In the dynamic landscape of mortgage lenders, NBKC Bank emerges as a versatile and dependable choice, catering to both online and traditional banking needs. Founded in 1999, this lender offers an array of mortgage options, encompassing conventional, jumbo, FHA, VA, fixed-rate, and adjustable-rate loans. Additionally, they provide refinancing and home equity loan services, along with an array of traditional banking products. In this article, we will take a closer look at NBKC Bank Mortgage Reviews, exploring its offerings and evaluating the pros and cons.
Finance Devil’s Rating on NBKC Bank
Rating: 4.8 stars out of 5 Finance Devil Score
Customer rating: 4.9
NBKC Bank Overview
No Official Minimum
One of the standout features of NBKC Bank is that we do not have an official minimum loan requirement. This means you can explore small-dollar mortgage options that other lenders might not provide.
Reach for Your Dreams
Depending on the type of mortgage, you can borrow up to $3 million with NBKC Bank. We empower you to dream big and secure the financing you need for the home of your dreams.
Seamless Loan Servicing
NBKC Bank services some of its mortgages, which is a common industry practice. While we service many loans in-house, your loan might be transferred to a third-party company after closing.
NBKC Bank operates across all 50 states, offering its services both online and through brick-and-mortar locations to cater to a diverse clientele. Their entirely online application process ensures swift prequalification and preapproval, all backed by exceptional customer service. Notably, NBKC Bank even goes the extra mile by offering a $5,000 closing guarantee, underlining their commitment to customer satisfaction.
When it comes to finding the ideal mortgage, variety and flexibility are key. At NBKC Bank, we understand that every homeowner’s needs are unique, which is why we offer an extensive range of mortgage options to cater to your individual requirements. Whether you’re a first-time buyer or an experienced homeowner, our diverse portfolio of loans and competitive terms ensures there’s a solution tailored just for you. Let’s delve into the world of mortgage options provided by NBKC Bank:
Explore the Mortgage Types
NBKC Bank offers a wide selection of mortgage types to suit various needs and preferences:
Conventional mortgages are a popular choice among homeowners. They are flexible and can accommodate a range of credit scores.
If you’re a veteran or an active-duty service member, NBKC Bank offers VA mortgages with attractive terms and favorable interest rates.
FHA mortgages are perfect for those looking for low down payment options and more lenient credit requirements.
For larger home purchases, jumbo mortgages provide substantial financing opportunities with competitive rates.
Pilot loans are a unique offering from NBKC Bank, designed to address specific lending needs efficiently.
Fannie Mae HomeReady
Fannie Mae HomeReady loans are ideal for low to moderate-income borrowers and come with lower down payment requirements.
Freddie Mac Home Possible
Freddie Mac Home Possible mortgages are an excellent option for first-time homebuyers, offering low down payment requirements.
Refinancing your mortgage? NBKC Bank provides rate-and-term refinancing options to help you save on interest.
Cash-out refinancing allows homeowners to access their home’s equity for various financial needs.
FHA Streamline Refinance
If you have an existing FHA loan, NBKC Bank offers streamlined refinancing options for a more favorable rate.
HELOCs (Kansas City-area borrowers only)
NBKC Bank caters to Kansas City-area borrowers with Home Equity Lines of Credit (HELOCs) for added financial flexibility.
Construction Loans (Kansas City-area borrowers only)
For those looking to build their dream home in the Kansas City area, NBKC Bank offers tailored construction loans.
Dive into Loan Terms
Understanding the various term lengths of mortgages is crucial when making your selection. At NBKC Bank, you can choose from the following options:
- 15 years
- 20 years
- 25 years
- 30 years
Additionally, we offer Adjustable-Rate Mortgages (ARMs) with initial fixed-rate periods of three to ten years. The five-year ARM is especially popular among our customers due to its flexibility.
Pros and Cons of NBKC Bank
- Nationwide Availability: NBKC Bank’s services and loans are accessible throughout the United States, and their streamlined online application process makes lending a breeze.
- Excellent Customer Service: The loan officers at NBKC Bank are known for their rapid response times, ensuring borrowers receive the support they need promptly.
- Comprehensive In-House Services: From loan origination to closing and funding, NBKC Bank takes care of every step in the mortgage process, ensuring efficient transactions.
- Attractive Closing Guarantee: By offering a $5,000 closing guarantee, NBKC Bank prioritizes a hassle-free closing experience for its customers.
- Limited Loan Offerings: It’s worth noting that NBKC Bank doesn’t offer USDA or mobile home loans, which might limit options for some borrowers.
