North American Savings Bank
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About North American Savings Bank
North American Savings Bank (NMLS #400039) offers a range of home purchase and refinancing options, including nontraditional products like bank statement loans and flex loans. NASB has physical branches in Kansas City, Missouri, and the surrounding areas, but it offers mortgage services nationwide. It also has mortgage assistance programs, like its Zero Down Home Loan.
Pros & Cons
- Nationwide service
- Mortgage assistance programs
- Nontraditional mortgage options
- No branches outside Missouri
- No USDA loans
North American Savings Bank is a full-service lender that operates nationwide. It provides upfront rates, online applications and nontraditional borrowing options. For those who want to visit a physical location and aren’t local to Missouri, however, it may not be the best option.
Top North American Savings Bank Reviews
Rates were very good. Kurt ** was experienced, professional, kept me well informed and provided great customer service. Closing was made convenient by an attorney coming to me. In...Read full review
The process was very simple and easy to follow. The time from start to finish was exceedingly long, due to the very large number of refinance loans in the fourth quarter of 2020. ...Read full review
In recent years, North American Savings Bank has offered home purchase rates below national averages, according to data provided under the Home Mortgage Disclosure Act. In 2021, its average home purchase rate was 0.18% lower than the national average.
Rates depend on the specific borrower and market conditions. Lenders look at your credit score, income and other factors to determine your rate. They also base rates on where you’re located and how much of a down payment you can afford.
If you take out an adjustable-rate mortgage (ARM) rather than a fixed-rate loan, you enjoy a relatively low rate for a period from three to 10 years before the rate adjusts and regularly changes based on the index used by the lender and its margin.
North American Savings Bank average home purchase rate vs. national average
|Year||Difference from national average|
NASB offers what’s called its Home Buying Advantage preapproval program, in which its team fully underwrites your loan upfront. This way, you can close much more quickly once you find the right home. This application comes with a free, no-obligation commitment letter.
You can start the process of getting a mortgage online by entering your information in the “Apply Now” section of the site. A loan officer will reach out directly to you and provide a free mortgage quote. From there, they’ll walk you through the preapproval process and set you up with the online portal, where you can track and manage your application in real time.
A ConsumerAffairs reviewer from Lake Stevens, Washington, appreciated how easy the portal was to navigate and had this to say about their experience with North American Savings Bank: “NASB team, and Luke ** in particular, did an excellent job servicing my refinance. I was a little nervous doing it all online, but the portal was easy to navigate. Luke was very easy to get ahold of and responsive when we had questions. Would recommend to anyone looking for a great deal on a refinance. I shopped multiple banks and credit unions, and no one could beat the NASB rate.”
Once your loan is closed, your loan may be transferred to a different company for servicing.
North American Savings Bank application features
|Mobile document upload|
|Physical branches||One state|
|Publishes minimum rate on website|
|Rate lock||90 days|
|Pre-qualification (no hard credit pull)|
|Certified approval letter|
NASB provides a variety of mortgage options, including conventional fixed- and adjustable-rate mortgages, FHA loans, VA loans and jumbo mortgages.
Nontraditional applicants can take advantage of the following products:
- Zero Down Home Loan: Available for borrowers with credit scores above 700 and first-time buyers. Doesn’t have maximum income restrictions.
- Bank statement loans: Good for solo entrepreneurs without W-2s. Requires 20% down, or as low as 10% with mortgage insurance. Loans available between $170,000 and $1.25 million, with 12 months of consecutive bank statements from the same account.
- Flex loans: Flexible underwriting for unique financial situations (like bankruptcy). Requires 15% down, or as low as 5% with mortgage insurance. Loans are available between $200,000 and $500,000 and can be funded with nontraditional income sources.
- Nonconforming loans: Flexible underwriting for those who are self-employed or between jobs. Loans are available between $200,000 and $600,000 (some higher with risk-based pricing).
- IRA loans: Used to purchase and invest in real estate using a self-directed IRA.
