North American Savings Bank Mortgage Rates

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:

Self-employed borrowers

Individuals with credit issues

Those with limited cash savings

Real estate investors

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:

Your name

Your current address

Your employment status

Your income

Your Social Security number

The type of loan you want

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
NASB	0	0	Not Rated
Rocket Mortgage	376	0.24	876/1,000
Wells Fargo	488	0.58	832/1,000
Freedom Mortgage	262	0.35	829/1,000

Mortgage loan products at NASB

The majority of common home loan programs are provided by North American Savings Bank, including:

Conventional loans: A loan conforming to guidelines set by Freddie Mac and Fannie Mae. First-time home buyers can qualify with as little as 3% down payment and 620 minimum credit score. You can usually stop paying private mortgage insurance (PMI) after a few years

FHA loans: These loans are backed by the Federal Housing Administration. They require a 3.5% down payment and a minimum credit score of 580 with NASB. Although, you’re typically on the hook for mortgage insurance premiums (MIP) for the life of the loan

VA loans: These zero-down home loans are available to active-duty military members, veterans, other select military service members, and their eligible spouses. There’s no down payment or ongoing mortgage insurance required, but you’ll need to make a one-time upfront funding fee

Jumbo loans: These allow higher loan amounts than conforming mortgages. NASB jumbo loans require a minimum 10% down payment and qualifying home buyers can borrow loan amounts up to $1.25 million

Fixed-rate mortgages (FRMs): Fixed-rate loans allow you to secure a mortgage rate for the life of the loan. Choose between 15 and 30-year loan terms. This loan type is ideal for those who want regular monthly mortgage payments

Adjustable-rate mortgages (ARMs): Adjustable-rate loans let you fix your rate for the first five, seven, or 10 years of your loan. After that, your rate will float with the market

In addition to these conventional mortgage options, NASB provides a variety of special programs for customers with out-of-the-ordinary requirements. These include:

Bank statement loan: If you’re self-employed, you can get approved for a mortgage with no tax return. Instead, you’ll need 12 months of bank statements. This loan requires a minimum 10% down payment and a maximum DTI of 45%

Flex loan: These loans are also ideal for self-employed borrowers, as well as those with non-traditional income and/or past credit issues. To qualify, you need a minimum down payment of 5% and a max DTI of 48%

IRA loans: These loans, which aren’t sold on the secondary market, have flexible guidelines to accommodate borrowers who might not qualify for other loan programs

Bridge loan: Do you need to sell your current home before buying another one? If so, you could use a bridge loan to get cash for your down payment and other expenses

Fannie Mae HomeReady: Fixed-rate loans with a 3% down payment and reduced PMI rates for low-to-moderate income buyers

Freddie Mac HomePossible: Fixed-rate loans with a 3% down payment, reduced PMI rates, and flexible credit score requirements for low-to-moderate income buyers

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.

Rate-and-term refinance: Exchange your original mortgage with a new one that offers more favorable loan terms or a lower interest rate

Cash-out refinance: Access your home equity by replacing your current mortgage with a new, larger loan amount, and then receiving the difference as a lump sum of cash

VA cash-out refinance: Similar to a traditional cash-out refi, but designed with VA loans in mind

VA IRRRL: Also known as the Veterans Affairs Interest Rate Reduction Refinancing Loan, this is a low-doc, low-cost mortgage refinance

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

Sources:

Average mortgage rates and fees sourced from self-reported data mortgage lenders are required to file under the Home Mortgage Disclosure Act. Rates and fees shown reflect the previous year’s data and may not align with today’s mortgage rates

Monthly principal and interest payments calculated using TheMortgageReports.com mortgage calculator. Payments shown are based on a $200,000 loan amount and assume a “very good” credit score. Property taxes and homeowners insurance are not included. Your own monthly payment will vary

Number of mortgage originations for the previous year sourced from self-reported data mortgage lenders are required to file under the Home Mortgage Disclosure Act

CFPB Complaints reflect the number of mortgage origination or closing-related complaints filed with the Consumer Financial Protection Bureau for the previous year

Complaints per 1000 mortgages reflect the number of official complaints filed against a lender with the CFPB for the previous year, compared to the lender’s total number of mortgage originations for the previous year

JD Power Rating reflects the company’s customer satisfaction score according to JD Power’s most recent Primary Mortgage Origination Satisfaction Study. Survey respondents score their lenders in four areas: application/approval process, communication, loan closing, and loan offerings

FAQ

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.