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
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.
NASB offers traditional, fixed-rate purchase loans with terms of 15 or 30 years.
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.
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.
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.
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.
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
- 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
- Does not offer home equity loan products
- Mortgages aren’t available on manufactured homes
- Conventional mortgage products are limited to 15 and 30 years
- No adjustable-rate mortgages offered
- Cannot complete entire mortgage application process online, which may be a negative for tech-savvy borrowers