NBKC Bank, or National Bank of Kansas City, is a bank headquartered in Kansas City, Missouri that offers mortgages nationwide. With an emphasis on customer service and building long-term relationships with clients, NBKC loan officers average 16 years of experience. This lender operates primarily online, but has a handful of physical branches in Kansas and Missouri.
- Flat fee of $250 covers most mortgage process costs
- No fees to lock in an interest rate for 75 days
- $5,000 closing cost guarantee
Do not like
- Only 5 physical NBKC locations in Kansas and Missouri
- No USDA loan option
- Very limited availability for HELOCs
One of the things we love the most about NBKC is its $5,000 closing cost guarantee, which states that the seller and you, the buyer, each receive $2,500 — if the transaction closes late due to an NBKC delay. However, delays caused by a third party such as a home appraiser are not eligible. Closing cost guarantees can make you, as a potential buyer, more attractive to the seller and tip the balance in your favor. In a fiercely competitive housing market, every advantage counts, and this one is compelling.
A large percentage of NBKC mortgages are VA loans, which are designed for veterans and their families. In 2021, the bank funded $6.5 billion in home loans, including $1.55 billion AV loans.
Here’s everything you need to know about NBKC Bank and its mortgage offers.
What types of mortgages does NBKC Bank offer?
NBKC offers most standard home loan options. Its full list includes:
- VA or Veterans Affairs Loans
- FHA or Federal Housing Administration loans
- ARM or adjustable rate mortgages
- Home Equity Loans (at national scale)
- HELOC, or home equity lines of credit (Kansas City only)
Minimum credit score
The NBKC requires a minimum credit score of 620 for most of its conventional mortgages, as well as VA and FHA loans. For a jumbo loan, the minimum credit score is usually 680.
With most lenders, the minimum down payment required varies by loan type, and NBKC is no exception. That said, here are the tips provided for the main types of loans.
- VA Loan: 0% minimum deposit required
- FHA Loan: Minimum 3.5% deposit required
- Classic loan: Minimum 3% deposit required
NBKC borrowers typically have a credit score of 700 or better for a 3% down payment. But he recommends borrowers put down 5% if possible because the calculations will work better in your favor over the life of your loan, as you’ll save thousands of dollars in interest over the life of your mortgage.
What are NBKC’s terms and fees?
Another selling point is that NBKC charges a flat fee of $250, which covers all miscellaneous expenses typically paid to a mortgage lender. This includes origination fees and other standard fees that a borrower will often pay when taking out a home loan. In contrast, most lenders charge a percentage of the total loan – usually 1% – for loan origination. On a $400,000 loan, that would be $4,000.
The bank requires a maximum deposit of $500 for a home appraisal (or less if your appraisal costs less than $500), which contributes to the final cost of the appraisal.
However, there is typical closing costs and costs associated with buying a home, regardless of who your mortgage lender is. Some of them include:
- Title insurance
- Attorney fees
- home insurance
- Upfront Mortgage Insurance Costs
Read more: Mortgage Closing Costs: What They Are and How Much You’ll Pay
Does NBKC offer discounts?
Like most mortgage lenders, NBKC offers mortgage points to lower your interest rate. If you prepay certain mortgage points, the bank will lower your interest rate, saving you thousands of dollars over the life of your loan.
Where does NBKC operate?
NBKC operates online in all 50 US states. However, the bank only has five physical locations in Kansas and Missouri.
Can you refinance with NBKC?
Yes, NBKC offers to refinance home loans. Its website offers two refinance calculators, one that helps you determine what is your break-even point and the one who helps you understand how much interest you can save by refinancing. They offer cash refinance and standard rate term refinance.
Does the NBKC advertise interest rates online?
To see interest rates on the NBKC website, you need to answer a few basic questions about how much home you can afford and how much you plan to spend on a down payment. You don’t have to enter any personal information or data like some other lenders’ websites. But in order to get a qualified personal interest rate and a pre-approval letter, a thorough credit check is required, which is standard procedure for any lender who pre-approves you for a mortgage.
How many days does it take to close a house with NBKC?
On average, it takes about 33 days to close a home with NBKC, but that can depend on where you’re buying from, a representative said. For example, in places like Alaska and Texas, where housing demand has skyrocketed over the past couple of years, closings can be delayed as appraisers are backed up, which can take up to 60 days – although that the deadline is constantly changing.
CNET reviews mortgage lenders by comparing various criteria, including: types of loans offered, credit score requirements, down payment requirements, features, terms and fees, discounts offered, accessibility and refinancing options.
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