Mortgage questions? Start with a clear answer.

A bank generally offers its own mortgage products. As an independent mortgage broker, Mike can compare loan options, interest rates, and fees from the lenders he works with, then explain which path fits your goals. Mike is your Mortgage Loan Originator—the person helping you compare options and complete the loan process.

Mike is licensed to help people buy or refinance homes in Kansas and Missouri and works with borrowers throughout the Kansas City metro on both sides of the state line. Office visits are available by appointment, and the process can also be handled by phone, email, and secure digital tools.

Mike asks about your goal, timeline, how you earn your income, savings, debts, and any concerns. You do not need to arrive knowing the right loan type. The purpose is to identify practical options and decide whether a full application makes sense.

See the full mortgage roadmap →

Timing depends on the loan type, property, appraisal, title work, and how quickly documents are available. Typically, though, from the time you sign the purchase contract to closing on the home, it is roughly 21–30 days. Mike will set expectations for your transaction instead of promising a one-size-fits-all closing date.

Look for a licensed professional who explains the total payment and upfront costs, gives you a written Loan Estimate when applicable, and answers your questions clearly. Compare offers using the same loan type, term, down payment, and rate-lock assumptions. Reviews can help you assess service, but the right fit also depends on your loan and timeline.

Compare a Loan Estimate with Mike · View licensing information

A mortgage broker’s fee may be paid by the lender or by you, depending on the arrangement. Having the lender pay the broker does not mean your loan has no costs. Ask who pays the broker and compare the rate, fees, and total cost on the written Loan Estimate. Mike will explain who pays the broker and the loan costs before you choose how to proceed.

Ask Mike about your options

Start with a plan for your budget and a pre-approval based on a review of your financial documents before seriously shopping. That helps you understand a comfortable monthly payment, the money you’ll need at closing, and your loan options. It also gives your real estate agent stronger information when you are ready to make an offer.

Pre-qualification is usually an early estimate based largely on information you provide. A pre-approval involves a more complete review of credit, income, assets, debts, and applicable loan guidelines. Pre-approval is conditional, not a final promise to lend. The home, updated documents, and final loan review must still meet the requirements.

Read the full guide: What Does Mortgage Preapproval Really Mean—and When Should You Get It?

Qualified buyers may have options ranging from zero down with VA or USDA financing to 3% conventional and 3.5% FHA programs. Your best choice depends on eligibility, credit, savings left after closing, the home, your budget, and available assistance. Your down payment is only part of the money you’ll need at closing.

Compare common loan options →

Read the full guide: How Much Down Payment Do I Need in Kansas or Missouri—and What Should I Keep in Savings?

Many loan programs let you use gift money. The rules vary on who can give the gift, how to document and transfer it, and whether some of the money must come from you. Tell Mike about the gift early so it can be documented correctly before closing.

Depending on your contract and loan, possible responses may include renegotiating the price, challenging the appraisal with relevant data, adjusting the loan, bringing more money to closing, or using a right in your purchase contract, such as cancelling if the contract allows it. Your lender and real estate agent should coordinate quickly.

Read the full guide: What Happens If the Appraisal Comes in Low? A Buyer’s Cash-Gap Guide

Possibly. Options may include qualifying with both payments, using eligible home-equity financing, adjusting the purchase timeline, or considering a later mortgage recast after your current home sells. Mike can show you how both payments would fit your budget before you make an offer.

Read the full guide: Can I Qualify for a New Mortgage Before Selling My Current Home?

A mortgage recast is a way to lower the required monthly loan payment—before taxes and insurance—on your existing mortgage after you make a large, one-time payment toward the loan balance. You keep the same loan, interest rate, and remaining payoff date. The company that collects your mortgage payments (your servicer) recalculates the payment using the new, lower balance.

This can be especially helpful when you want to buy your next home before selling your current one. You may purchase the new home first, then use some or all of the money left from selling your old home to reduce the balance on the new mortgage. If the servicer approves a recast, your required monthly loan payment, before taxes and insurance, will then be lower.

A recast does not usually lower the interest rate, and property taxes, homeowners insurance, and mortgage insurance—if applicable—may not change. Not every loan or servicer allows recasting, and minimum payment amounts, fees, and other requirements can apply. Mike can help you determine whether a recast may fit your buy-before-you-sell plan, but you should confirm eligibility with the lender or servicer before relying on it.

