nbkc bank Review

ByBestmoney StaffNov. 19, 2020

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In a Nutshell

nbkc bank mortgage loans cover both purchase and refinancing loans, including VA and FHA loans. nbkc bank uses advanced algorithms to speed up the loan approval process. You can select from a range of repayment terms; there are no obligatory lender fees; and most of all, nbkc bank has a very high reputation for excellent customer service.

pros

  • Excellent customer service ratings
  • Wide range of repayment terms, VA and FHA loans
  • Transparent pricing

cons

  • No 24 hour live chat
  • Not enough information on the website

nbkc bank at a Glance

Loan types
Purchase, Refinance
Featured loans
Conventional, FHA, VA
Repayment terms
10-,15-,20, and 30- year fixed. 3-, 5-, or 7-year ARM
Suitable for
Borrowers with a credit score of at least 620

Overview

nbkc bank is a national bank and mortgage lender based in Kansas City, Missouri, that offers a wide range of repayment terms for home purchase and refinancing, as well as FHA loans and VA loans. nbkc bank stands out for good customer service and no obligatory lender fees.

  • Excellent customer service
  • Terms between 10-30 years for fixed-rate mortgages, and 3-7 years for ARM
  • VA and FHA loans
  • Home purchase and refinancing loans

Suitable For?

nbkc bank mortgages are suitable for borrowers with a credit score of at least 620 for the lowest rates. nbkc bank loans are ideal for first-time buyers and veterans, thanks to the strong customer support, VA loans, and FHA loans for first-time buyers.

Types of Loans/Products

Conventional Mortgage

Home buyers can get a conventional fixed-rate or variable-rate ARM mortgage.

  • Minimum credit score: 620
  • Average APR: Beginning at 4.839% for a 30-year fixed rate.
  • Loan repayment term: 10-30-year fixed rate; 3-7-year ARM

FHA Mortgage

FHA mortgages are available for qualified first-time buyers. FHA mortgages require a lower minimum down payment and are easier to qualify for than conventional mortgages.

  • Minimum credit score: 620
  • Average APR: not given
  • Down payment: at least 3.5%
  • Loan repayment term: 10-30-year fixed rate; 3-7-year ARM

FHA Refinancing

nbkc bank’s FHA refinancing allows you to move all or part of your existing mortgage debt to another loan. You can do this to release equity in your home, or to lower your mortgage payments. If you choose FHA Streamline refinancing, you can lower your mortgage payments or switch between a fixed- and variable-rate mortgage, but you can’t take any cash value out of your loan.

  • Minimum credit score: 620
  • Average APR: Beginning at 4.839% for a 30-year fixed rate, or 5.319% for 5/1 ARMEquity: At least 3%
  • Loan repayment term: 10-30-year fixed rate; 3-7-year ARM

ReFi Plus

This is a refinancing loan offered to homeowners with Fannie Mae mortgages whose homes have been depreciating in value. Refi Plus is a refinancing option that permits you to skip PMI payments, even if your home equity is below 20%.

  • Minimum credit score: 620
  • Average APR: Beginning at 4.839%
  • Loan repayment term: 10-30-year fixed rate; 3-7-year ARM

VA Loan

Veterans are eligible to apply for a VA loan, that comes without any lender fees or origination fees and with special low rates.

  • Minimum credit score: 620
  • Average APR: Beginning at 4.839%
  • Equity for refinancing: At least 5%
  • Loan repayment term: 10-30-year fixed rate; 3-7-year ARM

NBKC Bank Review

The Application Process

You can complete your application online or over the phone. The nbkc bank portal allows you to track the progress of your application. You’ll also be connected with a loan officer, who’ll share his or her phone and email details so that you can ask for help whenever you need it. Because nbkc bank only has 4 branches, you won’t be able to get in-person support unless you live in or near Kansas City.

