NBKC Bank, or the National Bank of Kansas City, is a bank headquartered in Kansas City, Missouri, that offers mortgages nationwide. With an emphasis on customer service and building long-term relationships with customers, NBKC loan officers have an average of 16 years experience. This lender primarily operates online but does have a handful of physical branches in Kansas and Missouri.
One of the things we like most about NBKC is its $5,000 closing cost guarantee, which stipulates that the seller, and you, the buyer, will each receive $2,500 if the deal closes late because of an NBKC delay. However, delays caused by a third-party like a home appraiser do not qualify. The closing cost guarantee can make you, as the prospective buyer, more attractive to the seller and tips the odds in your favor. In an intensely competitive housing market, every edge counts, and this one’s compelling.
A large percentage of NBKC’s mortgages are VA loans, which are designed for veterans and their families. In 2021, the bank funded $6.5 billion in home loans, $1.55 billion of which were VA loans.
Here’s everything you need to know about NBKC Bank and its mortgage offerings.
$5,000 closing cost guarantee
Very limited availability for HELOCs
What types of mortgages does NBKC Bank offer?
NBKC offers most standard home loan options. Its full list includes:
- VA, or Veterans Affairs loans
- FHA, or Federal Housing Administration loans
- ARMs, or adjustable-rate mortgage loans
- Home equity loans (nationwide)
- HELOC, or home equity lines of credit loans (Kansas City only)
Minimum credit score
NBKC requires a minimum credit score of 620 for most of its conventional mortgages, as well as for both VA and FHA loans. For a jumbo loan, the minimum credit score is typically 680.
Minimum down payment
With most lenders, the minimum down payment required varies by loan type, and NBKC is no exception. That noted, here’s the guidance provided for the major loan types.
- VA loan: 0% minimum down payment required
- FHA loan: 3.5% minimum down payment required
- Conventional loan: 3% minimum down payment required
NBKC borrowers typically have a credit score of 700 or higher for a 3% down payment. But it recommends borrowers put down 5% if possible, as the math will work out better in your favor over the life of your loan, because you’ll save thousands of dollars in interest over the course of your mortgage.
What are NBKC’s terms and fees?
Another selling point is that NBKC charges a flat $250, which covers all of the various expenses typically paid to a mortgage lender. This includes origination fees and other standard costs a borrower will often have to pay when taking out a home loan. In contrast, most lenders charge a percentage of the total loan -- usually 1% -- for loan origination. On a $400,000 loan, that would be $4,000.
The bank does require a maximum deposit of $500 for a home appraisal (or less if your appraisal costs less than $500), which goes toward the final cost of the appraisal.
However, there are typical closing costs and fees associated with buying a home no matter who your mortgage lender is. Some of those include:
- Title insurance
- Lawyer fees
- Homeowners insurance
- Upfront mortgage insurance costs
Does NBKC offer discounts?
Like most mortgage lenders, NBKC offers mortgage points to lower your interest rate. If you pay for some mortgage points upfront, the bank will decrease your interest rate, saving you thousands of dollars over the course of your loan.
Where does NBKC operate?
NBKC operates online in all 50 states in the US. However, the bank has only five physical locations in Kansas and Missouri.
Can you refinance with NBKC?
Yes, NBKC offers refinance home loans. Its website has two refinance calculators, one that helps you determine what your break-even point is and one that helps you figure out how much interest you can save by refinancing. They offer cash-out refinance and standard rate-term refinances.
CNET reviews mortgage lenders by comparing a variety of criteria including: loan types offered, credit score requirements, down payment requirements, features, terms and fees, discounts offered, accessibility and refinance options.