Thinking about buying before your current home sells? Read our step-by-step mortgage recast guide, including a payment example and the questions to ask before choosing your loan.

Start with a monthly housing budget that leaves room for your other bills, savings, and repairs. Include principal and interest, property taxes, homeowners insurance, mortgage insurance if required, and any association dues. Your lender may approve more than you feel comfortable spending. Use a payment estimate first, then have Mike check the income, debts, and cash needed for your plan.

Estimate a complete payment

Read the full home affordability guide and household-budget example

There is no single minimum that applies to every mortgage. Loan programs and lenders have different standards, and they also consider your income, debts, down payment, and recent credit history. FHA program rules can allow a 3.5% down payment at a score of 580 or above, but an individual lender may require more. Ask for an assessment before assuming you need months of credit repair.

HUD: FHA loan information

A hard credit inquiry can cause a small, temporary score change. Credit-scoring models generally group mortgage inquiries made within a limited shopping window, often 14–45 days, so comparing lenders does not count the same as opening several different loans. Keep your mortgage shopping close together and avoid taking on unrelated new debt before closing.

CFPB: credit inquiries and rate shopping

Read more: How to compare mortgage offers.

Yes. The Rate Shop offers access to Chenoa Fund FHA down payment assistance for eligible Kansas homebuyers, including buyers in the Kansas City metro. It pairs an FHA purchase mortgage with a second loan that can help cover the down payment and eligible closing expenses. Assistance options are 3.5% or 5% of the lower of the purchase price or appraised value. You do not have to be a first-time buyer, and the program has no income cap.

See how Chenoa Fund works · Check my Kansas options with Mike →

Yes. Mike can help eligible Missouri buyers explore Chenoa Fund down payment assistance with an FHA purchase loan. This option is available to both first-time and repeat homebuyers purchasing a home they will live in. It offers 3.5% or 5% assistance based on the lower of the purchase price or appraised value, with no program income cap. Mike will compare the cash needed at closing, total monthly payment, and repayment or forgiveness terms with a loan without assistance.

Explore Chenoa Fund assistance · Check my Missouri options with Mike →

Chenoa Fund helps eligible buyers bridge the gap between qualifying for a mortgage and having enough saved for the upfront costs. The option available through The Rate Shop combines a 30-year fixed-rate FHA purchase mortgage with a separate assistance loan secured by the home.

The assistance can go toward your down payment, eligible closing costs, and costs paid in advance, such as insurance. It is not a cash gift. The program does not require a minimum contribution from your own funds, but you may still need money for costs the assistance and other allowed credits do not cover.

Understand repayment and forgiveness · Build your down-payment and savings plan →

Program background: Chenoa Fund.

There are two options, and both start as a second mortgage:

• Repayable: You make monthly payments over 10 years. The assistance loan's interest rate is one percentage point above the FHA first mortgage's rate.
• Conditionally forgivable: The assistance loan has no interest or monthly payment and a 30-year term. Under current rules, forgiveness can be requested after 36 consecutive, on-time payments on the FHA first mortgage. You must request forgiveness and pay the processing fee to remove the assistance loan’s claim against your home; it does not disappear automatically after three years.

A late payment resets the 36-payment sequence. Selling or refinancing before meeting the forgiveness conditions can require repayment. The assistance option also affects the interest rate and costs of your FHA mortgage, so Mike will compare the full payment and costs before you choose.

Talk through my assistance options →

First-time and repeat buyers may qualify. The program has no income cap, and the published minimum qualifying credit score is 600. Your income still needs to support the mortgage and other debts, and your credit history, property, and complete loan application must meet FHA and program requirements. A 600 score alone does not guarantee approval.

This option is for buying a primary residence, not an investment property or vacation home. Homebuyer education is required for borrowers with qualifying scores below 640 and for all loans requiring a lender’s manual review rather than an automated approval. Mike will confirm the requirements for your application and help compare assistance with other FHA financing options.

It is the share of your monthly income before taxes that goes toward qualifying debt payments, including the proposed housing payment. For example, $2,400 in monthly debts divided by $6,000 in qualifying monthly income equals 40%. That example is not an approval limit. Loan programs differ, and qualifying income may be calculated differently from your take-home pay.

