nbkc Lender Review | 2023
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The bottom line
nbkc Bank (National Bank of Kansas City), based in Kansas City, Missouri, was founded in 1999 as an FDIC-insured financial institution. As an online bank with branches in Missouri and Kansas, this privately held organization offers a wide range of mortgage programs in all 50 states and takes great pride in its customer service.
This lender, which stylizes its name “nbkc” in all lower case, was the 2020 winner of Best Company’s Consumer Choice award for Best Mortgage Lender in the United States, has received an A+ rating as one of the top 200 banks in the country, and is rated A+ by the Better Business Bureau. Consumers seeking a mortgage to purchase a home, or to refinance their home, will find a robust menu of fixed-rate and adjustable-rate mortgage loans available from nbkc.Ready to buy your dream home? Start here (Sep 25th, 2023)
Pros & cons of nbkc
With more than 20 years of experience serving their customers, nbkc has designed a unique platform to support their borrowers’ needs through every step of the mortgage origination process.
All mortgage loan applicants are assigned a specific point of contact to provide guidance, along with the support of an entire team of dedicated professionals. In addition, nbkc offers competitive interest rates and fees — along with state-of-the-art technology to save time and money for their consumers.
With an average customer rating of 4.9 out of 5 points, nbkc receives very high marks for the quality of their products, their level of customer service, and their degree of trustworthiness. 94% of all nbkc customers would recommend the bank’s services to a friend. Also, nbkc leverages a centralized operation and low costs to pass substantial savings along to their customers.
Pros of nbkc
- Dedicated home loan experts available to match every customer’s financial goals with the best mortgage loan available
- Wide variety of home loan programs including FHA, VA and Conventional loans – for both home purchase and refinancing, at competitive interest rates
- An easy and efficient online application process designed to speed up underwriting time
- First-time home buyer’s programs and refinance programs so consumers can take advantage of historic low interest rates
- Home buyer resources including home buying guides and online mortgage calculators
- Pre-qualification and pre-approval letters provide home buyers with more certainty
Cons of nbkc
- nbkc does not offer traditional retail loan offices or face-to-face engagement with their customers
- nbkc does not offer VA construction loans (except within the Kansas City area) or allow VA loans on manufactured homes
How to get a mortgage With nbkc
nbkc’s streamlined application process begins with an application — completed either online or by phone. Once the application is submitted, an nbkc representative will reach out to help facilitate the next steps.
This will include reviewing employment and credit history, along with the borrower’s income, assets and liabilities.
An appraisal of the property will be ordered by nbkc to assess the value of the home. If the loan is for the purchase of a home, nbkc loan experts will work with the borrower’s representatives to order title insurance on the property.
Once an applicant’s loan is reviewed and approved, nbkc will offer a variety of programs for the borrower to consider – including fixed-rate and adjustable-rate loans. Approved loan applicants will then select the interest rate, points and fees best suited to them. Any additional supporting documentation can be submitted either through an online portal or via overnight mail.
nbkc will work with the borrower to arrange for settlement and the closing of the loan.
In addition to providing the support of loan experts, the bank also offers mortgage applicants many tools to help them throughout the process. Customers have access to several online calculators, including one to compare fixed-rate loans to adjustable-rate programs, a calculator to estimate interest savings with a refinance loan, and one to determine whether it’s worthwhile to pay additional points in return for a lower interest rate on a loan.Ready to buy a home? Start here (Sep 25th, 2023)
Buying a house with nbkc
In a fast-paced real estate market, it pays to have a lender like nbkc that can provide customers with quick loan decisions. The lender can issue a preapproval or pre-qualification for a mortgage online or over the phone.
Whether buying a primary residence, second home or investment property, nbkc offers a wide selection of mortgage loans to meet various home buyer needs.
Loan experts assist mortgage applicants through every step of the process to ensure customers can move from application to closing as quickly as possible.
nbkc’s home buying mortgage products include:
- VA loans – Designed for U.S. Veterans and offering many benefits including no requirement for a down payment
- Conventional loans – A good option for buyers with good credit scores and low levels of personal debt
- FHA loans – Very popular with first time, lower-income, and/or lower-credit home buyers
- Jumbo loans – For buyers seeking to borrow more than the amount permitted for conventional loans (greater than $726,200 in most states)
As mentioned,nbkc can issue a mortgage prequalification to customers shopping for a home.
A prequalification tells borrowers the price range of home they can afford. This helps home buyers to focus only on homes within their budget.
nbkc also offers a mortgage pre-approval. This is a verified pre-qualification reflecting the amount of mortgage loan for which the applicant has been approved. This is a substantial advantage when making an offer on a home, as home sellers will clearly know and appreciate the creditworthiness of the buyer.
Refinancing a house with nbkc
With interest rates near historic low levels, many existing homeowners are refinancing their mortgages to lower their monthly payments, shorten their loan term, consolidate debt and/or take cash out of the equity in their home.
nbkc offers refinancing options to help borrowers achieve their objectives efficiently, with streamlined documentation programs available for some homeowners.
Mortgage loan professionals are available to provide customers with assistance in selecting the best loan option — both online and by phone.
nbkc’s refinance mortgage options include VA, FHA and Conventional loans with a variety of terms (fixed rate, adjustable rate, 30-years, 15-years, etc.). For VA homeowners, nbkc does not offer a 100% VA cash-out loan (75% maximum loan-to-value). However they do offer VA Interest Rate Reduction Refinance Loans (IRRRL) with no income/no asset and no appraisal required.
Once a refinance loan application is approved, borrowers can determine where and when they would like to close their loan and nbkc will work with them to schedule a loan settlement at the borrower’s convenience.Check your VA refinance eligibility here (Sep 25th, 2023)
Special benefits for veterans with nbkc
nbkc provides a high level of customer support to veteran loan applicants. The bank’s VA benefits include loans available in all 50 states, no VA application, origination, underwriting or processing fees, and low, competitive interest rates.
nbkc’s representatives will explain eligibility requirements for a VA Loan Certificate, determine how VA’s residual income requirements apply to a borrower’s underwriting review, and share special VA program information designed for borrowers with a disability as a result of their service.
VA borrowers may also be eligible to take advantage of VA’s seller concessions policy, allowing for home sellers to contribute larger amounts of funding toward closing costs.
Eligible veterans and their family members may also qualify for exemption from VA’s funding fee or for grants for disabled veterans.
VA grant programs include Specially Adapted Housing (SAH), for the building or remodeling of a home with disability-related modifications and Special Housing Adaptation (SHA) for the adaption of an existing home already owned by the veteran or a home the veteran intends to purchase.
nbkc gives back to the community
nbkc is a proud partner of Military Makeover, a Lifetime network program that enlists designers, contractors, landscapers and other home improvement professionals to transform the homes and lives of military families across the country.
This lender has selected Kansas City-area military families to become beneficiaries of home makeovers on the show.
Should you use nbkc?
As a customer-centric mortgage originator and servicer, nbkc offers their customers a streamlined mortgage process that saves time and money. The company’s wide range of mortgage programs, competitive interest rates and award-winning customer service makes it a great option for consumers shopping for a loan to buy a new home or to refinance an existing loan.Ready to buy your dream home? Start here (Sep 25th, 2023)