Founded in 1927, North American Savings Bank (NASB) is a Kansas City-based financial institution. It offers branch-based banking regionally but serves a nationwide base of customers through its mortgage division.
This review covers the company’s core home loans along with its mortgage refinancing plans and VA loans. It also provides an overview of NASB’s special mortgage programs for borrowers meeting specific profiles.
Pros and Cons of NASB
- Competitive rates and fees
- Varied lineup of home loans
- Strong focus on military families
- Programs for nontraditional borrowers
- Missouri has the only physical offices
- No home equity loans
What Does NASB Offer?
NASB’s core lineup of home loans includes standard mortgages, mortgage refinance loans, and VA loans. In addition to conventional mortgages, NASB offers a long list of specialized home loans. Let’s take a closer look at the variety of options below.
- Flexible durations are available
- Fixed or adjustable rates
- Adjustable rates are exclusive to shorter-term loans
- Larger down payments qualify for a mortgage insurance waiver
Federal Housing Administration (FHA) Loan
- Lower credit score requirements
- Lower debt-to-income ratio requirements
- Minimum down payment of 3.5%
Non-Conforming Home Loan
- Specifically for people facing credit challenges
- Elevated borrowing limits
- Less stringent underwriting policies
Bank Statement Loan
- Borrow as much as $1 million
- Tax return documentation optional
- Designed for self-employed individuals
- Designed for homebuyers with high borrowing needs
- A variety of loan structures available
- Minimum down payment of 10%
- Best for borrowers with little money to put down
- NASB will consider nontraditional sources of income
- Loans available to borrowers with foreclosure or bankruptcy histories
- Add leverage to your home purchase
- Borrow against retirement savings accounts
- Enjoy tax-free and tax-deferred benefits
NASB also offers two types of mortgage refinancing programs, as summarized below:
- Proceeds disbursed in a lump sum
- Leverage home equity for any purpose
- Easy application and pre-qualification
Rate and Term Refinancing
- Reduce or extend your loan term
- Lower your interest rate
- Lower your monthly payments
NASB also offers accessible home loan and refinancing programs to military service members who qualify through the Department of Veterans Affairs (VA). Here’s how they work:
VA Home Loan/Primary Mortgage
- Origination and application fees do not apply
- Competitive rates and terms
- Loan processing and underwriting takes place in-house
- NASB employs a high rate of loan officers with military backgrounds
VA Mortgage Refinancing
- NASB is formally approved by the VA
- No additional lender fees
- Interest rate reduction refinancing loans (IRRRLs) are available
- No appraisals or credit underwriting needed for IRRRLs
Finally, NASB operates multiple specialized home loan and mortgage programs. These include:
- Home Buying Advantage for borrowers seeking an edge on other bidders
- Home Build Rate Protection that locks in interest rates for nine months
- Good Neighbor Program for credit-challenged borrowers
- RateSecure Rate Lock Program to guarantee interest rates for 90 days
- Zero Down Home Loan Program for people with strong credit but little money to put down
If you fit any of these special profiles, then a NASB mortgage program might be right for you.
What To Expect on the Site
Borrowers can apply online for a home loan or mortgage refinance with NASB. The process begins with creating an account.
The account creation process takes only a few minutes. Here’s what’s involved:
- Enter your first and last name
- Provide and confirm a valid email address
- Create a username and password
After that, you have direct access to the full family of NASB home financing solutions. Then, simply click on the product you’re interested in and follow the prompts to apply or learn more.
NASB offers a wide variety of home loans and mortgage refinancing solutions. So, generalizing about costs and pricing is difficult. For instance, interest rates, annual percentage rates, application fees, and closing costs vary from one loan to the next. However, origination and application fees don’t apply to NASB’s VA loans.
While pricing varies, there are a few common factors that influence rates, including your:
- Income level
- Credit score
- Borrowing history
- Debt load
If you’re interested in more detailed pricing, then creating a NASB account and submitting a custom request is the best way to get an accurate quote.
The Bottom Line
NASB offers competitive rates on all its loans. Additionally, its inclusivity and flexibility broaden its appeal to a wider base of consumers. As a result, the company may be an option for people whose borrowing profiles make it a struggle to get financing elsewhere. If you’re open to doing business entirely online, then NASB is worth checking out as you compare top mortgage lenders and mortgage refinance lenders. The company makes it fast and easy to get a free quote.