CFPB: how debt-to-income works

Read the full guide: Should I Pay Off Debt or Save More for a Down Payment?

Often, yes, if you negotiate that in the purchase contract and your loan allows it. Seller credits can help with eligible costs, but limits vary by loan type, down payment, and property use. They generally cannot replace your required down payment. Ask Mike and your real estate agent to coordinate before you write the offer.

Compare purchase loan types

No. The down payment is your share of the home price. Cash to close is the remaining amount you need to bring to finish the purchase after including closing costs and costs paid in advance, then subtracting deposits already paid and any amounts the seller or lender contributes. Ask for both numbers early so a low-down-payment option does not catch you off guard.

CFPB: understand your Loan Estimate

Explore Kansas City closing costs and a step-by-step cash-to-close example

Advertised rates are usually based on a narrow set of assumptions. Your interest rate and loan costs depend on your credit, down payment, the home, whether you’ll live in it, and the loan you choose. They also depend on market rates, how long your rate is locked, and whether you pay upfront for a lower rate or use a lender credit to help cover closing costs. Compare the full Loan Estimate—not the rate alone.

Discount points are an upfront fee you pay for a lower interest rate. They may make sense if you keep the loan long enough for the monthly savings to cover that fee—your break-even point. Mike can compare paying points with keeping that money in savings or taking a lender credit toward closing costs, usually in exchange for a higher rate.

Read the full guide: Should I Pay Mortgage Points or Keep the Cash? A Break-Even Guide

Closing costs can include lender charges, appraisal and credit costs, title and settlement fees, government recording charges, insurance, interest due before your first payment, and money set aside to pay property taxes and insurance through an escrow account. The amount varies by loan, property, timing, and transaction. Ask for a detailed estimate early.

Compare the same loan type, rate-lock status, term, points, lender credits, cash to close, and monthly payment assumptions. Some third-party charges may not be controlled by the lender. Mike offers a complimentary review to help identify the questions worth asking.

Upload a Loan Estimate for review →

Read more: A step-by-step guide to comparing offers.

Mortgage insurance protects the lender, not the borrower. Conventional PMI often applies below 20% down and may be removable when requirements are met. FHA uses mortgage insurance premiums with different cancellation rules. VA loans do not require monthly PMI, though a funding fee may apply.

There is no single rate for every buyer or homeowner. A quote depends on the loan, credit profile, down payment or equity, property, term, points, and lock period. National averages help show the market’s direction; a written quote is needed to compare your actual choices. Ask for the rate and all associated costs together.

Understand what affects mortgage rates · Ask for a personalized comparison

No one can reliably promise when rates or home prices will move. Compare what you can comfortably afford today with the cost and flexibility of continuing to rent or staying in your current home. Buy only if the full payment and the savings you’ll have left work for you now; a future refinance is a possibility, not a guarantee.

Test a payment scenario

Read more: A practical guide to buying now versus waiting.

The interest rate is used to calculate interest on your loan balance. The annual percentage rate, or APR, includes the interest rate and certain loan costs expressed as a yearly rate. APR helps compare similar loans, but it does not replace reviewing fees, cash needed, and how long you expect to keep the mortgage.

Get help comparing the full offer

A rate lock protects the agreed rate for a set time, subject to the lender’s terms and changes in your application. Ask whether the lock lasts through your expected closing, what an extension costs, and whether you can switch to a lower rate after locking if rates fall (called a float-down option). A Loan Estimate alone does not always mean the rate is locked.

CFPB: rate locks explained

Read the full guide: When Should I Lock My Mortgage Rate—and What If Rates Drop?

Yes. The principal-and-interest portion generally stays the same on a standard fixed-rate loan, but property taxes or homeowners insurance can rise. If your mortgage company collects money for those bills in an escrow account, the amount collected with your mortgage payment can change. Check the actual property’s taxes and get an insurance quote when comparing homes on either side of the state line.

CFPB: managing a mortgage and escrow

See what makes up your full mortgage payment—with a simple cost breakdown

Conventional mortgages are not insured by FHA, VA, or USDA. They may offer down payments as low as 3% for qualified buyers, flexible property options, and removable PMI in many situations. Your eligibility, interest rate, and loan costs depend on your credit, income, savings, debts, and the home.

