NBKC Bank Mortgage Review 2022

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NBKC Review 2022

NBKC Review 2022

Editor’s Score: (4/5)

NBKC Review 2022

Editor’s Score: (4/5)

  • Minimum Credit Score:

    620

  • Minimum initial payment:

    0% to 3.5% depending on the type of loan

  • You can apply online:

    Yes

  • Operates in:

    all 50 states

NextAdvisor’s Take

advantages

  • Wide variety of loan products
  • $5,000 closing guarantee for homebuyers
  • Discounts available for Costco members
  • Loans offered nationwide
  • Rates and APRs accessible online

Cons

  • Need a credit check for lender and closing fees

The bottom line

NBKC, which stands for National Bank of Kansas City, is a good option to consider if you’re comfortable doing things online and over the phone. The bank offers a wide variety of mortgage products for anyone looking to buy or refinance a home, including conventional, jumbo, FHA, will be, home equity loansY construction loans. Costco members can take advantage of a substantial discount off the lender’s typical price. origination fee. Borrowers are guaranteed to close on time or else NBKC will pay $5,000 for the buyer and seller to split.

It is important to note that we were unable to find any information on closing fees or lender fees online. You will likely need to submit a formal application and credit check for the full rate breakdown through the Loan Estimate.

Editorial Independence

As with all of our mortgage lender reviews, our review is not influenced by any association or advertising relationship. For more information on our scoring methodology, Click here.

Full NBKC Bank Review

National Bank of Kansas City offers a number of products and services, including credit cards, checking/savings accounts, personal loans, and home loans. The bank has four physical locations in Kansas and Missouri for locals who prefer an in-person experience.

NBKC allows borrowers to easily access quick rate quotes online after entering home value and expected down payment information. However, no information is available on other lender fees or closing costs. A credit check and a formal application would be needed to find out the full cost of the loan.

If you’re shopping for a home loan, here’s what you need to know so you can decide if NBKC is the right choice for you.

NBKC Bank: types and products of mortgage loans

NBKC Bank offers several options for mortgage loans:

When it comes to choosing between a fixed-rate or an adjustable-rate mortgage, you need to consider how long you intend to keep the home. Adjustable rate mortgages generally offer lower rates to start with. However, the downside is that after a specific period of time, the rate may change. Fixed-rate mortgages, on the other hand, can give you great peace of mind because the rate remains unchanged for the life of the loan.

If you are eligible and have some type of military affiliation, a VA loan could be an option. VA loans offer many great benefits, including no down payment options, no private mortgage insurance requirement, and flexible credit requirements. FHA loans could also be a great option for those looking to make as little as a 3.5% down payment, but may have some blemishes on their credit report.

The company’s website offers a pilot home loan program. When we asked a loan representative about the program, they said they had little information about it, but were very familiar with working with the irregular and sometimes unusual payment structure of airline pilots.

NBKC Bank does not offer USDA loans or reverse mortgages.

NBKC Bank: Mortgage Transparency

NBKC Bank’s website is easy to use, with articles and videos provided in intuitively placed sections of the website that address different aspects of the mortgage process. There is also a dedicated resource section on the website that offers tips on buying a home, advice on how to figure out how much you can afford to borrow, and what to expect during the home loan process.

Borrowers can get rate quotes online with a credit check. One big hurdle to be aware of, however, is that the rate quote doesn’t show any lender-specific fees. To get a formal loan estimate with this information, borrowers must agree to a firm credit pull. Only then will the borrower know the true cost of the loan.

NBKC Bank: Mortgage Rates and Fees

NBKC Bank typically charges a $750 origination fee, though the fee is reduced to $250 for Costco executive members. All other third party fees vary by loan program, but may include the following:

Minimum credit score requirements may also vary depending on the loan program and your qualifications as a borrower. NBKC Bank offers a wide variety of programs including conventional, FHA, VA, jumbo, construction, and home equity products. We spoke with a loan officer who told us that the bank can generally work with a minimum credit score of at least 620, although some of their programs may require a higher score.

If you’re buying a home and are nervous about not closing on time, you’ll be glad to know that NBKC Bank offers a $5,000 closing guarantee. This guarantee states that as long as you meet certain requirements, NBKC promises to close your loan on time. If this does not happen, NBKC Bank will pay $2,500 to both the buyer and seller of the property.

Finally, NBKC Bank retains the servicing of most of your loans, so you probably won’t have to worry about changing who you make payments to.

Refinancing with NBKC Bank

NBKC Bank simplifies the refinancing process into four main steps: submitting your loan application, submitting your loan documents, appraisal and title work, and closing.

Loan applications can be submitted online or by phone, after which the bank may request supporting documentation, such as pay stubs or bank statements. Loan documents, including disclosures, will be sent for your review and signature. NBKC Bank will then proceed with the title and appraisal work, steps that confirm the value of your home and verify that there are no erroneous liens against your home. Finally, closing involves signing the final loan documents so your loan can be funded.

NBKC Bank compared to other mortgage lenders

NBKC Bank flag star bank Citizen Bank
Minimum credit score 620 600 for VA; 620 for conventional, FHA and USDA; 660 for jumbo 620
Minimum initial payment 0% for VA; 3.5% for FHA; 3% for conventional 0% for VA and USDA; 3% for some conventional; 3.5% for FHA 3% for conventional loans, 3.5% for FHA loans, 0% for VA loans, up to 20% for jumbo loans
Where does the lender operate? all 50 states All 50 states and Washington, DC All 50 states and Washington, DC
Main types of loans Conventional, FHA, VA, Home Equity, Construction, Jumbo, Purchase, Refinance, Fixed Rate, Adjustable Rate, Cash Out Refinance Conventional, VA, FHA, USDA, Jumbo, Fixed Rate, Adjustable Rate, Refinance, Cash Out Refinance, Construction, Renovation, Home Equity Products Conventional, FHA, VA, Construction, Jumbo, Refinance

How to shop around to get the best mortgage rate

There are several things you’ll want to keep in mind if you’re looking for the best mortgage rate. First, you’ll want to compare different types of lenders, such as credit unions, banks, and mortgage brokers. You’ll also want to provide the same information to each lender for a more accurate comparison. That’s because rates can change depending on things like down payment, credit score, property location, loan amount, loan type, and more.

Second, make sure you receive a formal written loan estimate from each lender. This is a document that describes the interest rate and fees charged by the lender. Lenders must abide by what they disclose in a loan estimate, and this is what can protect you, the borrower, from any rate increases later in the process.

Whether you’re looking to refinance or buy, you can compare lenders’ offers here using this Home Loan Comparison Calculator. You can enter the loan amount, rate, fees, and term for each offer and see a true side-by-side comparison.

Home Loan Comparison Calculator

Compare your payment options side by side to see which one is right for you and your financial situation.

Find the mortgage that’s best for you by comparing the cost of various loans over time.

Editorial Independence

As with all of our mortgage lender reviews, our review is not influenced by any association or advertising relationship. For more information on our scoring methodology, Click here.

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