Gateway product standards

PURPOSE

• Purchase
• Refinance
• Equity take outs

AVAILABLE TERMS

• 1 year
• 2 year
• 3 year

PAYMENT FREQUENCY

• Monthly
• Semi-monthly
• Bi-weekly
• Weekly

RATE HOLDS

• 10 days from date of approval
• 90 days from date of approval with signed commitment

LOAN AMOUNT

• $100,000 to $2,000,000*

*Subject to underwriting. Sliding scale applies over $1M. Geographic, property, and credit restrictions apply.

APPRAISALS REQUIRED

• Please select an appraiser from the approved appraisers list
• Type of appraisal is determined at commitment

PREPAYMENT PRIVILEGES

• Up to 20% of loan amount (minimum of $500) can be paid once a year on anniversary date of mortgage (unused portion cannot be carried forward)

*Certain conditions may apply.

3-2-1 PAYOUT

Gateway Mortgages aren’t forever. We recognize your client may need to leave early. Our 3-2-1 payout is simple to understand with no complicated formulas. It’s as easy as 1, 2, 3!

Early payout amounts are based on which year of the mortgage the customer is in:

• Year 1 of term= 3% of remaining balance
• Year 2 of term= 2% of remaining balance
• Year 3 of term= 1% of remaining balance

*Certain conditions may apply.

More information and resources:

Income verification

Net worth assets

Down payment sources

Lending areas