nbkc bank

nbkc bank

 4.8/5 (60 ratings)
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About nbkc bank

Nbkc bank (NMLS #409631) is an online financial institution with physical locations in the Kansas City area. The bank offers conforming conventional, VA, FHA and new construction loans, as well as refinancing and home equity lines of credit. You can start the application online.

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    Overall Satisfaction Rating

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    Pros

    • Competitive rates
    • Experienced in closing VA loans
    • Offers construction loans

    Cons

    • No USDA loans
    • Application not 100% online

    Bottom Line

    Nbkc bank is an online bank with a variety of mortgage products. Apply online, by phone or at a branch in Kansas City. It could be a solid option for veterans or those with good credit looking for competitive rates. Its online calculator lets you see estimated rates and fees.

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    Rated with 5 stars
    Verified

    Ryan is a rock star. He is the best at what he does and was incredible throughout our entire home purchasing process. I don’t give out praise easily and I would recommend him and ...

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    Rated with 5 stars
    Verified

    We have used Kurt several times and he never has disappointed us. He is a pleasure to work with. The application process went smoothly from the beginning of obtaining the appraisa...

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    Rates

    Nbkc bank offers both fixed and adjustable rates. Fixed-rate mortgages are a popular choice among first-time homebuyers because they offer predictable monthly payments throughout the entire loan term. A fixed rate could also be helpful if you can lock in a low rate before interest rates begin to rise.

    An adjustable-rate mortgage (ARM) can be riskier, but it may make sense for some borrowers. With an ARM, you’ll pay a fixed rate for a few years (usually three to seven). After the introductory period, your interest rate will reset and fluctuate based on market conditions. The low intro rate could help you save money.

    Nbkc’s home purchase rates from 2019 to 2021 were lower than the national average. In 2021, the company’s average home purchase rate was 0.27% lower. Keep in mind that several factors, including location, credit history and loan type, affect your rates.

    nbkc bank average home purchase rate vs. national average

    YearDifference from national average
    2021-0.27%
    2020-0.07%
    2019-0.19%
    Information pulled from public Home Mortgage Disclosure Act data. Rates reflect noncommercial home purchase loans only.

    Application process

    You can begin the mortgage application process by visiting the home loans section of the nbkc website and clicking on the “Get Started” page. You start by entering some preliminary information and requesting a free quote. Provide information like the home’s value, your down payment amount and your estimated credit range.

    The company then gives you loan options and rate quotes based on the information you provide. From there, you can start the application. If you prefer to speak with a loan officer before you apply, you can call the toll-free number provided on the company’s website.

    To apply, you need to enter a valid email address (the company will send you a one-time code to begin). The information you need to enter into the application includes your residential history, employment history, declarations and demographics.

    After you submit your application, a loan officer will reach out to you to gather additional information and finalize your application. Be prepared to answer questions about your income, assets and debts — nbkc bank uses these details to determine your eligibility. You may also need to upload certain financial documents, like W-2s and bank statements.

    You’ll receive a preapproval decision once the company has verified your application and financial documents. Your loan officer can advise you on the timeline for preapproval decisions.

    Ngan, a ConsumerAffairs reviewer from Brooklyn, New York, had this to say about their experience with nbkc bank: "The loan process itself was painless for us. She let us know that we didn't need an appraisal, explained why it was waived and gave us clear instructions as well as time to gather documents. ... Thankfully we were able to lock [the] rate, because rate[s] almost doubled in 2022."

    nbkc bank application features

    FeaturesAvailability
    Online applicationX
    Mobile document upload
    Physical branchesTwo states
    Publishes minimum rate on websiteX
    Rate lock
    Pre-qualification (no hard credit pull)X
    Certified approval letter

    Loan types

    Nbkc Bank offers a broad selection of loan products, including conventional loans (with fixed or adjustable rates), FHA loans and VA loans. It doesn’t offer USDA loans at the time of publishing. Fixed-rate mortgages come with 10-, 15-, 20-, 25- or 30-year terms.

    Nbkc bank offers specialized mortgage loan programs to airline and veteran pilots. You can also get a construction-to-permanent loan from nbkc to build a home.

    The company received 10,755 home purchase applications in 2021. Of those applications, 4,870 (45%) became closed loans; about 2% (252) were denied.

    Loan applications for home purchases only by year

    202120202019
    Home purchase applications10,75510,71311,549
    Home purchase loans closed4,8704,8626,515
    Home purchase applications denied252299242
    Home purchase preapprovals denied335312189
    Information pulled from public Home Mortgage Disclosure Act data. Includes conventional, USDA, VA and FHA mortgages.

    Refinancing

    You can refinance your existing mortgage with nbkc bank, whether you’re looking to get cash out, shorten your loan or lock in a lower interest rate. The company also offers FHA refinances and FHA streamline refinances.