You can expect to be asked for:

  • Your personal details, date of birth, and residential addresses for the last 2 years
  • Your Social Security number
  • Your current monthly salary, pre-tax, and details of all your liquid asset accounts, such as checking accounts and IRAs
  • Information about any other real estate you own
  • The names and addresses of your employers for the last 2 years, 2 years of W2 forms, and your last month’s pay stubs
  • If you’re self-employed, you may need to send previous tax returns
  • Documentation regarding existing debts
  • If you’re applying for a VA loan, you’ll also need to send your Certificate of Eligibility and DD214, and information about any service-related disabilities

Here’s a step-by-step breakdown of how to apply for a mortgage through nbkc bank:

  1. Complete the application online or over the phone
  2. Wait for a loan professional to get in touch with you with a mortgage loan offer
  3. Send your documentation by uploading it to the nbkc bank portal, or by sending it with an overnight courier
  4. Wait while nbkc bank orders an appraisal to check the value of your home. If you’re buying a property, nbkc bank will order title work through the real estate broker or the seller, and confirm the legal status of your property
  5. nbkc bank will schedule the closing of your loan
  6. You’ll sign the closing documents at a local title company or your attorney’s office, or in some cases, wherever you choose--a notary will come to you. 

nbkc bank aims to provide speedy quick loan closings, but there’s no specific information about how long you can expect it to take.

Pros and Cons

nbkc bank offers a wide range of mortgage loan options with a choice of term lengths, which makes it easy for borrowers to find one that's suitable. You can choose between FHA and conventional loans, as well as VA loans for veterans. nbkc bank has clear and transparent rates that allow customers to pick the combination of fees and rates that works for them. nbkc bank has very high customer satisfaction ratings, with an average of 4.8 stars on an independent rating site. Reviews state that the company is “smooth and transparent,” as well as “extremely receptive,” and having “lightning fast responses.”

However, nbkc bank doesn’t have live chat at all hours, and phone support is only available during business hours. There’s no information online about loan fees, what documents are required, and how long it takes for your application to be processed. You need a high credit score to qualify.

Rates and Fees – The Bare Basics

nbkc bank charges a flat fee for mortgage origination of $675, and you can choose whether or not to pay lender fees. Unusually, nbkc bank invites borrowers to choose how much to pay in lender fees in exchange for lower interest rates.

For example, a 30-year fixed rate loan for $300,000 revealed interest rates of 4.839% APR with fees of $450, or APR of 4.541% if you pay $1,975 in fees.

Rates

30-year fixed rate

APR4.839%
Fees$450.00

If you’re in the market for a VA loan, you won’t have to pay any lender fees.

Repayment Terms

The 30-year fixed-rate term is the most popular among first-time home buyers, but you can also choose fixed-rate terms of 10, 15, 20, or 25 years. Variable-rate mortgages come with fixed-rate periods of 3, 5, or 7 years.

Help & Support

nbkc bank customers can access customer support via email, or through the central toll-free support phone line on 888.905.2165. Phone support is available during standard business hours, or you can use the online web form to request help outside of those hours. nbkc bank also has an information and resource center that is stocked with advice, calculators, and guides to nbkc bank financial products, but is frustratingly short on details about nbkc bank loans.

How This Company Compares

 nbkc BankJ. G. WentworthBetter
Credit requirement620+520-620+620+
Minimum down payment3.5% for FHA mortgages, 5% for conventional mortgages0%-20%, depending on mortgage typeNot specified
DTI ratioNot specified45%Not specified
Loan fees$675 or lessAround 3% of the loan valueAverage $3,598
Suitable forGreat customer serviceMany loans choicesA quick answer to your mortgage application

Summary

nbkc bank offers both purchase and refinancing loans, as well as VA and FHA loans, with a range of repayment terms. There are no obligatory lender fees, but rates are high compared with competitors. nbkc bank stands out for its excellent customer service, combined with the convenience of an online application.

nkbc FAQ

  • Can I switch from an ARM to a fixed-rate mortgage?

