Mortgage

North American Financial savings Financial institution (NASB) mortgage evaluation for 2021

overview

North American Savings Bank (NASB), headquartered in Kansas City, Missouri, offers a diverse selection of mortgage products.

You can choose from popular loans like conventional, FHA and VA, as well as specialty programs like bank statement loans, flex loans and portfolio loans. NASB has options for purchases and refinancing.

Note that this lender has no offices outside of the Kansas City, MO area, so most business is done online or over the phone. It also doesn't offer USDA loans or home equity loans.

NASB mortgage rates

On average, NASB's mortgage and loan rates are slightly lower than those of major competitors.

Before applying for a loan, you can check the lender's website for the latest home purchase and refinance rates.

Just keep in mind that interest rates depend on personal factors such as your credit rating, down payment, loan type, and debt-to-income ratio (DTI). Hence, your own price may differ from what you see online.

Average mortgage rates from major lenders

NASB
Rocket mortgage
Wells Fargo
Liberty mortgage

30-year average interest rate, 20201
2.99%
3.20%
3.62%
2.92%

Median total credit costs, 2020
$ 2,380
$ 4,610
$ 3,370
$ 3,340

Median creation fee, 2020
$ 0
$ 2,950
$ 1,280
$ 0

Average interest and fee data from public interest and fee records required by the Home Mortgage Disclosure Act (HMDA).

Compare mortgage rates from top lenders. Start here (08/25/2021)

North American Savings Banks Mortgage Review for 2021

NASB is a great option, especially if you are looking for a specialized mortgage loan.

Some borrowers have special circumstances and do not meet the criteria for traditional home loans. This can make it more difficult for them to get loans from other lenders. NASB, on the other hand, caters to a wide range of home buyers and homeowners with its flexible lending policies and requirements.

In addition to conventional, FHA and VA loans for a new purchase or refinancing, the NASB also has a large number of its own mortgages. These programs can be suitable for:

The lender also has special programs for Missouri residents. One option is the Missouri Housing Development Commission program, which offers eligible first-time buyers and veterans a down payment and assistance with closing costs.

Another option is the Good Neighbor Program, which helps people with low credit scores – up to 580 – buy homes in underserved areas.

NASB also offers tariff protection programs.

The completion of a new building can take several months. Lender's Home Build Rate Protection allows you to lock a mortgage rate for up to nine months. And if prices go down during that period, you may be eligible for a lower price.

The company also has a RateSecure rate lock program that allows borrowers to lock their mortgage rate for 90 days.

Although North American Savings Bank offers many credit solutions, it doesn't have any USDA loans or home equity loans. And there are no physical branches outside of Kansas City, MO.

Working with NASB Mortgages

To get started, visit the NASB website for the latest purchase and refinance rates.

If you choose to apply with the company, you will need to create a NASB account in order to proceed with an online mortgage application. You will then be asked to provide personal information, including:

Your nameYour current addressYour employmentYour incomeYour social security numberYour desired type of credit

A NASB loan officer will be in touch to discuss your loan options.

The good news is you don't have to live in Missouri to apply for a loan. If you live outside the area, you can apply for and upload the documents online and then arrange for an electronic degree.

NASB customer ratings

North America Savings Bank does not have a J.D. Power Satisfaction Score for 2020. However, the lender has 5 stars out of 1,200 reviews on Zillow and no complaints to the Consumer Financial Protection Bureau (CFPB).

Customer service reviews from major lenders

CFPB Complaints, 20204
Complaints per 100 mortgages, 20205
J.D. Power Satisfaction Score, 20206

NASB

0
0.00
Not rated

Rocket mortgage
391
0.03
883 / 1,000

Wells Fargo
554
0.05
840 / 1,000

Liberty mortgage
288
0.04
817 / 1,000

Many who applied for purchase or refinancing credit recommended NASB. They described their experience as "pleasant", "gentle", "organized" and "quick".

Several borrowers were also happy with their mortgage rates, saying their closing costs were "lower than expected".

Mortgage loan products at NASB

North American Savings Bank offers most of the standard loan programs, including:

Conventional Loan – Choose a 15 or 30 year fixed rate Mortgage or adjustable rate loan to purchase or refinance. These loans require a minimum credit score of 620 and a minimum 3% down payment FHA Loans – These loans are supported by the Federal Housing Administration. They Require a 3.5% Down Payment and a minimum credit score of 620 with a NASBVA Loan – These zero-down home loans are available to active military members, veterans, other select military service members, and their eligible spouses. No down payment or personal mortgage insurance (PMI) is required, but you do need a credit rating of at least 640 to apply for a NASB Jumbo Loan. These loans allow for mortgages up to $ 1.2 million. You can qualify with a minimum of 10% down payment and a minimum credit score of 690

In addition to these traditional mortgage options, NASB offers a number of unique programs for borrowers with exceptional needs. These include:

Bank statement loan – If you are self-employed, you can get a mortgage approved without a tax return. Instead, you need 12 months of bank statements. This loan requires a minimum of 10% down payment and a 660 credit ScoreFlex loan – These loans are also ideal for self-employed borrowers as well as those with non-traditional income and / or previous credit problems. To qualify, you need a minimum 5% deposit and a minimum credit score of 690. You need a minimum 5% deposit and a minimum credit score of 625. Bridge Loans – Did you sell your home before buying another? If so, you can use a bridging loan to get cash for your down payment and other expenses. To qualify, you must have a credit rating of at least 700Zero. This is available for first time buyers and repeat buyers alike. There is no income limit, but you must have a credit score of at least 700

After you've completed an application, a NASB loan officer will be in touch to discuss mortgage options and help you find the right program for your needs.

Where can I get a mortgage with North American Savings Bank?

North American Savings Bank is licensed to provide mortgages in every state and District of Columbia.

However, NASB only has offices near Kansas City, MO. Borrowers outside of this range must do their business online or over the phone.

Is NASB the Best Mortgage Lender for You?

North American Savings Bank is an excellent solution if you are looking for a specialized mortgage program, perhaps because you are self-employed, have poor credit, or do not have enough reserves to make a down payment.

With a wide range of products, ranging from conventional loans to government loans, the lender also caters to the needs of its customers.

You can use NASB to make a purchase or refinance. However, only apply if you agree to a digital process. Due to limited branches, you may need to complete the loan process electronically.

Confirm your new price (August 25, 2021)

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