Loan applications for home purchases only by year
|Home purchase applications||7,289||6,511||6,225|
|Home purchase loans closed||4,096||3,893||3,694|
|Home purchase applications denied||1,488||1,259||1,207|
|Home purchase preapprovals denied||39||11||19|
From 2019 to 2021, a majority of loans NASB originated were refinance loans. This was especially the case in 2020 and 2021, when rates hit bottom. As rates go up, fewer people are expected to refinance in 2022 and beyond.
Home purchase vs. refinance loans by year
|Home purchase loans||27.38%||26.40%||45.87%|
North American Savings Bank isn’t clear about what it requires of its borrowers. Typically, borrowers need a credit score of at least 620 for conventional loans and at least 500 for FHA loans.
You’ll need to provide this documentation for most mortgages:
- Pay stubs and bank statements
- Two years’ worth of W-2s
- Copy of your mortgage statement if you currently own your home
- Intended down payment (at least 3% for a fixed-rate loan)
Its more unique products, like the NASB bank statement loan, have more flexible requirements, which may be attractive to buyers who don’t fit the traditional mold.
National mortgage requirements by type
|Min. credit score||Min. down payment||Compare with other lenders|
|Conventional||Typically 620||Typically 3%; 10% for adjustable-rate loans||Mortgage lenders|
|VA||Set by lender (often 580)||0%||VA lenders|
Cost and fees
It’s unclear how much NASB charges in closing costs, but the industry average is anywhere from 2% to 5% of the total loan amount. Lenders are legally required to give you a Loan Estimate, which shows estimated costs and fees, within three business days of receiving your application.
To help buyers who otherwise may struggle to pay or qualify for a home loan, NASB offers the Zero Down Home Loan program for borrowers with credit scores above 700. NASB also has a few other programs, like the Good Neighbor Program, that can help residents save money during the homebuying process.
What is North American Savings Bank?
North American Savings Bank is a full-service bank and mortgage lender. It offers home loan and refinancing solutions that fit a wide range of customer needs.
Is North American Savings Bank legit?
North American Savings Bank has nearly a century of experience in the finance industry. Today, its current assets total more than $2 billion.
Where is North American Savings Bank available?
North American Savings Bank is based in Kansas City, Missouri, and provides loans across the U.S.
North American Savings Bank Reviews
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Didn't know what a barndominium was… In an effort to keep this short, sweet and to the point don't deal with a mortgage company that doesn't understand real estate. We decided to give our business to North American Savings Bank because of the perceived large offering of products for mortgages. To set the stage my wife and I have credit scores at or above 800. No consumer or auto debt and the only debt we have are two secured mortgages that have rental income that more than cover their costs. We own three properties. One residential, one rental and one commercial, With a total equity north of $1.3 million. We started our mortgage journey with Dirk ** (loan officer) and explained to Dirk that we were looking at and had made an offer on a property consisting of 95 acres and a barndominium. We gave him the listing information and discussed what that property was and what our intention is.
You would think that if there were any concerns with this type of property we would have been alerted at that time or shortly thereafter. That was not the case, in fact we made it all the way up to four days prior to the closing when we were then told that they did not have a product that fit our property. We are now at risk of losing a property that we had searched three years to find because of the ineptitude of one individual with the inability to know his products and real estate in general. If you are looking for a property that doesn't fit the cookie cutter 3 bedroom 2 bathroom house in suburbia do not and I repeat do not waste your time and money with this company. To sum things up Dirk made it very clear that he and North American Savings Bank takes no responsibility for us losing the opportunity to purchase this property. Thank you NASB for wasting our time and money.
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Do not get a mortgage with NASB if you are an investor. They were suppose to pay down my HELOC not close my HELOC that I had against a different investment property. I explicitly discussed it with them. They closed it without discussing it with me or informing me of that course of action. I now have to go through the costs and two months of work it takes to get a HELOC. In addition even though I responded to all their documentation requests (about 10) within 24 hours they still went beyond the lock period and charged me for it even though it was their fault. I would highly recommend not doing business with them.
