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NASB Mortgage Review 2022

North American Savings Bank has unique loan programs for first-time and self-employed homebuyers, investors, and individuals with special financing needs.

Daria Uhlig Daria Uhlig Edited by Chris Jennings Updated August 2, 2022

Our goal is to give you the tools and confidence you need to improve your finances. Although we receive compensation from our partner lenders, whom we will always identify, all opinions are our own. Credible Operations, Inc. NMLS # 1681276, is referred to here as "Credible."

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 programsConventional, VA, FHA, jumbo, special programs
Fixed-rate loan terms15 or 30 years
Variable-rate loan termsNASB does not offer variable-rate loans
Rates and fees
  • Rates and fees depend on loan type, borrower qualifications, discount points, and lender credits. Some products require mortgage insurance. Contact a loan officer for more information
  • $995 origination fee on non-VA loans
  • Guarantee fee and funding fee applied to FHA and VA loans, respectively
Min. credit score620 for most loan types; special loans may have higher or lower credit requirements
Min. down payment
  • Conventional: 3%
  • Jumbo: 10%
  • FHA: 3.5%
  • VA: 0%
  • Special programs might have higher down payment requirements
You can use Credible to compare prequalified mortgage rates from our partner lenders all at once.

Find Rates Now

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 programsConventional, VA, FHA
Fixed-rate loan terms15 or 30 years
Variable-rate loan termsNASB does not offer variable-rate loans
Rates and fees
  • Rates and fees depend on loan type, borrower qualifications, discount points, and lender credits. Some products require mortgage insurance. Contact a loan officer for more information.
  • $995 origination fee on non-VA loans
  • Guarantee fee and funding fee applied to FHA and VA loans, respectively
Min. down payment
  • Conventional: 3%
  • FHA: 3.5%
  • VA: 0%
    You can use Credible to compare prequalified mortgage refinance rates from our partner lenders all at once.

    Find My Refi Rate

    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.

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    About the author
    Daria Uhlig
    Daria Uhlig

    Daria Uhlig is a contributor to Credible who covers mortgage and real estate. Her work has appeared in publications like The Motley Fool, USA Today, MSN Money, CNBC, and Yahoo! Finance.

    Read More

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    Discover Student Loans Disclosure

    The interest rates depicted on Credible represent the APR. The fixed interest rate is set at the time of application and does not change during the life of the loan. The variable interest rate is calculated based on the 3-Month LIBOR index plus the applicable Margin percentage. The margin is based on your credit evaluation at the time of application and does not change. For variable interest rate loans, the 3-Month LIBOR is 2.375% as of July 1, 2018. Discover Student Loans will adjust the rate quarterly on each January 1, April 1, July 1 and October 1 (the “interest rate change date”), based on the 3-Month LIBOR Index, published in the Money Rates section of The Wall Street Journal 15 days prior to the interest rate change date, rounded up to the nearest one-eighth of one percent (0.125% or 0.00125). This may cause the monthly payments to increase, the number of payments to increase or both. Please visit http://www.discover.com/student-loans/interest-rates.html for more information about interest rates.

    Citizens Bank Disclosures

    Student Loan Rate Disclosure

    Variable rate, based on the one-month London Interbank Offered Rate (“LIBOR”) published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of July 1, 2018, the one-month LIBOR rate is 2.10%. Variable interest rates range from 4.07%-12.04% (4.07%-11.94% APR) and will fluctuate over the term of the loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree earned and presence of a cosigner. Fixed interest rates range from 5.25%-12.19% (5.25% – 12.09% APR) based on applicable terms, level of degree earned and presence of a cosigner. Lowest rates shown requires application with a cosigner, are for eligible applicants, require a 5-year repayment term, borrower making scheduled payments while in school and include our Loyalty and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change. Please note: Due to federal regulations, Citizens Bank is required to provide every potential borrower with disclosure information before they apply for a private student loan. The borrower will be presented with an Application Disclosure and an Approval Disclosure within the application process before they accept the terms and conditions of the loan.

    Citizens Bank - Refi - Disclosures

    Education Refinance Loan Rate Disclosure:

    Variable rate, based on the one-month London Interbank Offered Rate (“LIBOR”) published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of July 1, 2018, the one-month LIBOR rate is 2.10%. Variable interest rates range from 2.75%-8.20% (2.75%-8.20% APR) and will fluctuate over the term of the borrower’s loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree earned and presence of a cosigner. Fixed interest rates range from 3.50%-8.69% (3.50% – 8.69% APR) based on applicable terms, level of degree earned and presence of a cosigner. Lowest rates shown require application with a cosigner, are for eligible, creditworthy applicants with a graduate level degree, require a 5-year repayment term and include our Loyalty discount and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty and Automatic Payment Discount disclosures. The maximum variable rate on the Education Refinance Loan is the greater of 21.00% or Prime Rate plus 9.00%. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change. Please note: Due to federal regulations, Citizens Bank is required to provide every potential borrower with disclosure information before they apply for a private student loan. The borrower will be presented with an Application Disclosure and an Approval Disclosure within the application process before they accept the terms and conditions of their loan.