NBKC Bank Mortgage Review 2022

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NBKC 2022 Recap

NBKC 2022 Recap

Editor’s Rating: (4/5)

NBKC 2022 Recap

Editor’s Rating: (4/5)
  • Minimum creditworthiness:

    620

  • Minimum deposit:

    0% to 3.5% depending on the type of loan

  • Can apply online:

    Yes

  • Works in:

    All 50 states

NextAdvisor’s Take

advantages

  • Large selection of credit products
  • $5,000 Homebuyer Closing Guarantee
  • Discounts available for Costco members
  • Loans offered nationwide
  • Prices and APR accessible online

Disadvantages

  • Need a credit check to learn about closing and lender fees

The final result

NBKC, which stands for National Bank of Kansas City, is a good option to consider if you’re okay with getting things done online and over the phone. The bank offers a wide range of mortgage products for anyone looking to buy or refinance a home, including conventional, jumbo, FHA, v.a, home loanand home loan. Costco members can take advantage of a fairly substantial discount over the typical lender origination fee. Borrowers are guaranteed to close on time, or NBKC will pay $5,000 to split between the buyer and seller.

It is important to note that we could not find any information on closing fees or lender fees online. You will likely need to submit a formal application and credit check to get the full breakdown of fees through the credit estimate.

Editorial Independence

As with all of our mortgage bank reviews, our analysis is not influenced by partnerships or advertising relationships. For more information on our scoring methodology, see Click here.

NBKC Bank full review

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

NBKC allows borrowers to easily access quick interest 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 formal application would be required to determine the total cost of the loan.

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

NBKC Bank: types and products of mortgage loans

NBKC Bank offers several home loan options:

When choosing between a fixed-rate mortgage and an adjustable-rate mortgage, you should consider how long you intend to keep the home. Adjustable rate mortgages typically offer lower interest rates to begin with. The disadvantage, however, is that the price can change after a certain period of time. Fixed-rate mortgages, on the other hand, can be very reassuring because the interest rate stays the same throughout the life of the loan.

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

The company’s website offers a home loan program for pilots. When we asked a lending representative about the program, he said he had little information about it but was very familiar with the irregular and sometimes unusual salary 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 navigate, and articles and videos are provided in intuitively organized sections of the website that deal with various aspects of the mortgage process. There is also a dedicated resource section on the site that offers home buying tips, tips on calculating loan size, and what to expect throughout the home loan process.

Borrowers can obtain interest rate quotes online with a credit check. However, a major obstacle to watch out for is that the rate quote does not include specific lender fees. In order to receive a formal credit estimate using this information, borrowers must agree to a hard credit deduction. Only then does the borrower know the true cost of the loan.

NBKC Bank: Mortgage Interest and Fees

NBKC Bank typically charges an origination fee of $750, although the fee is reduced to $250 for Costco Executive members. Residual third-party fees vary by loan program, but may include:

Minimum credit requirements may also vary depending on the loan program and your qualifications as a borrower. NBKC Bank offers a variety of programs including conventional, FHA, VA, Jumbo, construction loans and home equity products. We spoke to a credit rep who told us that the bank can usually operate with a minimum credit score of 620, although some of their programs may require a higher score.

If you’re buying a home and are nervous that you might not close on time, you’ll be happy to know that NBKC Bank is offering one Completion Guarantee from $5,000. This guarantee states that NBKC promises to complete your loan on time as long as you meet certain requirements. Failure to do so will result in NBKC Bank paying both the buyer and seller of the property $2,500.

After all, NBKC Bank retains administration of the majority of its loans, so you probably don’t have to worry about who you’re making your payments to.

Refinancing at NBKC Bank

NBKC Bank simplifies the refinancing process in four main steps: Submission of your loan application, delivery of loan documents, assessment and title work and completion.

Loan applications can be submitted online or over the phone, after which the bank may request supporting documents such as payslips or bank statements. The loan documents, including disclosures, are then sent to you for review and signature. NBKC Bank will then proceed with the title and appraisal work, steps that will confirm the value of your home and ensure that there are no defective liens against your home. Finally, completion involves signing the final loan documents to allow your loan to be funded.

NBKC Bank compared to other mortgage lenders

NBKC Bank Flagstar Bank citizen bank
minimum credit rating 620 600 for VA; 620 for conventional, FHA and USDA; 660 for jumbo 620
minimum deposit 0% for VA; 3.5% for FHA; 3% for conventional 0% for VA and USDA; 3% for some conventional ones; 3.5% for FHA 3% for conventional loans, 3.5% for FHA loans, 0% for VA loans, up to 20% for Jumbo
Where does the lender operate? All 50 states All 50 states and Washington, DC All 50 states and Washington, DC
Main Loan Types Conventional, FHA, VA, Home, Build, Jumbo, Purchase, Refinance, Fixed Rate, Floating Rate, Payout Refinance Conventional, VA, FHA, USDA, Jumbo, Fixed Rate, Adjustable Rate, Refinance, Cash Out Refinance, Construction, Renovation and Home Equity products Conventional, FHA, VA, Build, Jumbo, Refinance

How to shop around to get the best mortgage rate

There are a few things to consider when looking for the best mortgage rate. First, you should compare different types of lenders such as credit unions, banks, and mortgage brokers. You should also provide the same information to each lender for a more accurate comparison. This is because interest rates can change depending on factors such as down payment, credit history, property location, loan amount, loan type, and more.

Second, make sure you get a formal written credit estimate from each lender. This is a document that outlines the interest rate and fees charged by the lender. Lenders must follow what they disclose in a loan appraisal, and this can protect you, the borrower, from any fee hikes down the road.

Whether you’re looking to refinance or to buy, you can compare lenders’ offers with this home loan comparison calculator here. You can enter the loan amount, interest rate, fees and term for each offer and see a real 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 multiple loans over time.

Editorial Independence

As with all of our mortgage bank reviews, our analysis is not influenced by partnerships or advertising relationships. For more information on our scoring methodology, see Click here.

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