John ** is a thief. We went with him to buy our first house. He advertised a fancy low rate and credit at closing so we went with him. He had 45 days to meet closing but can't even meet that. We had to bug him repeatedly to get the appraisal scheduled even though we paid for it over a month before closing. He waited several weeks to finally get it scheduled so then it had to be expedited. He wanted to charge us the fee to have it expedited but we complained about that so he claims the company will reimburse us at closing. Now they are telling us that we won't get the appraisal back before closing so we will have to push it back.
He has been horrible at communicating with us so we constantly have to call him to find out what is going on with the process, usually to learn that there is a problem. This have been a living hell for us. Buying a home for the first time should be a good experience, not hair-pulling. I would never recommend him or this bank to anyone looking to buy a home. Run away fast!
I initially reached out to NASB to start a pre-approval for a home loan but did not hear back. I reached out again and this time I got Kurt P. how was more than willing to help. While I searched for a home and placed offers, Kurt was always available to help. These loan officers are extremely busy, so it helps to be proactive and provide them with all the documents they need to keep the process moving along. I was dealing with a VA home loan and NASB had the best rates, would definitely recommend.
I worked with Rick M. from their Kansas City MO Office. This Bank works with an appraisal Management company (Pendo Management Group) that discriminates based on race. The appraiser purposefully ignored recent changes made in the property (new/updated 16ftx32ft deck in last 2 months, updated kitchen and bathroom with granite counter tops in last 4.5 years)... The report says no updates made in the last 15 years. Results devalued my home by $50K. I point out all of these to Rick. He reached out to Appraiser, the appraiser said they forgot to check a checkbox to indicates updates were made. I said to him, he wrote "No updates in prior 15years..." That 's not forgetting. That's purposefully lying. They updated to add those but no change in market value. I am reviewing NASB as well because they are enabling this appraiser.
From the application and through the closing to the download and printing of all the paperwork I am pleased and impressed with the professional and seamless transition every step of the way, Greg ** was amazing and went above and beyond, he is the real deal. He gives you all details, explain you how things will go and at the end, he delivers!!
Thank you, Ricardo. We are glad Greg was able to exceed your expectations. Thank you for taking the time to share your experience, and we appreciate the opportunity to work with you.
Rob ** with NASB was professional and easy to work with and did a stellar job securing favorable rate for my mortgage refinance. Rob stayed in constant communication throughout. He was patient when answering my questions or explaining the process. I'm glad I had a chance to work with him and NASB. Highly recommend.
Thank you, Dean. It is our goal to provide an exceptional customer experience, and we are delighted to read your feedback about NASB and Rob. Thank you for taking the time to share your experience, and we appreciate the opportunity to work with you.
Ben made the refinance process extremely easy and communicated with me every step of the way so that I never felt lost or unsure of what I was doing. I am thankful to be saving money on my new home loan. Thanks Ben!
Thank you, Daniel. We are glad Ben was able to exceed your expectations. Thank you for taking the time to share your experience, and we appreciate the opportunity to work with you.
The experience was easy and our loan consultant was very responsive. Although the process was a lengthy one due to demand, our loan consultant was good about providing status updates. We received a great rate on our 20 year refi too.
Thank you, Danica. We are glad NASB could assist you with your refinance. We appreciate your feedback and hope to work with you again in the future!
Warren and the team at NASB were incredible. They helped me every step of the way, they were quick to respond with any questions via email or phone, and they were upfront with my rates and fees. I never felt pressured and they were transparent through the whole process. I can't thank you guys enough for making my first time home buying dreams come true. Thank you, thank you, thank you!!!!
Thank you, Danielle. It is our goal to provide an exceptional customer experience, and we are delighted to read your feedback about NASB and Warren. Thank you for taking the time to share your experience, and we appreciate the opportunity to work with you.
- 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:
- Federal Financial Institutions Examination Council, “HMDA Data Publication.” Accessed Sept. 21, 2022.
North American Savings Bank Company Information
- Company Name:
- North American Savings Bank