MoneyGeek’s Take
2024 NBKC Mortgage Review | MoneyGeek.com
Updated: December 28, 2023
Advertising & Editorial Disclosure
NBKC provides numerous mortgage loan options to meet your specific requirements. Although the minimum credit score and downpayment requirements for this specific lender aren’t stated on its website, conventional loans for first-time homebuyers typically require a minimum credit score of 620 and a 3% down payment.
MoneyGeek's NBKC mortgage loan review provides a comprehensive overview of the company’s loan offerings to help you determine if this lender is suitable for you.
At a Glance: NBKC Mortgages
- NBKC
- The NBKC doesn't explicitly list its minimum credit score requirements online, but it complies with the standards set by GSEs like, Fannie Mae or Freddie Mac, the FHA and the Department of Veterans Affairs. As such, the following minimum credit scores reflect these standards Conventional Loan: 620 FHA Loans: 580 VA Loans: 600 This information is unavailable for other loan products. To get more information about a specific loan product, we recommend contacting the lender directly. Minimum Credit Score
- The NBKC doesn't explicitly list its minimum down payment requirements online, but it complies with the standards set by GSEs like, Fannie Mae or Freddie Mac, the FHA and the Department of Veterans Affairs. As such, the following minimum down payments reflect these standards: Conventional loan: 3% FHA loan: 3.5% VA loan: 0% This information is unavailable for other loan products. To get more information about a specific loan product, we recommend contacting the lender directly. Minimum Down Payment
- Conventional Loan, FHA Loan, VA Loan, Home Equity, Pilot Loans, home construction loans and Mortgage RefinancingLoan Products Offered
- All 50 U.S. states with four physical locations in Kansas CityStates of Operation
- Yes Online Application
NBKC Bank, established in 1999, is an online bank and mortgage lender based in Kansas City, Missouri. The commercial bank claims to be among the few that finances mortgages in all 50 states. NBKC Banks provides brick-and-mortar branches to Kansas City region residents and internet banking to all other consumers. It offers numerous purchase and refinance loans, including VA, conventional and FHA loans.
With NBKC Bank mortgage loans, you can get a conventional loan with a minimum 3% down payment, an FHA loan with a minimum 3.5% down payment and a VA loan with a minimum 0% down payment. To qualify for an NBKC loan, you must fulfill a minimum credit score, as is the case with other lenders. The minimum credit score requirement is 620, which may vary between loan products.
The bank offers easy, fast and simple lending for low to mid-income families. NBKC specializes in customer satisfaction. You can also apply for your home loan online from the comfort of your home. With its unique online process, you can get pre-approved for a mortgage in minutes without any paperwork.
Once you are ready to apply for your home loan, NBKC Bank has the most efficient process where you will be guided through each step of the application process on its user-friendly website or mobile app, from submitting documents to signing final papers.
The Better Business Bureau assigned NBKC Bank an A+ rating, indicating that it has an exceptional track record for providing quality customer service. NBKC Bank has many tools available to help you in your home buying journey, whether you are a first-time homebuyer or not. You can conveniently apply online for a loan, learn about different mortgage rates, view available programs and so much more.
Pros
- Competitive rates in comparison to other lenders
- Personalized rates and estimated fees without requesting contact details
- Online application and mobile tracking process
- Loans and services are offered nationwide with a streamlined process
- Loan officers that provide excellent customer service
Cons
- Equity lines and construction loans are exclusive to the metropolitan area of Kansas City
- No home improvement financing
- No USDA, Jumbo or mobile home financing programs
- No options for down payment assistance
- Only four physical locations
NBKC Bank, established in 1999, is an online bank and mortgage lender based in Kansas City, Missouri. The commercial bank claims to be among the few that finances mortgages in all 50 states. NBKC Banks provides brick-and-mortar branches to Kansas City region residents and internet banking to all other consumers. It offers numerous purchase and refinance loans, including VA, conventional and FHA loans.
