- Minimum Credit Score:620
- Minimum Down Payment:0% to 3.5% depending on loan type
- Can Apply Online:Yes
- Operates In:All 50 States
NextAdvisor’s Take
- Wide variety of loan products
- $5,000 closing guarantee for homebuyers
- Discounts available for Costco members
- Loans offered nationwide
- Rates and APRs accessible online
- Need a credit check to learn about closing and lender fees
NBKC, which stands for National Bank of Kansas City, is a good option to consider if you’re comfortable with getting things done online and over the phone. The bank offers a wide variety of mortgage products for anyone looking to purchase or refinance a home, including conventional, jumbo, FHA, VA, home equity loans, and construction loans. Costco members can benefit from a rather sizable discount off the lender’s typical origination fee. Borrowers are guaranteed closing on time or else NBKC will pay out $5,000 for the buyer and seller to split.
It’s important to note that we couldn’t find any information on closing fees or lender fees online. You’d likely need to put in a formal application and credit check to learn the full fee breakdown through the Loan Estimate.
Editorial Independence
As with all of our mortgage lender reviews, our analysis is not influenced by any partnerships or advertising relationships. For more information about our scoring methodology, click here.
NBKC Bank Full 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 allows borrowers to easily access quick rate quotes online after inputting home value and expected down payment information. However, there is no information available on any other lender fees or closing costs. A credit check and formal application would be needed to find out the total cost of the loan.
If you’re in the market for a home loan, here’s what you should 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:
- Purchase loans
- Refinance loans
- Home equity loans
- Conventional loans
- Jumbo loans
- Department of Veterans Administration (VA) loans
- Home construction loans
- Federal Housing Administration (FHA) loans
- Fixed-rate loans
- Adjustable-rate loans
When it comes to choosing between a fixed-rate vs adjustable-rate mortgage, you should consider how long you intend on keeping the home. Adjustable-rate mortgages typically offer lower rates to begin with. The downside though, is that after a specified period of time, the rate can change. Fixed-rate mortgages on the other hand, can give great peace of mind because the rate remains unchanged for the life of the loan.
If you’re eligible and have some form of military affiliation, a VA loan could be an option. VA loans offer plenty of great benefits, including options requiring no down payment, no requirement for private mortgage insurance, and flexible credit requirements. FHA loans could also be a great option for those looking to make a down payment as little as 3.5%, but who may have some blemishes on their credit report.
The company’s website offers a home loan program for pilots. When we asked a lending representative about the program they said they had little information on it, but they were very familiar working with the irregular and sometimes unusual pay structure of airline pilots.
NBKC Bank does not offer USDA loans or reverse mortgages.
NBKC Bank: Mortgage Transparency
NBKC Bank’s website is easy to use, and articles and videos are provided in intuitively located sections of the website addressing different aspects of the mortgage process. There is also a dedicated resources section of the website that offers home buying tips, tips on how to calculate how much you can afford to borrow, and what to expect throughout the home loan process.
Borrowers can obtain rate quotes online with a credit check. One big roadblock to watch out for, though, is that the rate quote does not show any specific lender fees. In order to obtain a formal loan estimate with this information, borrowers must agree to a hard credit pull. Only then will a 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. The remainder of third-party fees vary based on the loan program, but can include the following:
- Appraisal fee
- Credit report fee
- Title insurance
- Discount points
- Government recording fee
- Tax service fee
- Flood certification fee
Minimum credit score requirements can also vary based 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 loan representative who informed us 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’re purchasing a home and are nervous about the possibility of not closing on time, you’ll be happy to hear that NBKC Bank offers a closing guarantee of $5,000. This guarantee states that as long as you meet certain requirements, NBKC promises to close your loan on time. If this does not happen, NBKC Bank will pay $2,500 to both the buyer and seller of the property.
Finally, NBKC Bank retains the servicing of the majority of its loans, so you likely will not have to worry about changing who you make your payments to.
Refinancing With NBKC Bank
NBKC Bank simplifies the refinancing process into four main steps: submitting your loan application, delivery of loan documents, appraisal and title work, and closing.
Loan applications can be submitted online or by phone, after which the bank may request supporting documentation such as pay stubs or bank statements. Loan documents, including disclosures, will then be sent for you to review and sign. NBKC Bank will then proceed with the title and appraisal work, steps that confirm the value of your home, and verify no erroneous liens exist against your home. Finally, closing involves the signing of the 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 down payment | 0% for VA; 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. |
| Major loan types | Conventional, FHA, VA, home equity, construction, jumbo, purchase, refinance, fixed-rate, adjustable-rate, cash-out refinance | Conventional, VA, FHA, USDA, jumbo, fixed-rate, adjustable-rate, refinance, cash-out refinance, construction, renovation, home equity products | Conventional, FHA, VA, construction, jumbo, refinance |
How to Shop Around to Get the Best Mortgage Rate
There are several things you’ll want to keep in mind if you’re shopping for the best mortgage rate. Firstly, 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 to get a more accurate comparison. This is because rates can change depending on things like your down payment, credit score, property location, loan amount, loan type, and more.
Secondly, 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 adhere to what they disclose on a loan estimate, and this is what can protect you as the borrower, from any fee increases later on in the process.
Whether you are looking to refinance or purchase, you can compare lender offers here using this Home Loan Comparison Calculator. You can enter in the loan amount, rate, fees, and term for each offer and see a true side-by-side comparison.
Editorial Independence
As with all of our mortgage lender reviews, our analysis is not influenced by any partnerships or advertising relationships. For more information about our scoring methodology, click here.
