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North American Savings Bank, also known as NASB, is a full-service bank based in Kansas City, Missouri. Founded in 1927, NASB is a national mortgage lender that provides a wide range of purchase and refinance loans, including special programs with flexible lending guidelines.
Although NASB’s mortgage loan offices are located in Missouri, it offers home loans across the U.S.
In this review:
- NASB mortgage review
- NASB mortgage refinance review
- How NASB could improve
- Compare multiple lenders first
NASB mortgage review
Best for:
- Self-employed borrowers
- Low- to moderate-income borrowers
- Homebuyers with a past bankruptcy, short sale, or foreclosure
NASB has an extensive list of mortgage loans and special mortgage programs that extend well beyond the typical conventional, jumbo, and government home loan offerings. This includes its Zero Down Home Loan Program, which can help you purchase a home with no down payment, even if you have higher income or have owned a home previously.
It also offers an assortment of non-qualified mortgage loans, such as bank statement loans and 1099 loans, which allow you to use those documents instead of tax returns to verify your income. These can be especially helpful if you’re a contract worker or self-employed.
In underserved Kansas City communities, NASB can even provide down payment assistance and waive its lender fees through its Good Neighbor Loan Program.
Buyers with challenges like a past bankruptcy, short sale, or foreclosure also have options at NASB. The company’s FLEX Loan offering gives you the ability to use income from trusts and retirement accounts to qualify for financing, even with less than 20% down. Alternatively, you can use your assets as collateral for a loan.
Here’s a detailed look at NASB’s purchase loans:
| Mortgage programs | Conventional, VA, FHA, jumbo, special programs |
| Fixed-rate loan terms | 15 or 30 years |
| Variable-rate loan terms | NASB does not offer variable-rate loans |
| Rates and fees |
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| Min. credit score | 620 for most loan types; special loans may have higher or lower credit requirements |
| Min. down payment |
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NASB mortgage loan process
The NASB mortgage loan process begins with a rate quote, which you can generate on the NASB website. You’ll enter some basic information to get a list of loans you might be eligible for and the current mortgage rate, payment amount, mortgage insurance premium, and fees for each. You can start an application right away, from that page, or have the rates emailed to you.
You’ll need a loan pre-approval before you begin house hunting, which you can receive when you apply online. If you’d rather not start your application online, you can request a call from a loan officer, or you can call NASB directly.
NASB’s Home Buying Advantage is a pre-approval that’s fully underwritten for your credit and can give you an edge over other buyers competing for the same home. Once you’ve been pre-approved, NASB will provide you with a commitment letter to let sellers know you’re a qualified buyer who can close quickly.
In the meantime, your pending conforming conventional, FHA, or VA loan is protected by NASB’s RateSecure Rate Lock Program, which guarantees your mortgage rate for 90 days, which is a month longer than the 30- to 60-day locks offered by many other lenders.
Check Out: How to Get the Best Mortgage Rates
NASB mortgage refinance review
Best for:
- Homeowners who want to refinance from an FHA or VA loan to a conventional loan
- Homeowners who want to lock in a fixed rate
- Homeowners who want to cash out some equity
NASB’s refinance loan offerings are less extensive than its purchase loans, but they include the loans you’re most likely to want when it’s time to refinance your home.
Rate-and-term refinance loans make your payments more affordable by reducing the interest rate or extending the term so that payments are spread out over a longer period. Alternatively, you can refinance into a new loan with a shorter term, with or without a rate reduction, to save money on interest over time.
VA and FHA loans have special streamline refinance options that simplify the process of refinancing your current loan.
NASB also offers cash-out refinancing. A cash-out refinance entails borrowing more than you owe on your current mortgage. The existing loan is paid off using the proceeds, and you take the difference as a cash payout. You can use cash-out refinancing with a conventional, FHA, or VA loan.
Here’s a detailed look at NASB’s refinance loans:
| Mortgage refinance programs | Conventional, VA, FHA |
| Fixed-rate loan terms | 15 or 30 years |
| Variable-rate loan terms | NASB does not offer variable-rate loans |
| Rates and fees |
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| Min. down payment |
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How NASB could improve
NASB has an outstanding selection of purchase loans and a basic set of refinance offerings. Its website is user-friendly, highly transparent, and includes a wealth of information and resources perfect for first-time homebuyers and those unfamiliar with the mortgage process. There’s a good chance you’ll find what you need at NASB, but there are some shortcomings to consider:
- No adjustable-rate loans: If you don’t plan to remain in your home for the long term, you could fare better with an adjustable-rate loan — but you’ll have to look elsewhere for it. NASB doesn’t offer ARMs.
- No home equity loan: Although you can do a cash-out refinance on a conventional, VA, or FHA mortgage, you may not want to refinance at all, especially in an economic environment where rates may be higher than what you currently pay. A home equity loan or line of credit would be a useful addition to NASB’s product lineup.
- Special loan programs have high minimum loan requirements: To qualify for NASB’s non-conforming and non-qualified mortgage products — those geared toward buyers who don’t qualify for conventional financing — you’ll have to borrow at least $170,000 to $200,000, depending on the program.
Compare multiple lenders first
Rates, fees, and loan features can vary quite a bit from one mortgage lender to the next, and choosing the wrong one can cost you thousands of dollars over the life of your loan. That’s why it’s so important to shop around for the best loan and the best rate you qualify for.
