In addition to a wide selection of conventional mortgage loans, NASB also provides unique, non-QM products for borrowers with loan applications that are out of the ordinary.
OverviewHeadquartered in Kansas City, MO, North American Savings Bank (NASB) offers a diverse selection of mortgage products.
Common loans like conventional, FHA, and VA are available, as well as more specialized options like bank statement loans, Flex loans, and IRA loans. NASB has options for both purchases and refinances.
Since this lender has no locations outside of the Kansas City, Missouri region, most transactions will be made online or by phone. It also doesnt offer USDA loans or home equity loans.
In general, NASB mortgage rates and lender fees are less expensive than those of its main rivals. This lender helped borrowers significantly reduce origination fees and overall loan closing costs in 2021 (the most recent data available).
On the lender’s website, you can look up current home purchase and refinance rates before submitting an application for a loan. Just keep in mind that personal factors like your credit report, down payment, loan type, and debt-to-income ratio (DTI) affect mortgage interest rates. Therefore, get in touch with a loan consultant at North American Savings Bank to see if they can provide you with a competitive rate.
Average mortgage rates at major lenders
|NASB||Rocket Mortgage||Wells Fargo||Freedom Mortgage|
|Avg 30-Yr Interest Rate, 20211||2.84%||3.00%||3.14%||2.66%|
|Median Total Loan Costs, 20211||$2,257||$4,670||$3,600||$3,880|
|Median Origination Fee, 20211||$150||$2,430||$1,330||$0|
Average rate and fee data were sourced from public rate and fee records required by the Home Mortgage Disclosure Act (HMDA).
Rate lock protection from NASB
Working with North American Savings Bank has its advantages because it provides rate lock protection programs. Through its RateSecure Rate Lock Program, borrowers can fix the interest rate on their mortgage for 90 days. When interest rates on mortgages are rising, this can be a useful tool. You may have more time to look for the home of your dreams if you lock your current rate for 90 days. This way, you won’t have to be concerned about rates rising and pushing you out of your price range.
NASB also offers extended rate locks for new construction homes. You can lock in a mortgage rate for up to nine months with the lender’s Home Build Rate Protection. Additionally, you might be qualified for a lower rate if rates decrease during this time.
North American Savings Bank mortgage review
NASB offers online banking and a portfolio of financial services. The financial institution offers CDs, money market accounts, checking accounts, and savings accounts. It also offers a range of mortgage loan options, such as mortgages for investment properties, commercial real estate, and loans for the purchase and refinancing of homes.
Because of its extensive reach, NASB may be a fantastic choice for you, especially if you’re looking for a specialized mortgage.
Some borrowers fall outside the parameters for conventional home loan programs because of unique circumstances. They may find it more difficult to obtain loans from other lenders as a result. NASB, on the other hand, offers flexible lending guidelines and requirements that cater to a wide range of homeowners and homebuyers.
NASB has a large number of proprietary mortgage programs in addition to the standard conventional, FHA, and VA loans. These may be suitable for:
The lender also has programs specific to Missouri residents. One choice is the Missouri Housing Development Commission program, which offers eligible veterans and first-time homebuyers down payment and closing cost assistance.
Another option is the NASB Good Neighbor program which helps individuals with low credit scores — as low as 580 — purchase homes in underserved areas.
Despite providing a variety of loan options, North American Savings Bank does not offer USDA or home equity loans. Additionally, it doesn’t run any physical branch offices outside of the Kansas City, Missouri, region.
Working with NASB mortgage
To begin, go to the NASB website and look up the most recent purchase and refinance rates.
First-time homebuyers can start the mortgage preapproval process online, but they must finish it over the phone with a loan consultant. Despite being an online bank, NASB still manages its mortgage application and preapproval in a somewhat conventional manner.
In order to proceed with an online mortgage application if you decide to work with the company, you’ll need to set up a NASB account. You’re then asked to provide personal information, including:
You will be contacted by an NASB loan officer to go over your loan options.
The good news is that you can apply for a loan even if you don’t live in Missouri. If you reside outside the region, you can submit an application and supporting documents online before setting up an electronic closing.
North American Savings Bank doesn’t have a J. D. Power Satisfaction Score for 2021. However, the lender has 4. There have been no complaints filed against it with the Consumer Financial Protection Bureau (CFPB) and it has received 95 out of thousands of reviews on Zillow.
Many applicants for loans to buy or refinance gave NASB glowing online reviews. They described their experience as “pleasant,” “smooth,” “organized,” and “quick. Several borrowers expressed satisfaction with their mortgage rate and with the fact that their closing costs were “lower than anticipated. ”.
Customer service reviews at major lenders
|CFPB Complaints, 20214||Complaints Per 1,000 Mortgages, 20215||J.D. Power Satisfaction Score, 20216|
Mortgage loan products at NASB
The majority of common home loan programs are provided by North American Savings Bank, including:
In addition to these conventional mortgage options, NASB provides a variety of special programs for customers with out-of-the-ordinary requirements. These include:
An NASB loan officer will get in touch with you after you submit an application to go over mortgage options and assist you in locating the best program for your needs.
Refinancing with North American Savings Bank
In addition to home purchase loans, NASB also offers refinancing. Homeowners have the option of refinancing loans to lower their monthly payments, lower their overall interest costs, or to use the equity in their homes.
The lender does not provide home equity loans or home equity lines of credit (HELOCs), despite the fact that NASB’s programs may be perfect for refinancing an existing mortgage.
Where can I get a mortgage with North American Savings Bank?
Every state, as well as the District of Columbia, has granted North American Savings Bank a lending license. However, it only has branches near the Kansas City area. So many borrowers will need to interact with lenders via phone or the internet.
Is NASB the best mortgage lender for you?
If you need a specialized mortgage program, perhaps because you’re self-employed, have bad credit, or don’t have enough cash on hand for a down payment, North American Savings Bank may be a great option. This lender goes above and beyond to meet the needs of its customers by offering a broad range of products, including conventional loans, government loans, and non-QM options.
You can use NASB for a purchase or refinance. But only apply if you’re okay with a digital process. You might have to complete the loan application electronically because there aren’t many branches.
Always ask for rate quotes from three to five lenders to determine which can provide the best rates for your home loan. You can get started right here.
Compare to These Lenders
Is North American Savings Bank reputable?
NASB has an A+ rating from the Better Business Bureau and is accredited by the BBB, so yes, it is reputable. The lender claims that since 2010, it has assisted over 83,000 borrowers with home loans.
What is MND mortgage rate?
6. 29% -0. 08. Rate Data. Today’s Mortgage Rates. Compare Rates from Local Lenders. MND’s Daily Rate Index.
Is NASB a good company?
NASB Financial has an overall rating of 3. 4 out of 5 stars, based on more than 137 anonymous employee reviews
Is 4.00% a good mortgage rate?
According to Tim Milauskas, a loan officer with First Home Mortgage in Millersville, Maryland, an interest rate of about 4% is currently regarded as favorable. When you compare mortgage rates, your credit will be the main factor determining the rates you receive, according to Milauskas.