When it comes to banking, there is a vast range of choices on the market, and it can be overwhelming when you are trying to pick the best provider for your family and your needs.
Whether you are seeking a new mortgage, looking for a loan or credit card, or simply searching for an alternative to well-known names, it can be hard to cut through the noise and find the perfect product.
NBKC Bank aims to do just this, and take care of the complicated stuff for you.
NBKC Bank Services Offered
One of the most popular services and a significant strength of the NBKC Bank is in mortgage lending. This offering was one of their first products and has grown in strength and demand since its inception in 1999.
The largest source of customer referrals within the Costco brand is in mortgage providers, and the NBKC Bank is always one of the top recommendations.
A key example of this can be seen in the use of electronic signatures, a feat which seems like a relatively new trick used by mortgage lenders.
NBKC Bank, however, was using this technology around six years ago in a bid to up the automation of their services. This means mortgage applications can be processed faster, to the advantage of the customers.
On average, it takes 26 days for a new loan to close, and 27 days for a refinance, compared to 47 and 40 days in the industry average. This time savings helps to cut the expenses of the bank, and these are passed on to the customer.
Home loans are also a popular product offered by the bank, and they offer conventional, FHA, and VA fixed-rate and adjustable purchase mortgages, jumbo loans, refinancing, and home equity products.
They can also provide commercial loans for small businesses, and deposit accounts as an added benefit. On average, you will need a credit score of at least 620 for a conventional, run-of-the-mill mortgage.
If your score is lower than this, you will need to seek a company who specializes in working with low-credit-score borrowers. For those who have no credit score, you may still qualify using rent and utility payments.
The process of learning rates and being accepted is also simple. You will need to answer seven questions to access the possible mortgage rates.
These include asking whether the purchase is a refinance or a purchase, your current credit score, and other clarifications which will help to determine the final result.
This screening is beneficial for the customer. You will be taken immediately and directly to realistic rates, rather than wasting your valuable time with quotes you will not qualify for.
When you have completed these questions, you will be presented with a chat box which will display five quotes for each of several loan types. Examples are a 30-year fixed-rate mortgage, a 15-year fixed mortgage, and a 5/1 ARM.
Each quote will be presented with a rate, lender fees (including points), APR, and a payment amount with principal and interest.
Fees are also reasonable, with the loan origination fee of the bank remaining at a flat $675, excluding fees for any third party services such as title search or appraisals.
In addition, you can obtain a discount if you are a member of Costco, and pay only $275 or $575.
Veterans are also well taken care of, and this area is a key area of expertise for the bank, with 36 percent of all mortgages offered by the institution being for veteran loans, compared to a national average of 10 percent.
Lender fees are waived for all VA loans, and mortgage interest rate locks are free to borrowers.
Types of loans
There are four main types of loans offered by the NBKC bank. These are:
- Fixed rate mortgages or conventional mortgages: These allow you to budget easily, no matter your income, as you pay a single monthly fee. This fee is paid directly to the loan servicer and remains the same throughout the loan term. It will not be affected by fluctuating interest rates or changes in the market.
- Adjustable rate mortgages (ARM): These are ideal for a borrower who is planning on refinancing or moving before the fixed-rate period is over.
- FHA loans: If you have a fair-to-good credit rating, this is a good choice. They require a lower amount of out-of-pocket cash than most conventional loans and mortgages, making them a more accessible opportunity for those on all budgets.
- VA loans: As we have discussed, veteran loans are a specialty of the NBKC bank, and come with no down payment. Any US veterans or service members are eligible for this service and NBKC is trusted name among all the VA Loan mortgage lenders.
How to apply
As we have discussed, one of the top selling points for the NBKC bank is their attention to automation, and the ability to complete many essential tasks online.
No matter the product you are searching for, you can complete your entire application online, and have the choice to complete the whole thing in one sitting, or come and go as you please.
All necessary documents can be uploaded via your computer, and you will be able to track the status of your application once it has been submitted, either online or through the mobile bank app.
You may also be able to be pre-approved or prequalified online, saving you valuable time.
In addition to a super simple application process, you can count on customer support at every stage of your journey.
There will be an adviser on the other end of a phone during your application, and each application will be assigned a dedicated loan officer, along with their contact details for easy communication at any time. You can use phones or online web chat to get in touch.
NBKC Bank was launched in 1999 and was born in the dawn of electronic mortgage banking.
It was privately owned and given its new name of NBKC Bank in 2015. In 2017, they closed $2.4 billion in mortgages, and cite attentive, top-quality customer service, quick loan closing times and competitive interest rates amongst their top selling points.
The company is based in Kansas City, Missouri, and sits in a five-story, 106,000 square-foot headquarters.
Around 80 employees work as loan agents on site, but most of the work conducted through the institution is online, in keeping with modern advances in technology and financial lending.
NBKC Bank Review Bottom Line
If you are looking for a simple, easy application process, competitive rates, and great attention to customer service, NBKC Bank should be a choice you consider for your banking needs.
They are quickly gaining a solid reputation in the industry, and have already proven their commitment and dedication to forward-thinking and innovative banking practices.