NBKC Bank Mortgage Review 2022

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CCNB Exam 2022

CCNB Exam 2022

Editor’s note: (4/5)

CCNB Exam 2022

Editor’s note: (4/5)
  • Minimum credit rating:

    620

  • Minimum deposit:

    0% to 3.5% depending on the type of loan

  • Can apply online:

    Yes

  • Operates in:

    All 50 States

NextAdvisor review

Advantages

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

The inconvenients

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

The essential

NBKC, which stands for National Bank of Kansas City, is a good option to consider if you’re comfortable getting things done 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, giant, FHA, Virginia, home equity loansand building loans. Costco members can get a pretty steep discount from the typical lender assembly costs. Borrowers are guaranteed to close on time, otherwise NBKC will pay $5,000 for buyer and seller to separate.

It’s important to note that we couldn’t find any information on closing costs or lender fees online. You will likely need to submit a formal application and credit check to find out the full fee breakdown via the loan estimate.

Editorial independence

As with all of our reviews of mortgage lenders, our analysis is not influenced by any partnership 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 such as credit cards, checking/savings accounts, personal loans, and home loans. The bank has four physical locations in Kansas and Missouri for locals preferring an in-person experience.

NBKC makes it easy for borrowers to access quick quotes online after entering home value and expected down payment information. However, there is no information available on other lender fees or closing costs. A credit check and a formal application would be required to know the total cost of the loan.

If you’re looking 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: Mortgage Loan Types and Products

NBKC Bank offers several options for home loans:

When deciding between a fixed rate mortgage or an adjustable rate mortgage, you need to consider how long you plan to keep the home. Adjustable rate mortgages generally offer lower rates to start with. The downside however is that after a specified period of time the rate may change. Fixed rate mortgages, on the other hand, can provide great peace of mind because the rate remains unchanged for the life of the loan.

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

The company’s website offers a real estate loan program for pilots. When we asked a loans representative about the program, he said he had little information about it, but was very familiar with the erratic and sometimes unusual compensation structure for airline pilots.

NBKC Bank does not offer USDA loans or reverse mortgages.

NBKC Bank: Mortgage Transparency

The NBKC Bank website is easy to use, and articles and videos are provided in intuitive sections of the website dealing with different aspects of the mortgage process. There is also a dedicated resources section of the website that offers advice on buying a home, advice on how to calculate how much you can afford to borrow, and what to expect through the process of home loan.

Borrowers can get quotes online with a credit check. A big hurdle to watch out for, however, is that the rate quote doesn’t show any specific lender fees. In order to obtain a formal loan estimate with this information, borrowers must accept a firm credit application. Only then will the borrower know the true cost of the loan.

NBKC Bank: Mortgage Rates and Fees

NBKC Bank typically charges an origination fee of $750, although the fee is reduced to $250 for Costco Executive members. Other third-party fees vary by lending 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 loans and home equity products. We spoke with a lending representative who informed us that the bank can usually work with a minimum credit score of at least 620, although some of their programs may require a higher score.

If you are buying a house and are worried about not closing in time, you will be happy to know that NBKC Bank offers a closure guarantee of $5,000. This guarantee states that as long as you meet certain requirements, NBKC will close your loan on time. If this does not happen, NBKC Bank will pay $2,500 to the buyer and seller of the property.

Finally, NBKC Bank retains service of the majority of its 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 by four main steps: Submitting your loan application, handing over loan documents, appraisal and title work, and closing.

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

NBKC Bank compared to other mortgage lenders

NBKC Bank Flagstar Bank Citizens Bank
Minimum credit score 620 600 for VA; 620 for conventional, FHA and USDA; 660 for jumbo 620
Minimum deposit 0% for AV; 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
Where does the lender operate? All 50 States All 50 States and Washington, D.C. All 50 States and Washington, D.C.
Main types of loans Conventional, FHA, VA, real estate capital, construction, jumbo, purchase, refinancing, fixed rate refinancing, adjustable rate, collection Conventional, VA, FHA, USDA, Jumbo, Fixed Rate, Adjustable Rate, Refinance, Cash-In Refinance, Construction, Renovation, Home Equity Products Conventional, FHA, VA, construction, jumbo, refinance

How to Shop for 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. This is because rates can vary depending on factors such as your down payment, credit score, property location, loan amount, loan type, etc.

Second, make sure you receive a formal written loan estimate from each lender. This is a document that outlines the interest rate and fees charged by the lender. Lenders must respect what they disclose on a loan estimate, and this can protect you as a borrower from any increased fees 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 real side-by-side comparison.

Real estate loan comparator

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

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

Editorial independence

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

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