Frequently Asked Questions

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.

Get Answers to All Your Mortgage Questions

If you have more questions about buying a home or refinancing, you can contact us at (816) 631-9687 to schedule a consult. We look forward to helping you apply for the ideal home loan.

See What Our Clients Are Saying About Us!

Trena
Trena
18:09 31 Aug 22
Derek is amazing! I've worked with him on a refinance at his previous company, I recommended him to multiple friends who also chose to work with him, and then I reached out to him again for my recent home purchase with his new company. He and his team did an outstanding job dealing with my unique situation, found a way to make it work, and then kept in constant contact with the agents (both buyer's and seller's) to ensure that things stayed on schedule and moved smoothly. They're awesome, and I highly recommend them to anybody in the market for a purchase or refinance!
Kimaada Ellison
Kimaada Ellison
18:35 22 Aug 22
As a first time home buyer with very limited knowledge about this entire process, this company and all of its staff have really made me feel comfortable about asking questions and learning about how everything works. Elijah has fielded many questions from me and each time was able to rationally explain everything to me in layman's terms that helped me understand. I am so pleased to have come across this organization and would recommend them to any potential home buyer without hesitation. Keep up the great work guys.- KE
Sam Kolthay
Sam Kolthay
16:48 15 Aug 22
This is the second time I've worked with Derek on buying a house, and I know I'd use him for a third!Derek and his team work tirelessly to get the loan across the line as quickly as possible and at the best rate.I highly recommend trusting Derek with your loan needs!
nathan denham
nathan denham
20:17 07 Aug 22
Being involved with Real Estate for many years my clients have used many different lenders. There have been good ones and bad ones but McGowan Mortgage is different than the rest and always delivers. I highly recommend you use McGowan Mortgage for your financial lending needs.
Rachel Diebold
Rachel Diebold
00:18 29 Jul 22
Tarek Jebali
Tarek Jebali
02:08 22 Jul 22
Derek is a true professional; knowledgeable, hard worker and he is here when you need him.Thank you again for everything and for hanging in there with me. I highly recommend him for your mortgage needs
Steve Lopez
Steve Lopez
02:06 13 Jul 22
First time buying a home couldn’t have choose anyone better. Super helpful and have a wonderful team that will make sure all your questions get answers. Definitely recommend
Jared Pfeiffer
Jared Pfeiffer
13:39 18 May 22
I have worked with Derek and his team on multiple purchases. His attention to detail, the speed in which he works and his collaboration makes him at the top of his industry in my opinion.Looking forward to continuing to work with him in the future.
Annie
Annie
00:44 02 May 22
artbycins
artbycins
03:04 01 May 22
Eric L
Eric L
14:41 29 Apr 22
Derek is awesome!! His knowledge of the mortgage industry is incredible. Every question I’ve had for him he gives me an easy-to-understand yet in-depth answer. We’re working on a refi for our current home and I’ll definitely reach back out once we’re ready to purchase our next home! Thanks Derek!!
Steve Zebley
Steve Zebley
13:56 29 Apr 22
Derek McGowan is the best!
Elijah Dixon
Elijah Dixon
00:10 29 Apr 22
Derek and his team are extremely knowledgeable. The level of communication and use of technology is second to none ....
Sam Tracy
Sam Tracy
20:02 28 Apr 22
Derek helped my wife and I buy our first house and was so great at walking us through the entire process, making sure we understood everything. He was always available to answer all of our questions and was impressively quick on getting paperwork signed and submitted. Put simply, he made everything easy. So glad we worked with Derek and he will be our first call when we look at moving again!
Collin Joiner
Collin Joiner
18:23 28 Apr 22
Derek is absolutely fantastic! Not only did he make financing my new home completely seemless, but he made himself available practically 24/7. Not like your usual broker that claims they can always be reached and has your best interest at heart, but he is genuine, up front, and when you pick up the phone to call or text him... he actually answers or gets right back with you! I did my initial loan with him, when rates dropped I did my refi with him, I also got my ex to finance through him for her first home. And through each interaction he stayed consistent in his approach and true to the values he promises. If it's Derek or associated with Derek, I promise you can't beat it!! He's the best!
Gabe Buckner
Gabe Buckner
12:28 27 Apr 22
Really smooth process from start to finish! Incredibly resourceful in every aspect. Will use again.
Todd Minear
Todd Minear
12:11 27 Apr 22
Derek is professional, responsive and always friendly. He always delivers. Highley recommended!
Tammy Walker
Tammy Walker
10:28 27 Apr 22
Derek was absolutely great in helping us refinance our mortgage. He walked us through everything and was always ready to answer any questions we had. We would definitely use him again.
Diamon Collins
Diamon Collins
05:47 27 Apr 22
Very knowledgeable and friendly! We were able to take the helpful information given to choose the best option for our home buying needs! Highly recommended!
Kc Thizz-N-Vision Tv
Kc Thizz-N-Vision Tv
05:10 27 Apr 22
james ellis
james ellis
04:29 27 Apr 22
The communication and overall process was awesome. Zero issues and had me ready to close 2 weeks early. Highly recommend.
Markus Marrs
Markus Marrs
04:29 27 Apr 22
Derek and his team made sure to do the best by me and my family!
Kelli Harpe
Kelli Harpe
01:27 24 Apr 22
Derek and his crew have been ultra responsive since day 1. Phone calls are promptly returned and questions answered with confidence. Excellent customer service.
Marria Tran
Marria Tran
23:58 23 Apr 22
Derek and the McGowan Mortgage Team were top-notch from start to finish. Buying a home for the first time was incredibly overwhelming and stressful but Derek and his team educated us through the entire process. They went above and beyond to help us with questions and concerns that were outside of their control, making us feel like we were their #1 priority. Exceptional communication and promptness on our closing date. Derek was very knowledgeable with understanding the market conditions and did everything to make sure we had the best rate possible! We are lifelong customers and would highly recommend to anyone and everyone! ⭐️
Marissa jacobs
Marissa jacobs
22:40 23 Apr 22
Derek has been truly wonderful!
Nate Lickteig
Nate Lickteig
13:14 16 Mar 22
Derek and the team at McGowan Mortgage are incredible. They all were very diligent to walk us through the process from the application up through closing day. They were consistently available to answer questions with multiple avenues to call and text to get quick answers. They were meticulously thorough in showing all of the factors determining our rates and how they were getting us the best available option. The tools that were provided to help calculate our estimated payments were specific to our loan and were fantastic to pin point what the mortgage payments would look like for each of the homes which we considered. We shopped with one other lender and between the rate offers and level of communication it was an absolute no-brainer to work with Derek and the team at McGowan Mortgage.
js_loader