NBKC Bank Mortgage Review: November 2024

The National Bank of Kansas City, which does business as NBKC, operates as both an online banking company and a physical financial center around the greater Kansas City area. Founded in 1999 as Horizon National Bank specializing in national online mortgages, NBKC offers home loans at its branch locations near Kansas City, Kansas, and Kansas City, Missouri, as well as online to homebuyers in all states. 

NBKC offers multiple types of home loans, as well as refinancing loans:

• First-time homebuyer loans: NBKC offers programs, such as FHA loans, that are useful for borrowers who are seeking lower monthly mortgage insurance costs, down payments as low as 3.5%, and can meet some income requirements.
• Conventional loans: The lender estimates that it could save borrowers $6,840 over the lifetime of a conventional loan.
• VA loans: NBKC offers these to veterans or active service members with no prepayment penalties, no mortgage insurance requirement, and optional financing with competitive rates.
• NBKC’s Pilot Program: The lender streamlines the homebuying process to accommodate prospective homebuyers who have limited availability as career pilots.
• NBKC Community Home Loan Program: This is designed for first-time or low-to-moderate-income homebuyers; NBKC is also a certified Missouri Housing Development Commission lender.
• Refinancing: NBKC provides general mortgage refinancing, FHA loan refinancing, and streamlined FHA refinancing.

NBKC requires first-time homebuyers to have a minimum credit score of 620 to qualify for down payment assistance. They’ll also need to take a homebuyer education course. This assistance program is only available to Kansas City locals. NBKC doesn’t publish minimum credit score requirements for its other loans. 

Best for: First-time homebuyers 

NBKC can meet the needs of many types of first-time homebuyers, and while it might not be a fit for every scenario, it caters to populations large and small. Military personnel will benefit from VA loans with zero lender fees, and NBKC also relaxes its credit underwriting requirements for veterans and active duty service members. 

Like many lending companies, NBKC offers low-income assistance programs for qualified first-time buyers, such as the Community Home Loan Program available to residents in the Kansas City area. NBKC also has loans aimed at a particular subset of borrowers: career pilots. The bank’s Pilot Program offers more flexible and straightforward origination processes for commercial or private pilots who are buying a home. 

NBKC also offers a buying guide to walk first-time homebuyers through the process of purchasing a house. It begins by identifying what paperwork a prospective borrower will need to get pre-approval, then discusses every step until the mortgage is secured and the home is purchased. This offers transparency to prospective customers and allows them to prepare for the application process.

Methodology

To determine the best mortgage companies, Credible evaluated lenders based on several different categories: rates and fees, reputation, eligibility, efficiency, customer experience, and discounts and perks. We also looked at the types of loans offered by each lender for research purposes only, they did not factor into the overall score. We assigned a score out of five stars to each lender based on our findings. 

Learn more about our expert lender ratings by checking out our Mortgage Lender Rating Methodology. 

NBKC: Pros and cons 

NBKC operates in a unique space: its role in both the online and fintech worlds allows it to cater to a growing national audience yet its limited presence throughout the greater Kansas City area gives it the personalized touches of a small business. 

Its reviews suggest that this combination is successful: NBKC has a 4.75 out of 5 rating with the Better Business Bureau and stellar ratings on other third-party review sites. Unfortunately, NBKC can’t cater to every potential customer. Some loan perks and programs are only available to local customers, and out-of-town customers hoping for live assistance will have to seek help via an NBKC Bank customer service schedule that is not 24/7. 

What to consider before applying 

Before you apply, remember that getting pre-approved for a loan doesn’t guarantee your loan approval, nor does it lock in the mortgage rates you’re quoted. It’s a good idea to shop around and see which lender can offer you the best rates and terms if you’re approved.

NBKC provides an incredibly detailed breakdown of the first-time homebuyer application process on the loan purchase page that can help you understand how the pre-approval and formal application process works, as well as providing information articles on topics such as down payments and the difference between adjustable-rate and fixed-rate mortgages, 

There are many benefits to owning a home, but as a sizable purchase that you’ll devote years of your income to, it’s important to consider just how much the lifetime cost of the mortgage will be. Consider improving your credit score before applying to qualify for the lowest rate available. 

How to apply for a loan with NBKC 

NBKC welcomes existing and potential customers to visit one of its Kansas or Missouri branches to begin the loan application process. Prospective homebuyers can also apply for a mortgage loan with NBKC online. 

You can start the NBKC Bank application process online by logging into your account. If you’re a new customer, you’ll need to create an account so you can begin prequalification: 

1. Submit an application: You can fill out a formal application online or over the phone.
2. Await approval: Loan professionals will review your application and contact you with their decision. When it’s accepted, you’ll receive either physical or digital documents to sign and return to NBKC. 
3. Go through underwriting: NBKC will work with a real estate agent to order title work and confirm the legal status of the property. 
4. Closing: An adviser with NBKC will contact you to schedule a closing appointment to end the sale and affirm the mortgage.

You can see potential rates online before filling out an application. Click “See Rates” and provide information like the ZIP code of your desired location, your homebuying budget, anticipated down payment, and whether you’ve served in the military. 

This information will create a mortgage estimate for 30-year, 20-year, and 15-year fixed-rate loans, as well as 5-year adjustable-rate loans. It will provide an interest rate based on your credit score range, annual percentage rate, principal and interest payment, and points. 

How to qualify for a loan with NBKC 

You need to meet the qualifications for the loan you’re applying for, though NBKC doesn’t detail each loan program’s criteria online. You may need to speak to a loan officer or apply for pre-approval to see what your options are. 

Your debt-to-income ratio (DTI) must also meet NBKC’s requirements. This refers to how your monthly debt payments compare to your monthly pre-tax income. NBKC allows a maximum DTI of up to 45%. 

How to refinance with NBKC

Before you refinance, you need to make sure that’s your best option. If you’ve just purchased your home or are planning on selling your home soon, refinancing might not be the best choice. However, if you can get lower monthly payments, would like to shorten your loan term, or switch from an adjustable-rate mortgage to a fixed-rate loan, refinancing might be beneficial in the long term. 

To refinance a loan with NBKC, you first need to review your current mortgage to ensure you’re able to refinance without penalty. You also need to confirm that you’ve made the minimum number of payments listed in your loan agreement. 

Next, either log in or create an NBKC account and fill out an online mortgage loan application. You can also visit a NBKC branch in Kansas or Missouri to begin the process or speak with a loan agent on the phone. Make sure you fully understand how the refinancing points, fees, and payments work. Finally, sign the refinancing agreement and keep paying your initial mortgage until you confirm that it’s no longer active. 

How NBKC compares 

Though it’s based in Kansas City, NBKC Bank caters to borrowers nationwide. It offers conventional, FHA, VA, and jumbo loans, as well as special mortgage programs and refinances. Still, if you’re not local to Kansas City, you might miss out on in-person help or home equity lines of credit. Here’s how NBKC compares to other mortgage lenders: