Homebuyers and homeowners usually have many questions when they come to us for help with their home loans.
Below are answers to some of the questions we are asked most often. Don’t see the answer you are looking for here? Please call (816) 631-9687 to schedule a consult.
Q: What are your mortgage rates?
There is no blanket answer to this question, since mortgage rates change over time. Not only that, but your qualifications will affect the rates you receive.
If you contact us for a consultation, we will have a chance to provide you with some estimates based on your information.
Q: What is the maximum amount I can borrow?
Certain types of mortgages have a universal cap, while others depend on the qualifications of individual borrowers. In either case, what type of loan you apply for and your borrower profile will determine the maximum amount.
Q: Is my credit score high enough for me to buy a home?
That depends on the type of mortgage you are applying for. We also will assess your income, debt-to-income ratio, and employment status when making lending decisions.
Many borrowers are surprised to learn that there are mortgage products aimed specifically at customers without perfect credit.
Some examples include USDA loans, VA loans, and FHA loans. During your consultation, we can discuss these and other options with you.
Something else to consider is your down payment. By making a larger down payment, you can compensate for some issues in your credit score.
Plus, you may be able to raise your credit score before submitting your application. We will advise you as to how you can go about that process during your consultation.
Q: Can I buy a home without a 20% down payment?
Yes, it is possible to move into a home without making a 20% down payment. Low down payments are available for conventional loans, FHA loans, VA loans, and USDA loans. Actually, with a VA or USDA mortgage, you can buy a house with zero down.
You do not need a perfect credit score to qualify for a low down payment or no down payment.
Q: What is the maximum loan amount I can get?
Factors that impact the maximum amount of money you can borrow when purchasing a home include the type of mortgage, your borrower qualifications, and the loan limits when you apply.
We can give you an idea of the maximum loan amount for different mortgage products during your consultation.
Q: Do you work with borrowers where I live?
We are an Equal Housing Lender based in Kansas City and working with borrowers throughout Missouri.
McGowan Mortgages is an Equal Housing Lender. As prohibited by federal law, we do not engage in business practices that discriminate on the basis of race, color, religion, national origin, sex, marital status, age, because all or part of your income may be derived from any public assistance program, or because you have, in good faith, exercised any right under the Consumer Credit Protection Act. Disclaimer: Programs subject to change without notice. All borrowers must qualify per program guidelines.