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9.9.2021 / Gateway Announcements

Gateway Offers New Mortgage Refinancing Product for Customers with a Freddie Mac Backed Loan

Gateway Mortgage, a division of Gateway First Bank, is making it easier for eligible homeowners to refinance at a lower interest rate and reduce their monthly mortgage payments through the new Refi Possible℠ program. Even with record-low interest rates, many borrowers have been unable to take advantage of the many benefits of refinancing. The Freddie Mac program is designed to save qualifying borrowers at least $50 per month on their monthly mortgage payment in addition to Gateway offering a $500 appraisal fee credit if an appraisal is conducted.

To qualify for Refi Possible℠, borrowers must have:

  • A primary residence under a mortgage backed by Freddie Mac;

  • A current income at or below 80% of the area median income (AMI). This is not the income used when the original loan was received, but based on current pay received today in 2021;

  • Not made an over 30-day late mortgage payment in the past six months and no more than one 30-day late mortgage payment in the past 12 months; and

  • A minimum credit score of 620 (FICO score);

Fannie Mae’s RefiNow™ program is an alternative option for customers whose loans are backed by Fannie Mae.

For additional information, please go to the Freddie Mac (links to www.freddiemac.com) or Fannie Mae (links to fanniemae.com) websites. All loans are subject to program guidelines and final underwriting approval.

Interested borrowers can contact Gateway at 877-406-8109.

About Gateway First Bank 

Gateway First Bank is a leading financial institution that provides banking and mortgage services for consumers and commercial customers. Headquartered in Jenks, Oklahoma, Gateway is a $1.9 billion asset sized bank with a strong mortgage operation.  Gateway is one of the largest banking and mortgage operations in the United States with six bank branches in Oklahoma, over 160 mortgage centers in 42 states, and almost 1,600 employees.  Learn more at www.GatewayFirst.com. Member FDIC, Equal Housing Lender (NMLS 7233)

Follow Gateway First on Facebook (https://www.facebook.com/GatewayFirstBank/), LinkedIn (https://www.linkedin.com/company/gatewayfirst/) and Twitter (https://twitter.com/Gateway1st).

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