- Absence of Down Payment Assistance Programs: The absence of such programs may discourage borrowers seeking financial aid.
- Limited Physical Locations: With only four brick-and-mortar locations in the greater Kansas City area, in-person access might be a challenge for some applicants.
How to Apply for a Mortgage with NBKC Bank
Starting your mortgage journey with NBKC Bank is flexible, with options to apply in person at a branch or conveniently through their website. Representatives are available from 8 a.m. to 8 p.m. CT on weekdays and from 8 a.m. to 5 p.m. CT on weekends.
Before applying for a mortgage, it’s advisable to:
- Check Your Credit Report: Review your credit report for errors that might impact your preapproval and rates, and understand your credit score.
- Gather Required Documentation: Lenders like NBKC Bank will need documents related to your income, assets, and debts, so prepare pay stubs, W-2s, and account and loan statements.
- Property Information: If you’re buying a home, provide the property’s address and undergo an appraisal. For refinancing, an appraisal may or may not be necessary.
The Application Process
Applying for a mortgage at NBKC Bank is a straightforward process, with multiple options for your convenience. Whether you prefer an online application, phone consultation, or in-person visit to one of our Kansas City branch locations, we’re here to assist you. Once your application is submitted, a loan officer will guide you through the preapproval process.
After receiving your application and necessary documentation, we will send your mortgage loan documents electronically or through overnight delivery. From there, we initiate an appraisal and title work to confirm the home’s value and legal status. The closing is scheduled at a title company or attorney’s office in your area, ensuring a smooth and efficient process.
Refinancing with NBKC Bank
NBKC Bank offers refinancing options for existing mortgages. Before starting the process, define your goals. Are you looking to adjust your mortgage rate and term, tap into your home equity, or transition between loan programs? Once you’ve made these decisions, you can apply through their website, in person, or via their call center.
Comparing NBKC Bank with Other Lenders
When selecting a lender, comparing your options is crucial. Here’s how NBKC Bank stacks up against some other lenders:
- Rating: 4.8 stars out of 5
- Loan Offerings: Conventional, jumbo, FHA, VA, fixed-rate, adjustable-rate; refinancing
- Minimum Credit Score Required: 620 for conventional loans, 680 for jumbo loans, 620 for FHA loans, 620 for VA loans
- Down Payment: 3% for conventional loans, 3.5% for FHA loans, none for VA loans
- Nationwide Availability: Available in all U.S. states
- Rating: 4.4 stars out of 5
- Loan Offerings: Conventional, jumbo, FHA, VA, fixed-rate, adjustable-rate; rate-and-term and cash-out refinancing; construction and renovation loans
- Minimum Credit Score Required: 620 for conventional loans, 700 for jumbo loans, 580 for FHA loans, 620 for VA loans
- Down Payment: 3.5% for FHA loans
- Rating: 4.5 stars out of 5
- Loan Offerings: Conventional, jumbo, FHA, VA, fixed-rate, adjustable-rate; rate-and-term, cash-out, and streamline refinancing; home equity loan; investment property; flex-term
- Minimum Credit Score Required: 620 for conventional loans, 680 for jumbo loans, 580 for FHA loans, 580 for VA loans
- Down Payment: 3% for conventional loans; 10%-15% for jumbo loans; 3.5% for FHA; none for VA loans
Meeting Borrower Requirements
At NBKC Bank, we understand that every borrower is unique. Our minimum credit score requirement is 620 for most mortgage products, but the requirements can be higher depending on the type of home loan. For instance, to qualify for a jumbo mortgage, you’ll typically need a credit score of at least 660, and in some cases, 680.
We don’t consider alternative credit data, such as utility and rental payment history, during the application process. Minimum down payment requirements vary by loan type, so be sure to review the specific details for each product.
Like other mortgage lenders, NBKC Bank takes a holistic approach to assessing your eligibility, considering factors such as your income, credit history, and more.
Transparency is crucial in the mortgage process, and at NBKC Bank, we aim to keep things straightforward. We charge a flat fee of $250, which covers various aspects like application, underwriting, processing, and origination. It’s worth noting that we don’t charge fees on VA loans, providing even more value to our veterans and active-duty service members.
While NBKC Bank provides this clear fee structure, there are still third-party costs to consider, including a home appraisal, title insurance, and recording fees. These costs can vary depending on the provider, so we encourage you to shop around and find the best deals for these services.
Moreover, NBKC Bank offers the opportunity to lower your interest rate by purchasing mortgage points upfront. This can lead to long-term savings over the life of your loan.
