North American Savings Bank Mortgage Review

About North American Savings Bank

North American Savings Bank

Who is NASB? North American Savings Bank F.S.B. (NASB) was chartered in Kansas City in 1927. Today, NASB has assets of over $1.2 billion and has closed nearly $9 billion in residential loans since 2008. Nationally, NASB is one of the top 25 VA lenders and one of top 100 mortgage lenders. Our success is based on giving our customers courteous, fast, and professional service, while providing them with highly competitive rates and minimal lender fees. NASB began our internet lending operations in 1999; we were one of the first banks to have an online lending presence. Our loan officers, processors, underwriters and staff have years of experience lending in all 50 states, and they can help you determine whether a FHA, VA, or conventional loan best suits your needs. We take care to make sure that you, the customer, are educated and well-informed at every step of the lending process, and our internet lending expertise helps make your mortgage application smooth and efficient. Contact NASB today; we’d be happy to speak with you! Equal Housing Lender, Member FDIC. NMLS 400039

review breakdown

Recommended
99%
Interest Rates
Fees & Closing Cost
Customer Service
Responsiveness

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What is North American Savings Bank?

North American Savings Bank was founded in 1927 with the goal of making banking both convenient and secure. The bank now boasts more than $1 billion in assets today, along with a comprehensive line of banking products to serve a variety of consumer needs.

NASB says it has funded more than $5 billion in mortgage loans across the United States over the past three years. In 2017 alone, NASB claimed $1.56 billion in mortgage loan volume, according to Joseph Watts, senior vice president of production at NASB. The company followed up in 2018 with an additional $1.42 billion in mortgage loan volume.

NASB is headquartered in Grandview, Missouri, which is in the Kansas City region of the state. However, its website offers excellent functionality, including access to information on mortgage and banking products, ATM locations and additional financial resources, for borrowers across the country.


Working with North American Savings Bank

North American Savings Bank is currently licensed to do business in all 50 states. In addition to its headquarters, the bank has 14 physical branches and 50 ATM locations in the Kansas City area.

North American Savings Bank does let you begin a basic mortgage application via its website, but the process is mostly offline. Getting a mortgage through NASB requires you to enter some basic personal information through a contact form. Once you submit your information, an NASB representative will contact you and gather more information so they can present you with a no-obligation quote for a mortgage rate.

NASB requires a minimum credit score of 620 for its conventional mortgage loans, although it can offer FHA loans for consumers with scores as low as 580 provided they can put down a minimum of 10%. NASB offers manual underwriting that can help you qualify for a mortgage in unique circumstances, such as if you’re self-employed or living with a variable income. The lender offers mortgage loans for the following types of properties:

  • Single-family homes
  • Multi-family homes
  • Condominiums
  • Townhomes

Currently, it does not offer loans on manufactured homes of any kind.


North American Savings Bank mortgage products

NASB offers a wide range of mortgage products tailored to the unique needs of its customers.
Conventional home loans
NASB offers traditional, fixed-rate purchase loans with terms of 15 or 30 years.
Mortgage refinancing
If you have an existing home loan but believe you could get a better deal, you can also turn to NASB to refinance your mortgage. Refinancing can be a good way to reduce your monthly payment or the amount of interest you pay over the life of your loan.
VA home loans
Consumers who qualify for a VA loan benefit can also reach out to NASB for access to VA loans with no money down, no private mortgage insurance (PMI) and no bank fees. These loans work for both the purchase of a new home or the refinance of an existing home loan.
FHA home loans
NASB also offers FHA home loans that may be easier to qualify for than conventional loans if you’ve endured a bankruptcy or experienced credit problems in the past. These loans tend to come with low closing costs and competitive interest rates.
Jumbo loans
NASB also offers jumbo loans for consumers who are purchasing homes that cost more than conforming loan limits (set at $484,350 for one-unit properties in 2019). These loans are ideal for people who live in high-cost-of-living areas.

NASB special mortgage programs

In addition to offering a fairly standard roster of mortgage programs for consumers, North American Savings Bank can help you access special programs that can make homeownership more attainable.

For starters, NASB offers a Good Neighbor program for those with low or moderate incomes or those financing homes in low-to-moderate-income areas. This program is available in areas within the following Missouri and Kansas counties.

Missouri:

  • Buchanan
  • Cass
  • Clay
  • Jackson
  • Lafayette
  • Platte

Kansas:

  • Johnson
  • Wyandotte

You can also qualify for this program in any area of the eligible counties if your income does not exceed 80% of the median. The credit score requirement for these loans can be as low as 580. NASB doesn’t charge any lender fees on these loans, and you may receive assistance for closing costs.

NASB also offers a “Zero Down Home Loan Program” that lets consumers purchase a home with no down payment. These loans also come with competitive, fixed rates and no maximum income restrictions. Borrowers must have a minimum credit score of 680 to qualify, however.

Finally, North American Savings Bank offers a “FLEX program” for borrowers who don’t fit the mold of the traditional homebuyer. This program looks at your unique situation to see if you can qualify by using flexible NASB mortgage approval guidelines. For instance, it may use only the primary earner’s FICO score to help you qualify. NASB can also consider non-traditional income sources during the process.


The mortgage application process

How to apply: Once you’re ready to apply for any type of mortgage loan with NASB, you’ll need to head to its website to enter some basic personal information, such as your name, email address and the state in which you hope to buy property. From there, an NASB officer will follow up with you and gather more information in order to offer you a free, no-obligation mortgage quote.

How to provide documentation: Once they decide to move forward with a loan and lock in their interest rate, borrowers are able to upload documentation for their loan online via a secure portal that makes sharing information simple. Buyers can choose their own communication preferences, whether it’s over email, by phone or in person.

Submitting loan for approval: As soon as a borrower’s application, credit information and documents are gathered, the loan goes directly to underwriting. Loan approval can be granted in a matter of days once all documentation has been confirmed and entered into the system.

Closing: NASB noted that most of its loan closings take place in the borrower’s home, although closing can also take place at a title company or attorney’s office. During closing, the borrower will sign all related documentation for their loan and get the keys to their new home.


Pros and cons of North American Savings Bank mortgage

Pros

  • Website with ample information on NASB loan products and services
  • A broad selection of physical bank branches and ATM locations in the Kansas City, Missouri, region
  • A loan process that allows you to speak with an NASB loan professional so you can ask questions and receive personalized advice
  • 98% customer satisfaction rating according to its in-house reviews
  • Special mortgage program for consumers with low or moderate income or those buying in low- or moderate-income areas
  • Special FLEX mortgage program for buyers with non-traditional income sources

Cons

  • Does not offer home equity loan products
  • Mortgages aren’t available on manufactured homes

Editorial Note: Parts of this article were reviewed by a lender to ensure accuracy prior to publication. The overall conclusions, recommendations and opinions are the author’s alone.