BNC National Bank
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BNC National Bank

 4.9/5 (105 ratings)
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BNC National Bank
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Written by Jennifer Schurman
Edited by Shawn Richardson

About BNC National Bank

BNC National Bank (NMLS #418467) is an online bank and mortgage lender that’s been in business for over 30 years. The company is headquartered in Bismarck, North Dakota. It offers conventional, FHA, VA, USDA and jumbo loans. You can apply for a mortgage directly through the company’s website.

Overall Satisfaction Rating

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Pros

  • Experienced VA lender
  • Competitive rates
  • Online preapproval decisions in minutes

Cons

  • Limited fee info online
  • No HELOCs or home equity loans
  • Few in-person branches

Bottom Line

BNC National Bank is a full-service bank that offers digital banking and mortgage products. It’s a seasoned mortgage lender for first-time homebuyers and veterans. BNC lends in all 50 states, but it has physical offices in only a few.

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Rated with 5 stars
Verified

We used BNC back in 2018 and we used them again. We’re very happy with them. The application process was as smooth as it could be. One of the reasons that we came back was because...

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Rated with 5 stars
Verified

I was working with three different lenders trying to work a deal out. So, it took a little bit of time. But once I committed to BNC, they were great. We got everything knocked out...

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Rates

BNC National Bank doesn’t publish its starting rates online, but according to Home Mortgage Disclosure Act data, the company has had a lower average rate for home purchase loans than the national average in recent years. In 2021, its average rate was 0.25% lower than the national average.

BNC National Bank offers both fixed-rate and adjustable-rate mortgages (ARMs). Fixed-rate mortgages are popular when rates are low; when rates climb, many borrowers choose ARMs for the short-term savings they offer. ARMs have relatively low introductory rates for one to five years, after which the rate resets and adjusts according to market conditions. Before you get an ARM, keep in mind there’s no guarantee rates will come down over time.

BNC National Bank average home purchase rate vs. national average

YearDifference from national average
2021-0.25%
2020-0.15%
2019-0.20%
Information pulled from public Home Mortgage Disclosure Act data. Rates reflect noncommercial home purchase loans only.

Application process

You start the preapproval process by applying through the company’s website. Once you create an account, the application asks questions about the type of home you’re looking to purchase, your assets (like bank account balances) and your demographics. You may also need to upload financial documents, like bank statements and pay stubs, before you can submit the finalized application.

A loan officer is available to assist you with your application or answer any questions you may have about the process. After completing the application, you could receive a preapproval decision within a few minutes.

Matthew, a ConsumerAffairs reviewer from Matthews, North Carolina, had this to say about BNC National Bank:  “The rep worked with me and gave me the lowest available rate. I got a conventional loan and everything rolled fast. It was a good process. He told me what I needed, and I got those things. The portal was easy to upload information. It was a good experience and I would use BNC again. I recommended them to a friend and he used them as well.”

BNC National Bank application features

FeaturesAvailability
Online application
Mobile document upload
Physical branchesFour states
Publishes minimum rate on websiteX
Rate lock10 days to 12 months
Pre-qualification (no hard credit pull)
Certified approval letter

Loan types

BNC National Bank offers a variety of mortgage loan options to suit borrowers’ needs. The company offers conventional loans (with fixed or adjustable rates), jumbo loans, FHA loans, USDA loans and VA loans. Conventional loans generally come with 15-year, 20-year or 30-year terms. The company also offers 203(k) loans, which are mortgage loans insured by the FHA for purchasing and remodeling a home.

BNC National Bank states that it specializes in VA loans and mortgages for first-time homebuyers. The company originated over $1.2 billion in VA loans alone in 2021.

That same year, BNC National Bank received 3,157 home purchase applications. Of those applications, about 64% (2,023) turned into closed home purchase loans, and about 8% (253) were denied.

Loan applications for home purchases only by year

202120202019
Home purchase applications3,1571,9792,469
Home purchase loans closed2,0231,3441,477
Home purchase applications denied253178255
Home purchase preapprovals denied000
Information pulled from public Home Mortgage Disclosure Act data. Includes conventional, USDA, VA and FHA mortgages.