With NBKC Bank mortgage loans, you can get a conventional loan with a minimum 3% down payment, an FHA loan with a minimum 3.5% down payment and a VA loan with a minimum 0% down payment. To qualify for an NBKC loan, you must fulfill a minimum credit score, as is the case with other lenders. The minimum credit score requirement is 620, which may vary between loan products.
The bank offers easy, fast and simple lending for low to mid-income families. NBKC specializes in customer satisfaction. You can also apply for your home loan online from the comfort of your home. With its unique online process, you can get pre-approved for a mortgage in minutes without any paperwork.
Once you are ready to apply for your home loan, NBKC Bank has the most efficient process where you will be guided through each step of the application process on its user-friendly website or mobile app, from submitting documents to signing final papers.
The Better Business Bureau assigned NBKC Bank an A+ rating, indicating that it has an exceptional track record for providing quality customer service. NBKC Bank has many tools available to help you in your home buying journey, whether you are a first-time homebuyer or not. You can conveniently apply online for a loan, learn about different mortgage rates, view available programs and so much more.
NBKC Mortgage Loan Types, Details and Requirements
This comprehensive NBKC mortgage review from MoneyGeek provides an overview of the company's mortgage offerings, application criteria and any rates or application fees.
Mortgage Types Offered
NBKC offers a number of mortgage loan products, including:
- Conventional Loans
- FHA Loans
- VA Loans
- Pilot Program Loans
- New Construction
- Home Equity
- Mortgage Refinancing
It's important to note that NBKC does not provide government-backed loans, such as USDA loans. It also doesn’t offer Jumbo loans to its customers.
Mortgage Rates
Although NBKC Bank does not publish its mortgage loan rates publicly, you can get rates tailored to your needs by using NBKC’s online mortgage rate calculator. Your mortgage rate will be based on several factors including loan size, loan type, loan length, credit score and property location. This implies that mortgage rates vary by individual.
Additional Fees
NBKC Bank doesn’t explicitly disclose fee information for its loan products on its website. However, with most lenders, you should expect to pay an origination fee for VA loans and other home loan types. You can also learn more about the fees associated with conventional home loans and refinance loans to approximate how much you’ll pay for these loan products.
Minimum Borrowing Requirements
Although the lender doesn’t explicitly state its minimum requirements online, you can typically get a conventional loan with a minimum down payment of 3%, an FHA loan with a minimum down payment of 3.5% and a VA loan with a minimum down payment of 0%. Most of NBKC's conventional mortgages require a credit score of at least 620, but this credit minimum may be less for other types of loans.
NBKC Mortgage Application Requirements
To apply for an NBKC mortgage loan, you must fulfill the following application requirements:
Documentation of 24 months of employment history supported by the last two years of W-2 forms and/or other required documents.
All income sources, including employment and child support, among others. These sources should be credible, reliable and reoccurring.
A record of debts. These contingent responsibilities (minimum monthly payments) are used to calculate the debt-to-equity ratio.
Source of funds for down payments, closing charges and any prepaid items.
You may provide gift funds as they are accepted on certain loans. You can inquire with your loan officer for further details.
Is NBKC Right for You?
The best mortgage provider for you is based on your specific situation. MoneyGeek’s NBKC mortgage loan review can help you assess if NBKC meets your requirements for a loan lender.
Who NBKC Is Perfect for
Since NBKC offers affordable financing programs, it will likely appeal to a large number of prospective homeowners. The low 3% down payment required for a conventional mortgage loan is advantageous for first-time buyers.
NBKC is also an excellent choice if you’re looking for a low-cost VA loan lender because it allows you to buy a property with no down payment. In addition, the lender’s easy-to-use online tools are especially appealing to homebuyers who want to know within minutes whether or not they qualify for a home loan.
Who Should Not Choose NBKC
NBKC may not be the best option for those seeking government-backed loans, as the company does not offer USDA loans. Additionally, if your credit score is below 620, you may be ineligible for an NBKC home mortgage.
