NBKC Mortgage Review

NBKC Mortgage Review

NBKC is primarily an online mortgage lender operating in all 50 states and a few branch offices in the Kansas City area. The firm is one of the most well-known VA mortgage lenders in the country, and it waives origination fees for veterans.

In this NBKC mortgage review, we’ll take a closer look at NBKC, the benefits and drawbacks of working with them, and whether they’re a suitable fit for you.

About NBKC

A full-service, FDIC-insured bank, NBKC Bank (National Bank of Kansas City) is an accredited Fannie Mae and Freddie Mac lender in all 50 states. With its enormous volume of mortgage loans, minimal overhead expenses, streamlined operations, and innovative technology, the company consistently and dramatically lowers closing costs for customers.

In addition to conventional and government-insured mortgages, they also offer refinances and home equity loans. Aside from house loans, NBKC Bank provides regular banking services and different loans.

NBKC Bank is a terrific alternative for consumers with good to exceptional credit, but it also has loan programs tailored to low-credit applicants.

In addition to its more than 20 years of home loan experience, NBKC Bank offers borrowers online financing countrywide, a fast and easy online application process, educational materials, including 17 financial calculators, and excellent customer service.

NBKC Mortgage Rates and Home Loan Types

The following types of loans and products are available from NBKC Bank to serve a broader range of borrowers:

Conventional

An interest rate on a conventional mortgage is typically fixed, which means the rate won’t fluctuate over the life of the loan. This type of lending is an excellent choice for buyers with good credit scores and low levels of personal debt.

VA Loans

These no–down payment loans are available to eligible service members and veterans and are backed by the Department of Veterans Affairs.

Also Read: Steps to Buying a Home With a VA Loan

FHA Loans

Backed by the Federal Housing Administration, FHA loans offer lenient credit standards but frequently require you to pay mortgage insurance.

New Construction

A construction loan is a short-term loan given to those who want to custom-build their homes or make capital-intensive upgrades to their properties. It varies from a traditional mortgage because it is short-term and has higher interest rates (since most lenders consider it riskier). The grants can cover almost all construction and property development costs.

Also Read: Can Veterans Build a New Home With a VA Construction Loan?

Pilot Program

NBKC also offers a unique home loan specially created for professional pilots. They have developed this program specifically to assist pilots in finding a mortgage or loan that will suit their needs.

Rates

NBKC VA loan rates are not published online. However, you may get rates tailored to your situation by answering a few questions on its website, such as the expected value of the home, your projected down payment, and the state in which your home is located.

NBKC Pros and Cons

Pros of NBKC

  • VA benefits are incredibly generous. No lender, origination, underwriting, or processing fees are required for veterans’ loans. Furthermore, the lender is dedicated to simplified refinancing, which can help you lower your rate with little to no out-of-pocket expenses.
  • Financing is available throughout the United States. NBKC is one of the few lenders in the United States that can fund VA and FHA loans in all 50 states.
  • Applications can be electronically submitted. It’s simple to fill out and track an application online. You can sign documents electronically or have them sent to you overnight.

Cons of NBKC

Limited physical location. NBKC Bank only has four physical locations, all of which are in the Kansas City area. You might want to seek a different financial institution if you’re looking for a bank with a significant physical footprint.

Also Read: How Do I Get a Va Certificate of Eligibility?

NBKC Application Process

You can apply for a house loan with NBKC entirely online.  Be sure to have the following documents and information handy before you begin.

  • A copy of your two most recent W-2s
  • Verification of all income sources is required
  • Bank statements for two recent transactions
  • Detailed records of all bank and investment accounts
  • Invoices for all outstanding debts
Related:VA Loan Benefits & Eligibility for Veterans

You can also apply over the phone with a loan officer by calling the NBKC customer care number. You may even look up the names of all of the loan officers and view their personal contact information. Even if you apply online, a loan officer will contact you shortly afterward to assist you with your application.

Although credit score requirements vary by lender, an FHA loan with a down payment of less than 10% requires a credit score of at least 580. To be eligible for a conventional or Refi Plus loan, you’ll need a credit score of 620 or higher.

NBKC Mortgage Refinancing

With NBKC, you can cut your monthly payment by refinancing your mortgage to a cheaper interest rate, changing your loan term, or cashing out some of your equity. The FHA Streamline Refinance and the Refi Plus Program are two other refinancing choices that are a little more distinctive.

People with FHA loans who are current on their payments can refinance through the FHA Streamline Refinance program, with fewer documentation requirements. There is also no need for an appraisal with these loans. However, you won’t be able to take out cash during the refinance, and closing fees will have to be paid out of pocket rather than added to the loan balance.

You may be eligible for the Refi Plus Program if your credit score is at least 620. These loans are intended to assist borrowers whose properties have declined in value to avoid PMI after refinancing.

Also Read: Home Refinancing Benefits

NBKC Alternatives

Still on the fence about whether NBKC is suitable for you? Below are some alternatives to consider.

CrossCountry Mortgage

CrossCountry Mortgage offers the FastTrack Credit Acceptance, which gives you an approval letter to give to a seller if you’re buying a home in a hurry. Your loan could complete in as little as seven days after you sign a purchase agreement if you receive this approval (barring any conditions such as the need for additional documentation).

American Financial Network

American Financial Network offers a variety of lending options, including home purchase and refinances loans, renovation loans, and mortgage refinance loans. Furthermore, if you have a unique lending scenario that can’t be placed in-house, their loan professionals may be able to broker out loans.

Stearns

Stearns Lending, often known as Stearns Home Loans, is a mortgage lender based in Texas. It has a comprehensive list of purchase and refinancing loans but no home equity loans or lines of credit. It also collaborates with real estate brokers, home builders, and financial and legal specialists to provide a holistic service to customers.

NBKC Transparency

Borrowers must provide a lot of personal information to different lenders to obtain a glimpse of mortgage rates. NBKC, on the other hand, does not operate in this manner. A borrower can access this lender’s current rates by entering basic information, such as the home price and down payment. Of course, not every borrower will be able to take advantage of NBKC’s best rates. Nonetheless, there is still a lot of information about mortgage rates available. Additionally, NBKC’s rates are generally highly competitive compared to other lenders.

Final Verdict

The Nation Bank of Kansas City is a reputable lender to consider when looking for a new loan or mortgage. If you’re looking for a no-fee checking or savings account, NBKC Bank is a good choice. There are no hidden costs, and the $12 reimbursement for non-network ATM fees is a nice touch.

NBKC could be a decent mortgage lender for you unless you’re set on having an in-person borrowing experience and don’t reside in Kansas City.

But, as always, check tailored rates from a few other lenders before deciding. As you may be aware, every lender charges various rates for the same loan type.

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