of service.

According to the Better Business Bureau (BBB) of Wilmington, North Carolina, Gateway Bank Mortgage has been an accredited business since 2004 and has an A+ rating.

Guild Mortgage Overview

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