Refinancing

BNC National Bank offers refinancing for jumbo, FHA, USDA and VA loans. You can refinance to lock in a lower interest rate, shorten your loan term or get cash.

In 2020 and 2021, many borrowers refinanced their mortgages to secure lower rates. The majority of loans BNC closed in 2021 were for refinancing (66% for refinances and cash-out refinances combined). Less than one-third (31%) were for home purchase loans.

Rates have since risen, and fewer borrowers are expected to refinance in 2022. For reference, the average 30-year fixed-rate loan rate was under 3% in August 2020; it was 5.13% in mid-August 2022, according to the Federal Reserve Bank of St. Louis.

Home purchase vs. refinance loans by year

202120202019
Home purchase loans31.01%16.05%36.38%
Refinance loans46.34%65.24%40.27%
Cash-out refinance19.51%16.73%19.46%
Information pulled from public Home Mortgage Disclosure Act Data. Includes conventional, USDA, VA and FHA mortgages.

Requirements

BNC National Bank lists many of its borrower requirements on its website. Most seem to adhere to the industry norms, though it does require a credit score of 620 for a VA loan (some lenders may allow 580). BNC National Bank also allows a 3% down payment for first-time homebuyers on conventional loans; some lenders require more.

The company doesn’t disclose its minimum credit score requirement for FHA loans, but it does state that this type of loan allows for lower credit scores. This could be an ideal choice for first-time homebuyers with lower credit scores.

National mortgage requirements by type

Min. credit scoreMin. down paymentCompare with other lenders
ConventionalTypically 620Typically 3%Mortgage lenders
FHA5003.5% with 580 credit scoreFHA lenders
VASet by lender (often 580)0%VA lenders
USDASet by lender (often 640)0%USDA lenders

Cost and fees

BNC National Bank doesn’t list its lender fees for new mortgage loans online. Closing costs usually include a credit report fee, title search fees, homeowners insurance premiums, property taxes and other fees.

If you’re concerned about paying these costs, you can ask BNC if it offers any closing cost assistance programs.

Once you’re preapproved, BNC National Bank should give you a Loan Estimate, which details all the estimated closing costs. You’ll receive Closing Disclosures at least three business days before your closing, which will show the finalized loan costs and fees.

FAQ

How does BNC National Bank work?

BNC National Banks specializes in home loans for first-time homebuyers and veterans. It offers conventional, FHA, VA and jumbo loans.

BNC provides a digital mortgage experience; you can apply for a loan on your phone in less than 10 minutes, then follow up with your loan officer by phone, email or text. You can also manage your mortgage payments online through the company’s loan portal.

Is BNC National Bank legit?

BNC National Bank is a legitimate bank and mortgage lender. It’s experienced in helping veterans and first-time homebuyers find the right products and resources, and it offers helpful educational tools. It doesn’t publish mortgage rates or detailed descriptions of its products online, but it offers one-on-one connections with borrowers, so an experienced loan officer should be able to answer any questions.

Where is BNC National Bank available?

BNC National Bank’s mortgages are available in all 50 states. The company has branches in Arizona, Kansas, Illinois and North Dakota.

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How do I know I can trust these reviews about BNC National Bank?
How do I know I can trust these reviews about BNC National Bank?
  • 4,010,719 reviews on ConsumerAffairs are verified.
  • We require contact information to ensure our reviewers are real.
  • We use intelligent software that helps us maintain the integrity of reviews.
  • Our moderators read all reviews to verify quality and helpfulness.

For more information about reviews on ConsumerAffairs.com please visit our FAQ.

Page 1 Reviews 0 - 5
Rated with 5 stars
Verified Reviewer Verified Buyer
Original review: Feb. 8, 2022

BNC was really easy to work with. The loan agent was very knowledgeable especially about the VA loan that I was trying to pursue. he was on the ball and there was good communication. It's a more difficult process than a conventional loan but BNC made the process easier than the time I've done it with other banks. We were under a lot of pressure to get it done and things were on a very fast track. They did a good job walking me through on what I needed and made the process easy going through the submission of stuff online. We ended up emailing some of the documents back and forth 'cause the system wasn't 100% perfect. But being flexible with those things was really helpful.

