NBKC Bank vs Ally Bank

NBKC Bank and Ally Bank offer similar mortgage products and services.

Loan Types

Refinance Options

Rates and Fees

Savings and Discounts

Customer Reviews

Loan Types

The main difference between the two companies is the loan types offered. While both lenders offer fixed-rate loans, ARMs, and Jumbo loans, NBKC Bank also offers government-backed FHA loans and VA loans.

While both companies offer a variety of loans, it is a drawback that Ally Bank doesn’t offer VA or FHA loans like NBKC Bank.

VA loans and FHA loans are backed by government entities, the U.S. Department of Veteran Affairs and Federal Housing Administration, respectively. A VA loan is only available to active military or veterans and has a 0 percent down payment and typically doesn’t require private mortgage insurance (PMI). An FHA loan is a great option for first-time homebuyers or buyers with limited savings or credit, allowing down payments as low as 3.5 percent.

However, Ally Bank does offer adjustable rate mortgage loans (ARMs) and jumbo loans, providing buyers with greater flexibility. But the fact that NBKC Bank offers some government-backed loan options sets it apart from and above Ally Bank, as it can cover a wider range of homebuyer needs.

That being said, Ally Bank does have the HomeReady mortgage program, allowing borrowers to put down as little as 3 percent and save on their PMI. However, only a 30-year fixed rate term is available, and you must complete a homeownership education course to qualify.

Refinance Options

Both NBKC Bank and Ally Bank offer mortgage refinancing options if you are looking to lower your monthly payment, take cash out on your home’s equity, or pay off your loan faster.

To determine if refinancing is right for you, you can complete a form on both company websites to receive a quote and see how much you could save each month.

Rates and Fees

NBKC Bank and Ally Bank both advertise lower rates and fees than competing lenders. However, to see your rates, you will have to provide some information about your potential home purchase. Both companies offer this rate quote for free and without any impact to your credit score.

Savings and Discounts

NBKC Bank is included as a lender in the Costco Mortgage Program, providing borrowers with some discount options to help them save money up front. Costco members with an Executive membership, Gold Star membership, or Business membership status can receive discounts on NBKC Bank lender fees, including the origination fee. This is a unique offer since many other lenders don’t offer fee discounts.

Ally Bank does not offer nor is included in any mortgage fee discount programs.

Customer Reviews

NBKC Bank has an overwhelmingly positive customer rating, with 95 percent of customers awarding the company 5 stars. From these positive ratings and reviews, customers are quick to mention the following about their experience with the company:

• Quick and easy loan process
• Transparent and frequent communication
• Low interest rates
• No surprise lender fees
• User friendly technology
• Professional and reliable loan officers

There are currently no Ally Bank reviews on BestCompany.com. Thus, based on the disparity of customer reviews between the two companies, we cannot offer an accurate comparison or recommendation of customer sentiment. But, based on the existing NBKC Bank reviews we would recommend it as a first-rate online mortgage lender option.