Facing a mortgage denial can be disheartening, but there are steps you can take to increase your chances of approval. If you find yourself in this situation, the first step is to consult with your NBKC Bank loan officer to understand the reasons behind the denial. This insight can help you work on improving your financial situation for future applications.
Possible reasons for denial may include a high debt-to-income (DTI) ratio, negative items on your credit report, or applying for an excessive loan amount. To address these issues, you can also review your credit report for inaccuracies and dispute any erroneous information. For those looking for short-term solutions, consider a larger down payment or applying with a co-signer, where applicable.
In the long run, improving your overall financial situation, such as paying down debt and increasing your income, can be the most effective way to ensure approval in subsequent mortgage applications.
How Finance Devil Scored NBKC Bank
The Finance Devil Score assigned to NBKC Bank represents a comprehensive evaluation of its services and offerings. Finance Devil’s editorial team takes various factors into account to arrive at this score, including:
Borrower Experience (5/5): With over two decades in the industry, NBKC Bank has earned an A+ rating from the Better Business Bureau. Their quick prequalification and preapproval process, completed online, ensure a convenient experience for borrowers.
Availability (4.5/5): Despite limited physical locations, NBKC Bank extends its services to all 50 states, offering diverse loan options for various borrower profiles.
Affordability (5/5): NBKC Bank’s mortgage rates are competitive, and most borrowers benefit from a low flat fee of $250, with no fees for VA borrowers.
What Our Clients Say
At NBKC Bank, our clients’ satisfaction is the ultimate testament to our commitment to excellence. As of May 2023, NBKC Bank has garnered praise and admiration from countless satisfied clients:
Better Business Bureau (BBB): Our track record with the BBB is nothing short of impressive, boasting an average rating of 4.87 out of 5 stars based on 1,526 reviews. Over the last three years, we’ve closed 56 complaints, with just 13 in the last 12 months. It’s important to note that the majority of these complaints were unrelated to our mortgage services, further underscoring our dedication to providing a smooth and hassle-free mortgage experience.
Consumer Affairs: Our strong rating of 4.8 out of 5 on Consumer Affairs reflects the high level of trust and satisfaction our clients place in us. This positive feedback speaks to our ongoing commitment to delivering top-notch service and reliable mortgage solutions.
These exceptional ratings and reviews highlight the trust and confidence our clients have in NBKC Bank, affirming our position as a premier choice for your mortgage needs. We take pride in these accolades and remain dedicated to exceeding our clients’ expectations.
In summary, NBKC Bank offers a unique blend of online convenience and in-person accessibility, designed to meet diverse mortgage needs. With a strong Finance Devil Score, it stands out as an attractive choice for borrowers seeking competitive rates and an efficient application process.
FAQs (Frequently Asked Questions)
Is NBKC Bank a nationwide lender?
Yes, NBKC Bank is a nationwide lender. They extend their services to borrowers in all 50 states across the United States. This nationwide availability makes it a convenient choice for people seeking mortgage solutions in various regions.
What are the loan options offered by NBKC Bank?
NBKC Bank offers a wide range of loan options to cater to the diverse needs of borrowers. These options include conventional loans, jumbo loans, FHA loans, VA loans, fixed-rate mortgages, and adjustable-rate mortgages. Additionally, they provide refinancing options. This variety allows borrowers to choose the loan type that best suits their financial situation and homeownership goals.
Are there down payment assistance programs available at NBKC Bank?
Unfortunately, NBKC Bank does not offer down payment assistance programs. Down payment assistance programs are designed to help homebuyers who may have difficulty making a substantial down payment. While NBKC Bank offers many other advantages, such as competitive rates and excellent customer service, they do not provide this specific type of financial aid.
How does NBKC Bank’s customer service rate?
NBKC Bank is highly regarded for its exceptional customer service. The bank’s loan officers are known for their quick response times and commitment to providing prompt assistance to borrowers. This dedication to customer service ensures that borrowers receive the support and guidance they need throughout the mortgage process. This high level of service contributes to the bank’s positive reputation among borrowers.
What is the significance of the Finance Devil Score when considering NBKC Bank?
The Finance Devil Score is a critical factor to consider when evaluating NBKC Bank as a potential lender. This score is a comprehensive assessment of the lender’s performance based on several important factors. It includes considerations of affordability, availability, and the overall borrower experience. The score provides valuable insights into the lender’s ability to offer competitive mortgage rates, their reach across states, and the convenience of their prequalification and preapproval process. This information helps borrowers make informed decisions when choosing a lender for their mortgage needs.
In other article, Ally Bank Review: A Comprehensive Evaluation