Lastly, NBKC may not be for you if you want to complete the application process in person. It utilizes online and mobile applications for its mortgage products on a regular basis. Moreover, NBKC only has four physical locations in Kansas City. Hence, the online application process is the only option for people in other regions.
How to Apply for a NBKC Mortgage Loan
MoneyGeek's detailed NBKC mortgage review provides insight into the application process with this lender.
Prequalify
Before searching for a house loan, it’s essential to obtain pre-approval or pre-qualification. NBKC will notify you if you prequalify for a loan.
Fill Out Application Form
Submit an online application for a short or long loan, with the longer application being more extensive. After entering your online mortgage application, a loan officer will contact you. You can also complete your mortgage application over the phone by using NBKC’s toll-free number, 1-800-375-8096.
Document Delivery
Next, you’ll submit your documents. Documents pertaining to mortgage loans are supplied electronically or via overnight delivery. NBKC receives signed paperwork and all supplementary mortgage loan information.
Wait for Approval
The duration of the pre-approval process is heavily influenced by your FICO® Score and ratio. Moreover, preapproval is contingent upon the verification of the applicant's pay stubs, W-2s, credit reports, bank statements, gift letters, phone calls and other documentation.
Appraisal and Title Work
After your preapproval, a licensed appraiser, who is knowledgeable about the local home values in your area, will evaluate your home. If the loan is for the purchase of a home, NBKC will coordinate with the real estate agent or seller to order title work. Using the title insurance policy, NBKC will validate the legal status of your property.
Closing
The mortgage loan closure is arranged after receipt of all required documents. A consultant will contact you before closing to review the final details. Your local title company or attorney's office will host the closing.
What to Do if You Are Rejected by NBKC
Even if you qualify for the mortgage, NBKC Bank may still decline your loan application for several reasons, including a low credit score or insufficient proof of existing assets to fulfill the monthly mortgage repayments.
If your application is rejected, you should contact an NBKC customer service representative to find out why. That way, you can modify or improve your application before applying with a different lender.
Frequently Asked Questions About Mortgages From NBKC
MoneyGeek’s NBKC mortgage review includes answers to some of the most frequently asked questions to provide additional insight into this lender.
For those wishing to buy or refinance a house, NBKC offers a number of mortgage products, including conventional, FHA and VA loans.
Homebuyers with a minimum credit score of 620 can apply for NBKC's conventional mortgages as well as VA and FHA loans. However, this lender doesn’t offer USDA or jumbo loans, so you’ll have to find another lender if you’re seeking these types of loans.
NBKC provides a variety of loan products. These include conventional loans and government-backed mortgage products such as FHA and VA loans. Additionally, NBKC provides Home Equity and Mortgage Refinancing.
NBKC doesn’t share a borrowing limit on its website. However, it does provide users with a mortgage rate calculator where you can determine your borrowing limit by answering a few questions.
NBKC Bank offers conventional loans for a minimum down payment of 3%, FHA loans for a minimum down payment of 3.5% and VA loans at no down payment.
PMI safeguards the lender should a borrower default on a payment. There may be a preliminary premium or a yearly premium included in your financing, according to your loan terms.
NBKC requires a property appraisal during the loan application process. A licensed appraiser familiar with the value of real estate in your area will be requested to complete the appraisal.
sources
- NBKC. "Home Loans." Accessed May 30, 2022.
- NBKC. "Conventional Loans." Accessed May 30, 2022.
- NBKC. "VA Loans." Accessed May 30, 2022.
- NBKC. "Refinancing." Accessed May 30, 2022.
- NBKC. "How Does The Mortgage Process Work?." Accessed May 30, 2022.
- NBKC. "Mortgage Terms And Definitions." Accessed May 30, 2022.
- NBKC. "Home Buying Guide 2016." Accessed May 30, 2022.