Yes, you may refinance your mortgage to switch from variable to fixed rate.

  • Can I take out a mortgage with a co-borrower?

Yes. You’ll just need to provide your co-borrower’s details when you apply.

  • Am I able to apply for a mortgage with NKBC without having to upload documents to the web?

Yes, you can bring documents into the branch if you live near to one of the 4 Missouri branches, or send them with an overnight courier.

  • Do you offer mortgages in my state?

Yes, nbkc bank offers home loans in each of the 50 states and Washington, DC.

Physical Address

8320 Ward Parkway

Kansas City, MO 64114

NBKC Bank customer testimonials

AverageReviews 7
TrustPilot is the world’s most powerful review platform, free and open to all.
Excellent
29%
Great
0%
Average
0%
Poor
0%
Bad
71%
  • author
    K Toore
    Feb 16, 2021
    7 biz day hold on deposits

    I had my accounts open for more than 6 months and used them from time to time especially for business savings running a balance of 10K plus. Now when we got screwed with Azlo Bank closing we moved activities to nbkc. Everything was good for the whole month until my recent deposit of $3000 on Feb 11 that was put on hold until Feb 22. The check cleared through the client’s account right away, but I have to postpone my scheduled payments for no reason. What a great bank!

    ...

  • author
    Greg
    Dec 22, 2020
    Very easy online banking

    Very easy online banking. The app works great for depositing checks and paying bills. I wish my local bank was this easy.

    ...

  • author
    Diane Diane
    Oct 13, 2020
    banking online

    banking online. the "secure message" department is a joke. they just guess at answers. i need to put a memo on a bill payment. i asked. they said yes, you can. that was it. so i had to call. no, we don't offer that!! then, i have a bill pay to a utility. every month they change it to food and dining. every month i go in and manually change it back to utility. it is unfixable on their end. also, they changed the policy on endorsements on mobile deposit. without warning. so that check you just endorsed won't be accepted. doesn't matter that it was going to cover upcoming bill pays. very unsophisticated, inferior on line banking. and sometimes you don't get a return call.

    ...

  • author
    Lia Li
    Jul 29, 2020
    It took longer to become a customer…

    It took longer to become a customer than it did for me to remain a customer! The communication is atrocious and unhelpful. I can't even say unprofessional, because its worst than that. In regards to on-boarding, expect to lead every person who you speak to by the nose, and even still, they don't care. You will have to repeat yourself, you will be the only person following up, you will probably be the only person using full complete sentences. The banking system is very rigid and not flexible and the MFA security is too cumbersome which presents unnecessary barriers to gaining access to your account or to account messages. For instance, messages from the business team go into a secure email address that you have to check and your account messages go into a completely different inbox. Therefore, you have to manage two inboxes with NBKC instead of one.

    ...

  • author
    Luke Chiu
    Jul 10, 2020
    Snippy Karens Abound

    In hunting for lower mortgage rates, Nerdwallet led me to NBKC with its perfect 5 rating. While I value Nerdwallet reviews about as much as I value the things I scoop out of my cats' litterboxes every day, it certainly couldn't hurt to give them a shot, so I filled out the online forms and was taken to a page that told me to wait for someone from NBKC to contact me. That's exactly what I did. I began receiving emails from NBKC encouraging me to "apply now" which were extremely confusing considering the fact that I was under the impression that I had in fact already applied. I finally replied to one of them and asked what was going on as I was waiting for someone to tell me what the next steps in their process were. What I got back was an extremely snarky response from the glorified teller who was assigned to process my application. She was basically throwing up her hands in exasperation, telling me she was "at a standstill" until I provided her with a laundry list of documents. While I was in no way shape or form surprised to learn that she would be needing these documents, the fact that no one had ever told me what to send or who to send it to was pretty ridiculous. I told her to cram it and will continue to ignore anything that Nerdwallet says or does with regards to rating banks.

    ...

NBKC Bank