NASB Mortgage Review

NASB Mortgage Review

Your mortgage is an essential part of your finances, so it’s essential to have an annual financial checkup just like you would with your physical. Mortgage reviews are helpful as your life changes, and you need to determine if your loan needs to be adjusted accordingly.

The mortgage review process is very similar to applying for a mortgage in that a mortgage expert walks you through your credit profile, your income, and your current financial situation. Additionally, your existing loan must be examined – the interest rate, the monthly payment, and mortgage insurance.

NASB is one of the most well-known lenders in the United States. In this article, we’ll provide you with a NASB Mortgage review, including NASB mortgage products, rates, and pros and cons.

Related Article: The Ultimate Guide to a VA Loan

NASB Mortgage Review: About NASB

North American Savings Bank (NASB) is a national bank that offers mortgage products that cater to different borrowers in the United States, including Missouri, Kansas, Indiana, and Wisconsin. NASB offers a wide range of home loans that are typical of banks. Still, the VA loans backed by the Department of Veterans Affairs account for a substantial portion of NASB’s mortgage business.

Related Article: VA Loan Eligibility Criteria

NASB Home Loan Types and Rates

There are several varieties of loans offered by NASB, including conventional, jumbo, and government-backed ones. Still, VA loans make up the bulk of the company’s business.

Through NASB, VA home loans can be obtained both for purchase and refinance, including cash-out refinances. As you’re using your home as collateral, you may want to think twice before refinancing to get cash out if you don’t really need the funds for a project that adds value to your home.

Conventional Loan

The Conventional loan is the type of loan that the government does not secure. The interest rates on these loans are usually higher than those for government-backed loans. However, it may be possible that a conventional mortgage is the best choice for you if you have a conventional loan available.

VA Loan

The VA loan program is one of NASB’s most popular products. VA loans offer favorable terms to active-duty military members, veterans, and widows of veterans. To find out whether you qualify for a VA loan, you should visit the Department of Veterans Affairs website.

FHA Loan

Federal Housing Association (FHA) loans are among the most common types of loans offered by NASB. Several government loans can be obtained through the National Association of State Banks. Be aware that the Federal Housing Administration is not the one that will lend you the money if you want an FHA loan.

NASB provides the funds for the loan, and the FHA merely serves to guarantee the loan, as an FHA-approved institution like NASB provides it.

Jumbo Loan

As the name suggests, jumbo loans, also known as jumbo mortgages, are forms of financing that exceed and exceed the limits set forth by the Federal Housing Finance Agency (FHFA). One of the lenders that offer Jumbo loans to qualified borrowers is NASB. However, NASB only does so through private lenders.

Non-Conforming Loan

Non-conforming loans are types of mortgage loans that are not eligible for insurance through government programs due to the nature of the property.

Related Article: VA Loan Limits by State

FLEX Loan

Suppose you don’t fit inside standard loan guidelines. In that case, you may want to consider a FLEX loan from NASB that looks at your unique financial situation. The flex loan offer by NASB has advantages such as less money down than traditional to the traditional 20%, with a shorter waiting period and easier documentation for nontraditional income.

Bank Statement Loan

If you are self-employed, NASB offers a Bank Statement Loan that may be the solution you are searching for to buy your own home. The Bank Statement Loan is a relatively new loan program that lenders have recently begun offering their borrowers. Self-employed borrowers can only be approved for this loan program if their bank statements show them to be able to produce enough income.

IRA Lending

NASB offers an innovative way to finance the purchase of a property using a real estate IRA account. A variety of loan options are available to borrowers, including adjustable-rate and fixed-rate non-recourse loans. After receiving a completed application, NASB provides approvals within 48 hours. You can know more about it by clicking here

Related Article: How Many VA Loans Can You Have?

NASB Pros and Cons

The following are the pros and cons of the NASB.

Related:What is the VA Jumbo Loan Limit?

Pros of NASB

  • VA Loans: A major advantage that NASB customers agree on is that this bank has a lot of experience in serving military families through VA home loans. As a way of saying thank you to veterans and those currently serving in the military, they assist them in finding the most favorable mortgage financing terms for their homes. Although other banks and financial institutions offer VA loans as well, NASB is the only institution that offers it.
  • Non-traditional income sources: NASB believes in honoring veterans while also considering non-traditional sources of income when customers make loan applications. While many lenders base their decisions on your credit score alone, NASB helps clients to find the best mortgage based on other factors.
  • Good Neighbor Program: NASB also offers a New Neighborhood Program that in addition to helping low-income customers. People with less-than-perfect credit and financial histories can still take advantage of this initiative to buy properties in Kansas City, Missouri. The program requires a minimum credit score of 580, waives any lender fees that would normally be charged, and pays for closing costs for borrowers.
  • Excellent Reputation: There is no question that the NASB has an excellent reputation, and you can always contact your loan officer if you have any questions during the entire loan process.

Cons of NASB

  • No Online System: There is only one drawback that we see from NASB bank, and that’s that it does not offer an online system for tracking your loan decisions. Even though some borrowers may find this unnerving, some of them do not care to use such a system.
  • Higher Rates on IRA Non-Recourse Loans: IRA Non-Recourse Loans offer investment properties, which carry higher interest rates and substantial down payment of 30%.

NASB Application Process

The NASB has an easy, straightforward process to obtain a mortgage in terms of the application process. The website is user-friendly and has a phone number on most pages, and you are sure to find it whenever you need it.

You will need to create an account to begin a NASB mortgage application online. Then, if the application cannot be completed in one sitting, you can pick up where you left off. As far as technology is concerned, NASB’s looks like they can compete on a level of sophistication, with the ability to upload documents, as well as e-signatures, while tracking loans online.

To begin your loan application on NASB, you can click “Apply Now.”

Related Article: VA Loan Certificate of Eligibility

NASB Refinancing

Whether you want a lower interest rate or to shorten the period on your term, NASB can help you get the Rate and Term Refinance you need. If your mortgage loan rate is higher than current rates, then you should consider a Rate and Term Refinance from NASB. You can lower your monthly payments or reduce the term to pay off.

Related Article: VA Loan Refinancing Benefits

NASB Alternatives

Listed below are some alternatives to NASB that you can consider:

NBKC

Founded in 1999, NBKC Bank is known for its mortgage lending services and competitive rates on deposit accounts. Based in Kansas City, it also has a large network of 37,000 ATMs in the USA, with Up to $12 a month in ATM fees reimbursed.

New American Funding

New American Funding is a nonbank lender with more than 170 branches across the country. It offers many loan types, including purchase and refinances. Over 104,000 borrowers bought or refinanced homes through the lender in 2020, originating more than $30 billion in mortgages. Government-backed mortgages are also available, including FHA and VA. Cash-out refinances are also available from New American Funding.

Freedom Mortgage

Founded in 1990, Freedom Mortgage is one of the country’s largest loan originators and services, operating in all 50 states plus the District of Columbia. Freedom Mortgage was named No. 1 Veterans Affairs lender and No. 1 Federal Housing Administration lender by the industry publication Inside Mortgage Finance.

NASB Mortgage Review: Transparency Is Important

So, what’s your take on this NASB Mortage review? From our perspective, NASB makes it fairly easy to compare mortgage rates, an important first step in the lender selection process.

You can view sample mortgage rates, APRs, and payments by choosing “rates” in the navigation menu on the website’s homepage. You can get a more accurate rate quote by filling out a short form, but talking with a loan officer will give you an even better sense of the rate you will earn.

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