    In 2021, most of the loans nbkc bank originated were for refinancing. Rate-and term refinances (48%) and cash-out refinances (26%) accounted for about 74% of the total — only 27% of the loans it closed that year were for home purchases. In 2020 and 2021, the industry saw a general increase in refinancing applications due to historically low interest rates, making refinancing more appealing to borrowers.

    Since 2021, rates have steadily increased, which has made refinancing less attractive. Still, you may decide to refinance if you can save significantly on your interest rate. For example, you may have a better debt-to-income (DTI) ratio and credit score today than when you first secured your mortgage, which could mean you qualify for lower rates.

    Home purchase vs. refinance loans by year

    202120202019
    Home purchase loans26.54%24.27%50.06%
    Refinance loans47.78%58.21%30.56%
    Cash-out refinance25.50%15.61%18.90%
    Information pulled from public Home Mortgage Disclosure Act Data. Includes conventional, USDA, VA and FHA mortgages.

    HELOC and home equity loans

    Nbkc bank offers HELOCs, but you must be a resident of the Kansas City metro area to qualify. The company doesn’t offer home equity loans as of publishing.

    Nbkc bank doesn’t list specific credit score requirements for HELOCs, though it does state you need a “good” credit score. According to Experian, a good credit score is a score of at least 670. Most HELOC lenders require at least 15% equity in your home.

    Nbkc bank’s HELOC has a seven-year draw period with interest-only payments. You can make regular withdrawals up to the credit limit during this period. After the draw period closes, you’ll begin repayment, which consists of principal and interest payments until the balance is paid off.

    A HELOC could be a good option if you need consistent access to cash for a long period of time — for instance, if you’re working on a home improvement project bit by bit over time. Keep in mind that HELOCs generally carry variable interest rates, which can fluctuate based on market conditions.

    Requirements

    Nbkc Bank doesn’t disclose its borrower requirements online. In most cases, you’ll need a 620 credit score to qualify for a conventional loan. You’ll also need to offer at least 3% down (although 20% ensures you won’t have to pay mortgage insurance).

    Government-backed mortgages, like FHA loans and VA loans, typically have lower credit score requirements. You’ll likely need a score of at least 500 for an FHA loan and at least 580 for a VA loan. Lenders may require 10% down on FHA loans if your credit score falls between 500 and 579; otherwise, a 3.5% down payment should suffice. Down payments often aren’t required on VA loans.

    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

    For other loan types, read our guides on USDA loans.

    Costs and fees

    Nbkc bank isn’t particularly transparent regarding its mortgage fees. Most lenders charge an origination fee of about 0.5% to 1% of the loan amount. This fee is included in the total closing costs, which are usually around 2% to 5% of the loan principal.

    You should receive a Loan Estimate shortly after you apply for a mortgage. This covers all the estimated closing costs and gives you an approximate cash-to-close amount. Further along in the process (right before closing), nbkc gives you a Closing Disclosure, which details the exact costs and fees of your loan.

    FAQ

    How does nbkc bank work?

    Nbkc bank offers several types of home loans. You can start the mortgage application online and work with an nbkc representative along the way. You can also apply by phone or at a physical location in the Kansas City area. Mortgage documents are delivered electronically or via overnight shipping. Nbkc arranges for the appraisal and title work prior to closing.

    Is nbkc bank legit?

    Nbkc bank is a legitimate option if you’re looking for a home loan. It promises competitive rates, but, as with any lender, you need to apply for preapproval to see your offers. Overall, it’s worth checking out nbkc bank if you’re looking for a purchase loan or refinancing options.

    Where is nbkc bank available?

    Nbkc bank’s mortgages are available in all 50 states. There are two in-person branches in Missouri and two in Kansas.

    nbkc bank Reviews

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    How do I know I can trust these reviews about nbkc bank?
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    Page 1 Reviews 0 - 5
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Aug. 31, 2022

    Our complicated situation involved being part of protective program and we were researching all the ways we could continue to stay safe while purchasing our first home. The first company we worked with insisted they'd handled this type of situation and could help us. Months of going back and forth with them, continuing to find issues the further along we went.

    I called Joe ** at the suggestion of our real estate agent. He was straightforward with his experience and let me know he wasn't the one to work with if we needed A, B & C because he wouldn't want to endanger my family further. In the end, we wanted to work with him. He took the time to explain the whole process, answer all our questions and was in constant contact with us about our loan. We had no issues from putting in our offer to closing and we believe that was due to Joe's thoroughness. He has also been kind enough to help answer a question we had months after closing. 100% would recommend working with Joe **.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: May 4, 2022

    My husband and I were 1st time homebuyers so we did not know much about the process. I found NKBC through the Costco Mortgage program, researched the reviews of the 4 providers and ultimately went with NKBC rep Cheryl **. She's a very patient and knowledgeable loan processor. The loan process itself was painless for us. She let us know that we didn't need an appraisal, explained why it was waived, and gave us clear instructions as well as time to gather documents.