FHA loans are mortgages made by approved lenders and insured by the Federal Housing Administration. They can be useful for buyers with smaller down payments or more flexible credit and debt-to-income needs, but they include upfront and annual mortgage insurance.

Read the full guide: FHA or Conventional: Which Mortgage Fits Your Kansas City Home Purchase?

VA-backed purchase loans can offer qualified borrowers no required down payment, no monthly PMI, and competitive terms. You still need to qualify based on your military-service benefit, income, credit, and the home. The lender also checks whether you’ll live there and how much of your VA loan benefit is available. Some borrowers pay a VA funding fee; exemptions may apply.

Read more: VA loan benefits, costs, and eligibility.

Already have a VA loan? Use the VA Bonus Entitlement Calculator.

USDA guaranteed loans may provide zero-down financing for eligible primary residences in qualified rural and suburban areas. Property eligibility, household income limits, and repayment ability all matter. Portions of the Kansas City region may qualify depending on the exact address.

A jumbo loan is generally used when you need to borrow more than the local limit for a standard conventional mortgage, known as the conforming loan limit. Credit, down payment, savings left after closing, and required financial documents vary by lender. Mike can compare a jumbo loan with alternatives such as a larger down payment or using more than one loan.

Read more: Jumbo loans and loan limits in Kansas City.

Some alternative-documentation programs (often called non-QM) may evaluate bank statements, assets, or other documentation instead of standard tax-return income calculations. These programs typically have different interest rates, fees, down payments, required savings, and paperwork than conventional loans.

Explore specialty loan options →

A refinance may be useful to reduce a rate or payment, shorten a term, change loan type, remove certain mortgage insurance, consolidate debt, or access equity. The real test is whether the expected benefit outweighs the costs and fits how long you expect to keep the new loan.

A cash-out refinance replaces the current mortgage with a larger new loan and provides eligible equity as cash. It changes the terms of the entire first mortgage, so it should be compared with a HELOC or second mortgage before deciding.

A VA Interest Rate Reduction Refinance Loan is a streamlined option for an existing VA-backed mortgage. It is designed to produce a qualified financial benefit and generally involves less documentation than a standard refinance, though eligibility, the age and payment history of your current loan, fees, and lender requirements apply.

Read more: VA IRRRL refinancing: benefits and costs.

A HELOC may preserve an attractive first-mortgage rate and provide flexible access to equity, but its rate is often variable. A cash-out refinance creates one new first mortgage and may provide fixed-rate certainty. Compare total interest, payment, closing costs, and how quickly you plan to repay the funds.

Read the full guide: Bridge Loan or HELOC: How Can I Use Equity to Buy Before I Sell?

Usually the costs are covered through a higher interest rate, added to the loan balance where permitted, or covered through another arrangement. You may bring less cash upfront but still pay over time. Compare offers over the period you expect to keep the loan, including the remaining balance.

Compare refinance costs and savings

A recast keeps your interest rate and payoff date. After you make a large, approved payment toward the balance, your mortgage company recalculates a lower monthly loan payment, before taxes and insurance. A refinance replaces the loan with new terms and new costs. If the new mortgage already has a rate you like, a permitted recast may be worth comparing. Confirm the loan’s recast rules before buying.

Read the mortgage recast explanation

See how the choices work in our buy-before-you-sell recast guide.

A debt-service coverage ratio loan generally evaluates whether a property’s qualifying rental income can support its housing expense instead of qualifying primarily from the borrower’s personal employment income. Lenders differ in how they calculate eligible rent, set rates and fees, and decide how much savings you need and which properties qualify.

Conventional financing has limits and additional requirements as the number of financed properties grows. DSCR and other investor programs may provide alternative paths. The right option depends on rental income and expenses, your savings, who owns the properties, your tax plans, and what you want to buy next.

Often, yes, but the percentage and documentation allowed depend on the loan type, current lease status, appraisal rent schedule, property history, and your experience. Do not assume that every dollar of projected rent can be used.

Read the full guide: Should I Keep My Low-Rate Home as a Rental When I Buy My Next House?