Searching for a flexible and affordable mortgage in Kansas City? Click or call (816) 631-9687 to talk to McGowan Mortgages, providing homeowners with award-winning advice and simple mortgage solutions.
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.
See What Our Clients Are Saying About Us!
Emma M. Byrd
02:30 06 Sep 23
Our real estate agent Ernesto Tinoco (through Keller Williams Key Partners) recommended McGowan Mortgages as a mortgage broker for my partner & I as we were having trouble getting his income approved by our then current lender. They were able to find us a mortgage lender that would take his income in less than a week! Derrick is great & has a lot of videos & updates he sends that really help explain the whole lending process. He is easy to get ahold of & his team is great too.
Steve French
22:02 31 Aug 23
This firm has been great to work with. Everyone I worked with was knowledgeable, supportive and informative. We were in contact on a daily basis at least once and on norm two to three times a day. They stayed on top of everything and explained every step as we went. I would highly recommend Derick and his associated for home mortgages.
John Jones
19:06 31 Aug 23
Derek personally gets involved!
Megan Sigala
00:41 19 Aug 23
My fiancé and I are thrilled to have worked with the McGowan group to help us get into our first home! They made the seemingly impossible possible and we're forever grateful for their patience and support throughout the process. We highly recommend them to anyone in the market for a new home!
Simon Clark
16:27 13 Aug 23
Derek is amazing. He and his team get back to you so quickly with everything! They made it so I didn't have to do any work which was nice, because I had no idea what I was doing. They easily beat every other loan I was able to find, even through my bank.
Donna walker
19:31 29 Jul 23
Derek and his team are very knowledgeable, quick to respond and have been amazing to work with!
Frank Martin
16:31 25 Jul 23
Derek and his team could not have been any better! This was a seamless transaction from the moment we started the ball rolling. They were able to secure a mortgage for us in record time, and were extremely professional throughout the process. I can highly recommend them!
Dinora R
18:48 10 Jul 23
Trabajaron muy eficientemente para encontrarnos el mejor financiamiento conforme a nuestras circunstancias.
Steve Bernstein
16:56 10 Jul 23
Loved working with the super responsive team! They got me pre-approved for a mortgage while the bank was dragging their feet. Great customer service. Highly recommend!
Amber Hughes
23:05 09 Jul 23
Derek and his team are awesome!! He is so knowledgeable about his business and goes above and beyond for all his clients.
Julie Hughes
21:22 09 Jul 23
Thank you Derek and Team ! Outstanding !
Derek McGowan
15:59 09 Jul 23
Omoye Akhidenor
12:45 04 Jul 23
McGowan Mortgages were a pleasure to work with! They are very knowledgeable, patient, and consistent. They let me know in a timely fashion every document needed, and followed up to make sure we hit our deadline. Now I’m enjoying my new house thanks to Fidel and the rest of the team! Thanks again guys!!
Courtney Hatten
00:44 02 Jul 23
I would trust Derek and his team with all of my home loan needs! The hardest working group of people you will meet! They genuinely care about getting you the BEST experience.
Debra Hartley
16:31 01 Jul 23
Fantastic team to work with. They are very professional and knowledgeable.
Megan Carzo
02:32 30 Jun 23
Incredibly knowledgeable, hard-working, and talented team! We can’t say enough good things about our experience with McGowan Mortgages. Derek and his team were with us every step of the way - even when the road got a bit bumpy - they continued to work endlessly to ensure our first home buying experience was successful! Their constant communication, and ability to explain every step of the process assured us that we were in the best hands possible. We wouldn’t work with anyone else!
Jose Cortes
02:30 30 Jun 23
Michael Riley
01:42 30 Jun 23
Derek, and his team saved the day when another lender pulled out at the last minute because I am self employed!
Graham Karwath
22:38 15 Jun 23
I recently had the pleasure of working with McGowan Mortgages for our home buying process and I can't speak highly enough of Derek and his staff. We didn't have a realtor, but that didn't matter because they provided all the help we needed throughout the process. They were always readily available and willing to go above and beyond to ensure our needs were met.From the first time we talked with Derek, we knew we were in good hands. He took the time to fully explain the mortgage process in detail, answering all of our questions and ensuring we understood every step. His expertise and professionalism really shone through.Throughout the process, Derek and his team were always there for us - from securing the best mortgage rate, to promptly responding to our calls and emails.I truly appreciate the level of personalized attention we received from McGowan Mortgages. Their attention to detail, patience and professionalism made our home buying journey smooth and stress-free.Overall, I wouldn't hesitate to work with McGowan Mortgages again and recommend them highly. Thanks again to Derek and his team for all their help!
Janet McGowan
22:20 02 Jun 23
Great team to work with!
Emily Fox
13:24 28 May 23
Derek and his team were tremendously helpful in buying our first home. They were prompt at answering questions and explained the house-buying processes in a way that made sense, and even cleared up confusion that other people involved told us about how buying a house works. They walked with us step by step through the process and did everything they could to help us along the way. If we buy in the future, we'd gladly work with McGowan Mortgages again!
Derick Bradford
19:28 11 Mar 23
Very hard working team that won’t give up until they get you into a home! I went thru three lenders in bankruptcy and Derek made it happen! Bad mf lol
Janet warden
18:32 11 Mar 23
Everyone at McGowan Mortgage was great! They made the whole process easy and stress free.
Adam Stafford
16:36 02 Mar 23
It was an up and down journey to purchase my first home but through their knowledge and hard work they made it happen and I couldn't be happier, thanks gents
Abdel Toukourou
00:13 02 Mar 23
Working with McGowan and his team was the best decision we made to start our home buying process, they did a fantastic job getting us in a our new home on time and on budget, the entire process was stress free, we were kept informed throughout the entire process, I would definitely recommend them to anyone trying to buy a house.
Fidelia Acevedo
17:04 23 Jan 23
Hello, trust and believe the McGowen Team is the BEST ever. I am ony second home purchase, and couldn't have done it without these truly professionals who work to make your dream of home ownership come true.
Amy J Markstahler
22:34 18 Jan 23
A fantastic, brilliant team! McGowan mortgages works for you and goes above and beyond to fulfill all your mortgage needs. Prompt return on calls and questions. Absolutely grateful for all their hard work to help our family relocate.
Lorenzo Allen (Rentzy TV)
21:21 16 Jan 23
Derek and his team will go to war for you! They really care about their clients and consistently prove through communication and their actions, that they always have their clients best interests. If you want excellence in customer service, A1 communication, and a stress free environment for you mortgage lending needs, McGowan mortgages is the way to go!
Dylan & Amanda Wagoner
00:28 16 Dec 22
We loved working with McGowan Mortgages!!They really made things smooth for us and we love our new home!
Joshua Reeves
00:04 26 Nov 22
One of the best! Stand up 5 Star guy outside of the mortgage world too!
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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.