nbkc bank Review

nbkc offers a wide variety of different home loan and mortgage options. These include loans for both refinancing and purchase, fixed-rate mortgages, adjustable mortgages, jumbo loans, and other home equity products. Each mortgage can offer different benefits for borrowers:

Fixed-Rate Mortgages – This type of loan is best suited for those who want to lock into a specific interest rate and have the same, stable mortgage payments monthly. This is a great option for those who are looking to stay in their newly purchased home for a long period of time. These loans are traditionally offered in payment periods of 10, 15, 20, 25 and 30-year periods.

Adjustable Rate Mortgages (ARM) – Initially, Adjustable Rate Mortgages have a fixed-interest period (typically in three, five, or seven-year periods) then the interest rate will change to reflect the current market. That means owners can take advantage of competitively low rates, instead of being locked into the rate that was available at the time of purchase. Consequently, their interest rate could go up at any time. ARMs are usually recommended for those who don’t plan to stay in their property long.

nbkc offers several government-backed loans as well, which can make buying a home easier for those with a lower income or little money for a down payment. However, they have specific requirements. These loans include:

FHA Loans – The FHA loans are geared toward first-time homeowners with low to moderate income that cannot make a large down payment, as only 3.5% of the total property price is required. It can also be a helpful option for those with lower FICO credit scores.

Veterans Affairs Loans – These loans are designed specifically for current and retired members of the armed forces. VA loans offer several advantages, including no down payment requirements, no need for private mortgage insurance (PMI), and lower interest rates compared to other loan options.

Jumbo Loans – This is a large loan that exceeds the limit set by the Federal Housing Finance Agency. Typically, this only applies to high-income borrowers who are looking for a very expensive home.

Another interesting perk is that nbkc also serves as a lender for Costco. The company’s finance program works to pair customers looking for a mortgage with one of the wholesaler’s lenders.

Loan origination fees are quite low at $675, but Costco members can receive additional discounts, lowering this to $575 or $275, depending on their membership. Lender fees, which are the fees associated with closing on a mortgage and include the cost for application and processing fees, are capped out at $350 for Costco’s executive members. For all other members, this fee can be $650 or less. Lender fees are waived for VA loans and mortgage interest rate locks are free for all customers.

nbkc conducts most of its business online. However, there are some in-person services available in Kansas and Missouri. On the company’s website, potential customers can check out nbkc’s current home loan rates, learn about the many loans they offer or get pre-qualified for a loan. The pre-qualification process requires some basic information and then the customer will receive a call back from a specialist with a quote. Customers can also call to speak directly with a representative. One particularly interesting feature the nbkc offers is its 17 free financial calculators. These calculators can help clients compare mortgage types, terms, refinance interest savings, and even determine their maximum mortgage.

Since nbkc originates and processes all loans in-house, borrowers can receive personalized service from a dedicated loan officer, without being shuffled between companies.

It also helps make closing and decision times quicker than the industry average.

The company allows customers to apply for their loan online or by phone. After submitting the mortgage application, the borrower will be contacted by a loan professional who can walk them through the process step-by-step.

nbkc also offers both mortgage pre-qualification and pre-approval. The pre-qualification can help let potential customers know how much they can afford while the pre-approval lets customers know how much financing they are qualified for.

nbkc’s pre-approval reviews the customer’s credit score, income-to-mortgage payment ratio, and income-to-debt ratio. It requires pay stubs, W-2s, credit reports, bank statements and other, relevant documents. For those that are purchasing a home with a spouse or co-borrower, they will also need to supply the same documents. One perk of a pre-approval letter is that it lets sellers know the borrower is serious about buying the home and that they can afford the offer they make on the home.

nbkc typically does not cater to borrowers with low credit scores, as its minimum credit score is 620. However, qualifying borrowers will find that nbkc offers a variety of other advantages, including the ability to track their progress on computers, or on the bank's apps for iOS and Android.

Despite its relatively short time in business, nbkc has developed a stellar reputation, with 98% of customers recommending the bank to others.

The company's A+ rating is supported by an unusually high proportion of positive reviews, further attesting to its solid reputation.

If you would like to know more about the best mortgage rates around, you can read our review of the top companies of 2018.