What is the maximum loan term you can get with Gate City Bank Mortgage Loans?

Gate City Bank Mortgage Loans offers mortgages with terms ranging from 10 to 30 years. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.

What range of rates does Gate City Bank Mortgage Loans offer?

Gate City Bank Mortgage Loans offers home loans with APRs starting at 2.552% .

What is the estimated funding time for a home loan via Gate City Bank Mortgage Loans?

Gate City Bank Mortgage Loans will typically approve (or deny) a mortgage application within 24 hours and fund mortgages within 6 and 10 days of approval.

Does Gate City Bank Mortgage Loans charge prepayment fees?

No, Gate City Bank Mortgage Loans does not charge prepayment fees. This means you will not have to pay additional fees if you decide to repay the mortgage early.

What mortgage programs does Gate City Bank Mortgage Loans offer?

Gate City Bank Mortgage Loans offers the following mortgage types:

• Conventional mortgages: This includes any mortgage that is not insured or guaranteed by the federal government.
• FHA: Mortgages insured by the FHA, which usually have less stringent eligibility requirements, but borrowers must pay a mortgage insurance premium. Co-applicants are allowed and you can qualify for a down payment as low as 3%.
• Conforming: Mortgages that meet the loan requirements of Fannie Mae and Freddie Mac. These have fixed rate terms of 10 to 30 years and adjustable rate terms ranging from 3 to 10 years. Down payments as low as 5%.
• VA: A zero down payment mortgage or a refinance of up to 120% of the home's value for American military members, veterans, and their spouses.

What property usage types does Gate City Bank Mortgage Loans allow?

Some mortgage lenders restrict the type of usage borrowers give mortgaged properties. Gate City Bank Mortgage Loans allows the following property usage types: 

• Primary home
• Secondary homes and vacation properties
• Investment properties and house flipping projects