But their system will say you need certain documents and then after I submit those, I have to follow them to make sure things aren't lost in submission. I would submit document A and then I might get asked for that again. I have to say, “Hey, I submitted it at this time.” And someone would have to go in and take a look at it. Sometimes it was easier to just email that person document A instead of trying to submit it through. The other thing is if someone hasn’t preloaded the form saying, “I need document A,” it's really hard for me to go and submit said documents if someone hasn't put in a request for me to submit that document through the system. Other than that, I had a really good experience with BNC.

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    Rated with 4 stars
    Verified Reviewer Verified Buyer
    Original review: Jan. 10, 2022

    I inquired about a loan and someone responded fairly quickly. BNC was the third lender I went with. I was initially just exploring different interest rate options, and I thought my quote was arguably good. Then I tried a different place, and it was a little different. Then I tried a third place. With my initial quote, I was quoted like 2.85. Then with BNC, I was able to get to 2.25. It was a significant difference in interest rates that I think it's important to shop around. The reason I stopped at BNC is because I was confident that I wouldn't get really any lower than that.

    The communication could have been a little bit better, though. I felt like near the end of the process, it was a little tricky in terms of the communication back and forth. The person that was assigned to my account during the process, was on PTO for a good chunk of it, so it was also a little tricky. But it still was able to work out.

    I was in the process of purchasing new construction, so, my timelines were being controlled by the builder in terms of supplies and what their projected date would be. For instance, the initial closing date was October 1st, and then it got extended to November and then mid-November. It was extended a few times so I wasn't able to get the appraisal until the home was complete. Also, BNC is on a different time zone than the builder and the Realtor, so that was a little challenging. But it didn't seem too bad.

    BNC was good. They were as responsive as they could be for a lot of questions I asked. I would recommend them because they're really competitive. The only thing that was somewhat surprising is they sold my loans before I made my first mortgage payment, which is interesting. But I guess that's not uncommon. But, overall, it was a good experience.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Dec. 6, 2021

    The reps seemed like they were very knowledgeable, professional and informative. The application process was pretty straightforward and it didn't feel as complicated or invasive as it did. The process overall went a lot smoother than it did with our first house loan. It went pretty well. The only issue that I've had with them was during post-process. It was kind of a confusing piece of thing.

    BNC Bank is a broker. So as soon as you finish the loan process, BNC is going to sell that loan to a bank that will facilitate it going forward. I knew that from the beginning. But what happened was I had come into it after we had finished all of the refinance process, and they said, “Okay. Now you're going to make your first mortgage payment to BNC Bank. And then after that, your loan is going to be probably facilitated over to this bank where you'll set up everything on their portal, and you'll be making payments to them going forward."

    I sent my payment to BNC Bank but after two weeks, they still hadn't cashed that mortgage check. So then I had to call them and they had said, “Oh, yeah. Well, your loan had already been sold over to the other bank and so we just forwarded your check over there.” I had to contact the new bank and make sure that they got my check. They told me, “Oh, yeah. We got your check but we have to have BNC endorse it. So we had to send the check back to BNC." So now, it's been 19 days since I've sent the first mortgage payment, and that check has still not been cashed by anybody. They've marked it paid on time on the mortgage thing. But I had anticipated that it would go smoother. The whole rest of the process was so smooth that it surprises me that this part of it isn't more streamlined.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Nov. 28, 2021

    This is the fourth time I've worked with BNC National Bank. The agent that I work with is phenomenal. She’s flexible. She keeps me updated. She is above par on all levels. She does all the legwork, makes things happen, and sends me the paperwork to sign. So, with BNC, I get better rates, better service and better results. On this last refinance, I did attempt to go through my local bank, and their rates are not good even though they’re a credit union. They were a pain. They wanted to charge me for my own credit report. So, I went back to BNC. They charged me to pull my credit but as part of the whole system, they don't charge me upfront. They waive a bunch of fees for veterans. So, I'm not gonna find a cheaper opportunity.