    Everyone introduced us to their own trusted loan (realtor, attorney) but ultimately we went w NKBC because 1/ rate was the lowest 2/ pleasant experience throughout the process. We received the approval, then due to NY law allowing sellers to close within 30 days on the contract, we had to extend our rate. This process was also pretty painless and thankfully we were able to lock rate because rate almost doubled in 2022.

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      Rated with 5 stars
      Verified Reviewer Verified Buyer
      Original review: March 18, 2022

      I am first time home buyer and always heard how daunting it could be. I have to say working with NBKC and in particular my loan officer, Brett **, was anything daunting. All my questions were answered in a timely and professional manner, Everything was processed quickly. I was referred to NBKC and in particular by a friend and I would absolutely refer them to anyone I know who is looking to buy a home. First Rate!

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      Rated with 5 stars
      Verified Reviewer Verified Buyer
      Original review: Feb. 14, 2022

      There are examples of exemplary customer care - too often they are few and far between - then along comes the rare experience of working with a professional like Ronald ** at nbkc, who exceeded the exemplary. Ronald was always available - nights and weekends - with informed and precise responses to my questions. Throughout any customer experience, a steady hand and a cheerful disposition also doesn't hurt, and that was Ronald. My good fortune to have such an experience!

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      Rated with 5 stars
      Verified Reviewer Verified Buyer
      Original review: Feb. 6, 2022

      It's always a pleasure working with Ryan ** of NBKC. We've used Ryan and NBKC for two home purchases and several refinances. He is exceptionally knowledgeable and provides great advice that really helped us to make the right decisions. Ryan went above and beyond and really enabled us to purchase a home in a highly competitive market. I don't think we could've done it without the quick service and guidance of Ryan and NBKC. When the seller's realtor, and even our own, tried to strongarm us into using a local lender we refused and insisted on Ryan and NBKC. We won't use anyone else.

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      Rated with 1 star
      Verified Reviewer
      Original review: Dec. 2, 2022

      I went on holiday. Spent a lot of money. Came home and had unexpected car repairs. Went overdrawn by $25 for a day and called the bank to say that even though I was in the black again, I will get some money in account asap. Borrowed $1000 from my boss and then NBKC would clear it for a week because of the "negative" experience. I get paid regularly by direct deposit and I get paid regularly by check for my side job. I went to Europe for two weeks and didn't earn that side money and then get punished by NBKC for reuniting with my Brother after 30 years. $25 overdrawn for barely a day. Not cool NBKC. Not cool.

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      Rated with 2 stars
      Verified Reviewer
      Original review: Oct. 6, 2022

      I've had multiple experiences of trying to send money to a payee and getting errors saying the payment was blocked because it was "too similar to an earlier payment". Duh, same payee, similar amounts. It said to "submit again." I did and got the same error so I tried again two more times after getting the same error. Of course the next error was that my account was locked. After waiting on hold, I'm told the person who can help "is in a meeting" and not available. Later I'm told the amount I'm paying was over the $2K limit. Their error messages never said that. AND this is a business account that can't pay more than $2K? I could say more about the website that looks and functions like it was built around 2005, but the main thing is that it doesn't work for a small business. I end up having to talk with/wait on people to manually fix things on their end so that my "online" transaction can work.

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      Rated with 5 stars
      Verified Reviewer Verified Buyer
      Original review: Aug. 25, 2022

      I had been working with Tony ** the last couples of years. He's very professional and knowledge. He's always available and provide accurate information. He has been coming to me at the right time. Thank you very much for your service Tony. I appreciate it!

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      Rated with 5 stars
      Verified Reviewer Verified Buyer
      Original review: Aug. 23, 2022

      Ryan is a Rock Star. He is the best at what he does and was incredible throughout our entire home purchasing process. I don’t give out praise easily and I would recommend him and NBKC to any veteran looking to buy a home.

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      Rated with 5 stars
      Verified Reviewer Verified Buyer
      Original review: June 14, 2022

      The loan officer Beau ** at NBKC Bank was very professional, friendly, and responded to every question even when he was off. I would also like to thank everyone that helped through the process. Would definitely recommend everyone to do business with them.

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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. Experian, “What Is a Good Credit Score?.” Accessed Sept. 21, 2022.

        nbkc bank Company Information

        Company Name:
        nbkc bank
        Address:
        8320 Ward Parkway
        City:
        Kansas City
        State/Province:
        MO
        Postal Code:
        64114
        Country:
        United States
        Website:
        www.nbkc.com