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  Gate City Bank Mortgage Refinance

Gate City Bank Mortgage Refinance

in Mortgage Refinance from Gate City Bank · NMLS ID #435154

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Gate City Bank Mortgage Refinance

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in Mortgage Refinance from Gate City Bank · NMLS ID #435154

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Highlights
Loan Amount N/A
Loan Term (Years) 15 - 30 years

Gate City Bank Mortgage Refinance Review

Gate City Bank Mortgage Refinance is offered by Gate City Bank (NMLS #435154), a bank founded in 1923 and based in Fargo, ND. Gate City Bank Mortgage Refinance is available in 2 states across the USA.

Key Takeaways
  • 4 different mortgage programs offered. Gate City Bank Mortgage Refinance refinances FHA, VA, conforming, and conventional mortgages.
  • Financing for a variety of property types. Offers refinancing for manufactured, single, and multi-family homes.
  • Standard interest rates types. Gate City Bank Mortgage Refinance offers adjustable-rate mortgages and fixed-rate mortgages.
  • Primary and secondary homes considered. Investment homes, such as rental properties, do not qualify for refinancing. However, Gate City Bank Mortgage Refinance does offer refinancing for primary and secondary homes (e.g. vacation properties).
  • Fast process. In some cases you can refinance your mortgage loan within 6 business days.
  • Origination fees of up to 5%. This is on the high end when compared to the other lenders SuperMoney tracks. Origination fees are deducted from the loan amount, so consider them when deciding how much you need to borrow.
  • Cosigner applications accepted. Applying for Gate City Bank Mortgage Refinance with a cosigner can improve your chances of approval and help you qualify for lower interest rates.
  • Fair credit accepted. Borrowers with a credit score as low as 600 may qualify for Gate City Bank Mortgage Refinance.
Gate City Bank Mortgage Refinance Pros & Cons
Pros Cons
  • $0 prepayment fee.
  • Considers applicants with fair credit.
  • Offers financing for single family, multi-family, and manufactured homes.
  • Charges an origination fee of up to 5% of the loan amount.
  • Only available in 2 states.
Gate City Bank Mortgage Refinance FAQ

What is the maximum loan term for a mortgage refinance via Gate City Bank Mortgage Refinance?

The term of a mortgage refinance will impact the cost of your monthly payments. Longer terms will typically reduce your monthly payments but it will also increase the interest you pay. Gate City Bank Mortgage Refinance offers mortgages refinancing with terms ranging from 15 to 30 years.

What is the estimated funding time for a mortgage refinance with Gate City Bank Mortgage Refinance?

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

Does Gate City Bank Mortgage Refinance charge a mortgage origination fee?

Yes, Gate City Bank Mortgage Refinance will charge a loan origination fee of 0% to 5% of the loan amount.

Does Gate City Bank Mortgage Refinance charge prepayment fees?

No, Gate City Bank Mortgage Refinance 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 Refinance offer?

Gate City Bank Mortgage Refinance 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%.
  • 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 Refinance allow?

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

  • Primary home
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Contact

Hours of Operation

  • Sunday Closed
  • Monday 7:00am - 10:00pm
  • Tuesday 7:00am - 10:00pm
  • Wednesday 7:00am - 10:00pm
  • Thursday 7:00am - 10:00pm
  • Friday 7:00am - 10:00pm
  • Saturday 8:30am - 6:00pm

Other Services by Gate City Bank

Availability

  Available in 2 states
  • Minnesota
  • North Dakota

Feature Breakdown

No Prepayment Fee
Origination Fee (%) 0% - 5%
Credit Score Range 600 - 850
Employment Statuses Considered
  • Employed Full-Time
  • Employed Part-Time
  • Other
  • Retired
  • Self-Employed
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Intended Use Primary Home
Joint Loan Applications Accepted
  • Cosigner
Military Status
  • Active Duty Military
  • Non-Military
  • Veterans
  • Military Dependent
Minimum Age 18
Property Type
  • Manufactured/Mobile Home
  • Multi-Family Home
  • Single Family Home
  • Townhome
Verification Documents Required
  • Proof of Income
  • Proof of Identity
  • Government Issued Photo ID
  • Recent Bank Statements
  • Social Security Number
  • Driver License (or other photo ID)
Loan Term 15 - 30 years
Interest Rate Types Offered
  • Fixed-Rate Mortgage
  • Adjustable-Rate Mortgage (ARM)
Mortgage Programs
  • FHA
  • VA

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