    Through the application, somebody reaches out to you and says, “Hey, got your thing. Do the stuff. Email these documents to continue processing.” It's all routine. It's the same crap you got to do whenever you refinance or finance anything. However, as I've used the same agent repeatedly now, the application process is a phone call. She goes, “All right. I'll run the numbers and send you an email.” They do all the things.

    On the first couple times I used them, I had my own title company, so I went there to do the closing. The last time, I used their title company and they sent them out to me to my residence to sign the papers for the closing. I can't ask for more than I could make a phone call, refinance two homes at the same time, and they get it processed. BNC is good. You can't ask for a simpler process, especially a repeat customer to make a phone call and make things happen. As far as the application, it’s their standard online application. There's no trying to charge me upfront like the other bank was for my credit report.

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    Rated with 4 stars
    Verified Reviewer Verified Buyer
    Original review: Nov. 25, 2021

    I loved the lady that I talked to at BNC. I also called two other lenders but then, BNC gave me the best rate and their rep, Crystal, gave me lender credits. Besides that, Crystal was very proactive. But the underwriting of BNC Bank needs work. It should be something quick and painless. Crystal forwarded over emails and I had sent emails over to their underwriting reps. But instead of verifying that they received the emails, they kept asking for the same documentation. That was okay when you deal with someone that has time in their hands, but that was not the case for somebody like me and my family.

    I sent everything the first day that the underwriting rep was asking for. I sent most of all these particular documents and the ones that I did not send, I put an explanation. But they kept asking for them or they said they never received the documents. Then, I had to forward over the email again. Now if you're in underwriting, that means you have to be very nitpicky and you have to have attention to detail. So I couldn't understand how an underwriting department would miss emails like that.

    BNC Bank also needs to make every possible effort to contact the person they’re working with once they sell the mortgage loan. Even if the loan is closed, it would be good to get a call from Crystal or somebody from BNC Bank saying that your mortgage had been sold to Company Y and that they're sending you an email with the instructions on how to find your loan number as well as how to contact them. Steps like that would make it so much easier for everyone. In my case, I was able to figure that out but it took me 15 minutes to look it up and call people . But they already knew that information and all they had to do was draft up an email about it. Other than that, I'm going to buy another house in California and I'm going to use BNC again.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: July 30, 2022

    The individual that we worked with was very responsive and the experience was very straightforward. This is the second time that we've purchased a home. It can be cumbersome or stressful at times but we felt there were no silly questions. I appreciated that, too.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: July 24, 2022

    It was a new construction and we started and then we stopped. Then, it was going to take longer than we thought. But we got the mortgage. So, the end result was good. The rep, Vic, did his job and it all worked out.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: July 17, 2022

    The application process was smooth and quick. We had great communication. But after BNC did my mortgage, they turned around and sold my mortgage off to somebody else. The transition hasn't been the smoothest because the letters I've been getting don't clarify who I need to send my payment to. Everybody else was just as confused as I was because of the way that the letters were worded. Somebody finally clarified that once there's a transferring of mortgages, the government allows for a 60 or 90-day no bad reporting for late payments. I'm just waiting on my payment information from the new bank.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: July 15, 2022

    They gave me the lowest rate and the senior mortgage consultant I worked with was extremely helpful, knowledgeable and friendly. The process was very smooth and there was constant communication. We closed in less than two months.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: July 10, 2022

    Julie ** and her team were extremely helpful and go over and above good customer service. Would definitely go with BNC again if I ever need another mortgage loan. This is the second time we have worked with Julie and both times were as easy as this process can possibly be.

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    ConsumerAffairs writers primarily rely on government data, industry experts and original research from other reputable publications to inform their work. To learn more about the content on our site, visit our FAQ page. Specific sources for this article include:
    1. Federal Financial Institutions Examination Council, “HMDA Data Publication.” Accessed Sept. 21, 2022.
    2. Federal Reserve Bank of St. Louis, “30-Year Fixed Rate Mortgage Average in the United States.” Accessed Sept. 1, 2022.
    3. U.S. Department of Veterans Affairs, “Lender Statistics.” Accessed Sept. 21, 2022.

    BNC National Bank Company Information

    Company Name:
    BNC National Bank
    Website:
    www.bncbank.com