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?

As the top team with the #1 Mortgage Broker in the country, we shop hundreds of the best lenders in the country to guarantee your best 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 will assess the other details of your file, like your debt-to-income ratio and down payment, which will help determine your minimum down payment requirements.

Many borrowers are surprised to learn that there are mortgage products aimed specifically at customers without perfect credit.

Some examples include FHA and VA loans, where we can go down to 500 credit scores. 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, we can help you boost your credit score with our Credit Rescore in-house process, once we receive your loan 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 FHA, 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, with employees coast-to-coast and licensed in 40 states. We can help you nearly anywhere you're looking to purchase your new home.

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.

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See What Our Clients Are Saying About Us!

Chanita Tuggle
Chanita Tuggle
18:09 11 Feb 24
Betsy Siegfried
Betsy Siegfried
19:54 07 Feb 24
Derek and his team were great to partner with! Having happy buyers at the closing table is best part of our job. I would highly recommend and look forward to working with McGowan Mortgage again.
Lori Sosa
Lori Sosa
14:28 07 Feb 24
As an escrow agent, closing on time is very important to me. Derek and his team have not only been ready on time but they are ready early. This speaks volumes in my world.
Cesar Bustamante
Cesar Bustamante
18:57 05 Feb 24
It wasn't easy but Derek and his team work it out, we got the house that we wanted, we highly recommend them.
ROD FAM
ROD FAM
18:06 05 Feb 24
This was our first time buying a home & I can honestly say McGowan Mortgages was so helpful. Debra was so sweet and always available to answer our calls for any of our questions. It was a rough 3 months, but we finally secured our home, they were so patient and wanted to give us the best rate possible and did just that! Derek, Fidel the whole team was awesome and they made our first time buying a home so much more fun and definitely worth it! Thank you for everything.
Thu Phan
Thu Phan
04:37 04 Feb 24
McGowen Mortgage is super easy to work with! We literally got our Heloc in less than 2 weeks! Thanks guys!
John F
John F
01:27 03 Feb 24
Great experience! Highly recommend
Caleb White
Caleb White
16:47 02 Feb 24
Diana Ruiz
Diana Ruiz
16:40 02 Feb 24
Graciela Arellano
Graciela Arellano
03:34 10 Jan 24
Great team, above and beyond to make my families dream come true. Truly blessed.
Joshua Randol
Joshua Randol
14:26 26 Dec 23
Had McGowan Mortgages for a closing of mine. Derek was incredibly responsive and easy to work with. When an issue popped up, he was the first to step up and start working toward a solution and he got our closing to the table. Highly recommended!
Melrose D
Melrose D
17:36 23 Dec 23
Company really handled me with love n care. Walked me through the whole journey of what to expect and what was needed from me. I'm proud to call myself a first time home buyer because of McGowan awesome crew!!
Noah Hardin
Noah Hardin
16:24 23 Dec 23
They did a lot of extra work to push my loan through. There were multiple hiccups and they powered through and got it done.
euphbonebrass
euphbonebrass
03:19 23 Dec 23
McGowan Mortgages is one awesome team of people that will take care of your mortgage/financing needs! They are the best!!
Jessica Lee
Jessica Lee
15:50 30 Nov 23
I appreciate the opportunity to share my experience working with the exceptional loan team - Derek McGowan of McGowan Mortgages. Their commitment to clients is evident in their caring approach, efficient processes, and remarkable speed in helping families attain homeownership. It is truly an honor to work alongside someone so dedicated to turning dreams into reality. Derek McGowan and his team are exceptional!
Jennifer Mann
Jennifer Mann
19:53 29 Nov 23
Derek does a great job communicating with his clients, and also the vendors involved in the closing process. He is professional and great to work with!
Robillard Castor
Robillard Castor
18:00 29 Nov 23
1st home purchase and what an experience! The entire process from Pre-Approval to Funding was Quick, Smooth and Transparent. Joe was awesome! He was very informative answered all my questions and stayed in close contact with me throughout the entire process. Derek was great as well, he kept everyone (Agent, Title Co, Underwriters) on a strict timeline which allowed us to close early! I would recommend McGowan to everyone!
Jeff Greenstein
Jeff Greenstein
15:07 29 Nov 23
We just closed a loan for Derek and his team, they were great to work with from a title company perspective.
brad cross
brad cross
10:39 29 Nov 23
McGowan Mortgages is amazing! The best of the best!
Alisha Brooks
Alisha Brooks
02:26 29 Nov 23
Derek amd his team are fantastic to work with. They are thorough, communicative, and very easy to collaborate with.I have enjoyed the deals I have gotten to work along side them on to get the clients to the finish line of making home ownership a reality.Believe me when I say their main focus is helping their clients to see the reality of their dreams of homeownership come true and it shows in their hardwork behind the scenes.Alisha BrooksAlliance Title
Christine Montiel
Christine Montiel
20:02 26 Nov 23
We could not have gotten through this process without the entire team's support. So thankful for everyone!
Left 2 Right Detailing
Left 2 Right Detailing
06:03 16 Nov 23
Friendly. Easy to work with.
Jas Benibo
Jas Benibo
19:47 15 Nov 23
I absolutely love working with Derek at McCowan Mortgages. They have great communication, and even better programs and rates. As a real estate agent, I love sending my clients to McGowan Mortgages because I know they will be greatly taken care of.
Tynisha Watson
Tynisha Watson
04:59 15 Nov 23
McGowan Mortgages stands out for its transparency, knowledge, and excellent communication. This team guides my buyers through various loan programs with expertise, ensuring a smooth process. Their commitment to clear communication, coupled with multiple loan options, makes them an outstanding choice for any buyer. I Highly recommend!Tynisha Watson, Platinum Realty@myrealtortwatson
Yesenia Silva
Yesenia Silva
19:42 14 Nov 23
We are so Glad we found Derek during our house hunting journey. After talking to a few lenders McGowan definitely out beats them all! Being first time home owners the team went above and beyond with explaining the whole process and would answer our calls to answer all our questions which made the process so much easier. We definitely recommend to everyone!
Tim Jones
Tim Jones
15:28 13 Nov 23
McGowan has been a great mortgage company to work with. Very attentive to details, great lending partner to work with and have supported our organization with open arms!
Luis Diaz
Luis Diaz
17:49 11 Nov 23
Joseph Ajja
Joseph Ajja
22:51 10 Nov 23
When I first of McGowan Mortgages I did not know them or feel comfortable with them helping me get into my first home. However, after speaking with Derek and his team and how they answered all my questions I decided to give them a shot. And I will say I was not disappointed not only did they get me a great interest rate but got me into home quick! I would recommended them to anyone looking to purchase or refinance their home! It was an amazing experience working with this company
Alberto Rodriguez
Alberto Rodriguez
11:54 10 Nov 23
Top partner! Main lender! Wonderful experience so far!
Stacie Green
Stacie Green
04:57 10 Nov 23
Derek and his team at McGowan Mortgages go above and beyond to help their clients. He consistently shares information to help buyers and realtors navigate through any market and make homeownership possible. Looking for a lender that will work hard for you; look no further.
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