NASB Mortgage Review 2022

Good for: active military members and veterans and first-time home buyers.

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Our Take

5.0

NerdWallet rating 

The bottom line:

NASB couples low mortgage rates and reasonable fees with a good assortment of loan options for purchase and refinance. VA loans, FHA loans and investment property loans are available, as well as options for self-employed home buyers and borrowers with less-than-perfect credit.

NASB
Min. credit score
620
Min. down payment
3%
Loan types and products
Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA
Learn more

at NASB

Pros & Cons

Pros

  • Devotes much of its business to serving military families with VA loans.
  • Offers a mortgage tailored to self-employed borrowers.
  • Offers low rates and fees compared with other lenders, according to the latest federal data.

Cons

  • Doesn't offer home improvement mortgages.
  • Doesn't offer home equity loans or lines of credit.

Compare to Other Lenders

NerdWallet rating 
NerdWallet rating 
NerdWallet rating 
Min. credit score

620

Min. credit score

620

Min. credit score

620

Min. down payment

3%

Min. down payment

3%

Min. down payment

3%

Loan types and products

Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA

Loan types and products

Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA

Loan types and products

Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA

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Full Review

What borrowers say about NASB mortgage

NerdWallet’s lender star ratings assess objective qualities, including rates, fees and loan offerings. To assess borrowers’ subjective experiences with lenders, NerdWallet has gathered customer satisfaction ratings from Zillow.

  • NASB receives a customer rating of 4.95 out of 5 on Zillow, as of the date of publication. The score reflects more than 1,300 customer reviews.

NASB mortgage variety of loan types

  • 4 of 5 stars

North American Savings Bank, or NASB, offers conventional, jumbo and government-backed loans, including FHA and VA loans, for purchasing or refinancing a home. VA loans represented almost a quarter of NASB's mortgage business in 2021, according to the most recently available federal data.

NASB also offers nonconforming loans, which have higher loan limits and more flexible underwriting guidelines than most mortgages. In some cases, borrowers with credit issues may be able to qualify. In addition, the lender offers a loan tailored to self-employed borrowers, allowing them to show income through bank statements instead of tax returns or pay stubs.

There's also a special option for investors. The IRA non-recourse loan lets a borrower with a self-directed individual retirement account use money from the IRA to purchase an investment property. If the borrower defaults and the home is foreclosed, the IRA is protected from the creditor; only the house is collateral. Non-recourse loans are for investment purposes only — the property can't be the borrower's primary residence.

In addition, the lender has programs designed to help low- to moderate-income borrowers — especially those in Kansas and Missouri — buy a home.

NASB doesn't offer home equity loans or lines of credit; homeowners interested in a NASB loan that converts equity to cash could consider cash-out refinancing.

NASB mortgage ease of application

  • 5 of 5 stars

You can apply for a mortgage through the NASB website. The digital application lets you upload documents, sign electronically and track the loan process online. The website also provides a directory of loan officers with their profiles and contact information.

In-person assistance is limited to the Kansas City, Missouri, area, where the lender is headquartered and has three loan offices.

NASB mortgage rates and fees

  • 4.5 of 5 stars

  • NASB mortgage earns 4 of 5 stars for average origination fee.

  • NASB mortgage earns 5 of 5 stars for average mortgage interest rates.

Borrowers should consider the balance between lender fees and mortgage rates. While it's not always the case, paying upfront fees can lower your mortgage interest rate. Some lenders will charge higher upfront fees to lower their advertised interest rate and make it more attractive. Some lenders just charge higher upfront fees.

NASB mortgage rate transparency

  • 5 of 5 stars

NASB's website features a mortgage rates page that gives sample interest rates, APRs and fees for popular types of home loans according to purchase price, down payment, credit rating and location.

Alternatives to NASB mortgage

Here are some comparable lenders we review that borrowers can consider.

Wells Fargo offers a similar digital experience, and Pennymac offers options for first-time home buyers.

More from NerdWallet

at NASB

Methodology

NerdWallet’s overall ratings for mortgage lenders are evaluated based on four major categories: variety of loan types (purchase, refinance, fixed and adjustable, for example), ease of application, rates and fees and rate transparency. Among the factors we consider when scoring these categories are options to apply for and track loans online, the level of detail about mortgage rates on lender websites and our analysis of the rates and fees lenders reported in the latest available Home Mortgage Disclosure Act data. These scores generate ratings from 1 star (poor) to 5 stars (excellent).