Gateway First Bank Mortgage Interest Rate and Cost Review

Is Gateway First Bank a cheap or expensive mortgage lender? We compare the interest rates and closing costs charged by Gateway First Bank with other lenders for comparable mortgages. Nationally, here is what we find:

Interest Ratesimilar to average (+0.03%)
Loan Related Closing Costssimilar to average (-$201)
National Rate and Closing Cost Rating(3.5)

On average, Gateway First Bank’s interest rates were similar to those of other lenders (+0.03%) for a comparable set of borrowers. Its average total loan related closing cost was similar to those of other lenders, with a difference of -$201. Overall, combining interest rates and closing costs we estimate that Gateway First Bank tends to be an average cost lender, and give it a National Rate and Closing Costs Rating of 3.5 out of 5.0 stars.

Gateway First Bank’s Rates by Area

Mortgage lenders often set different rates in different geographical markets. In particular, among the markets we track Gateway First Bank was most active in:

  1. Houston, TX
  2. Fort Worth, TX
  3. Dallas, TX
  4. Oklahoma City, OK
  5. San Antonio, TX

Furthermore, Gateway First Bank is our top ranked mortgage lender in terms of interest rate and closing costs in:

  1. Rapid City, SD, overall
  2. Sherman, TX, overall
  3. Ada, OK, for Conforming mortgages
  4. Lawton, OK, for Conforming mortgages
  5. Enid, OK, for Conforming mortgages
  6. Hutchinson, KS, overall
  7. Alamogordo, NM, for Conforming mortgages
  8. Russellville, AR, overall

You can click through to check out Gateway First Bank’s mortgage rate competitiveness by area. Or, for our data driven ranking of all the top mortgage lenders by area, click here.

Gateway First Bank’s Rates by Mortgage Type

Mortgage lenders also tend to charge different interest rates and closing costs depending on the type of mortgage. In our data, Gateway First Bank originated Conforming, FHA, Jumbo, USDA and VA mortgages for new home purchases and refinances. We breakdown its interest rate and total loan related closing cost difference relative to other lenders for comparable mortgages by type in the table below.

New Purchase MortgagesConformingFHAJumboUSDAVA
Interest Rate Difference+0.01%+0.14%-0.00%+0.02%-0.00%
Loan Related Closing Cost Difference-$248-$371-$5-$195-$60
Cost Adjusted Rate Difference-0.02%+0.10%-0.00%-0.00%-0.01%
Star Rating(3.5)(3.0)(3.5)(3.5)(3.5)
Refinance MortgagesConformingFHAJumboUSDAVA
Interest Rate Difference-0.03%+0.01%-0.00%+0.00%-0.06%
Loan Related Closing Cost Difference-$38+$98+$22+$1-$55
Cost Adjusted Rate Difference-0.04%+0.02%-0.00%+0.00%-0.06%
Star Rating(3.5)(3.5)(3.5)(3.5)(4.0)

As a summary, Gateway First Bank is similar to other lenders for Conforming, Jumbo, USDA and VA purchase mortgages. It is more expensive than other lenders for FHA purchase mortgages. For refinancing, Gateway First Bank is cheap for VA mortgage refinance. It is similar to other lenders for Conforming, FHA, Jumbo and USDA mortgage refinance. Nevertheless, individual circumstances can matter, and we always recommend shopping among several lenders in your area before signing.

Other information about Gateway First Bank:

Registered name: Gateway First Bank
Registered city and state: JENKS, OK, 74037
Regulator: Federal Deposit Insurance Corporation (FDIC)

* Source of the data is Federal Financial Institutions Examination Council (FFIEC) and is for mortgages originated in the past year. Our comparable mortgages analysis controls for Gateway First Bank’s distribution of loan term (e.g. 30 year vs 15 year), loan-to-value (LTV), debt-to-income (DTI), loan amount, loan program (e.g. Conforming/FHA), loan purpose (e.g. purchase/refinance), and commuting zone. Cost adjusted rates were computed based on each percent of the loan amount in above average loan related closing costs being worth +0.15 of a percentage point in interest rate. Furthermore, the amounts are regularized using a Bayesian approach to control for small samples.