NBKC Bank vs Ally Bank

Kalicia Bateman
Kalicia Bateman | Contributor

NBKC Bank and Ally Bank are both online banks, offering competitive rates and lower fees than you might see with other mortgage lenders in the industry. Both companies offer an entirely online application process that can save you time and get you approved faster, allowing you to purchase the house of your dreams without delay.

Based on customer reviews, NBKC Bank is a very popular, if not top mortgage lender choice among consumers. Ninety-five percent of NBKC Bank customers who have left reviews on BestCompany.com award the company 5 stars, most frequently highlighting the company’s low rates and outstanding customer service, often naming specific loan officers that helped them throughout the entire mortgage process.

While there are currently no Ally Bank reviews on BestCompany.com, the online bank advertises similar mortgage products and services to NBKC Bank and sets itself up as a worthy competitor for online mortgage loans.

NBKC Bank logo verified_user
#5 NBKC Bank
8.5 Overall Score
4.9
star star star star star
(424)

Overview

NBKC Bank

Minimum Down Payment for Conventional Loan

Undisclosed

Minimum Credit Score Accepted

Approx. 620

Time in Business

22 Years

Ally Bank

Undisclosed

Undisclosed

12 Years

Ratings

NBKC Bank

Overall Score
8.5 of 10
Review Score
4.9
star star star star star
Value for Money
4.8
star star star star star
Quality of Product or Service
4.8
star star star star star
Company Trustworthiness
4.8
star star star star star
Likely to Recommend
9.4 of 10

Ally Bank

2.9 of 10
5.0
star star star star star
5.0
star star star star star
5.0
star star star star star
5.0
star star star star star
10.0 of 10

Reviews

NBKC Bank

Number of Reviews
424
Review Breakdown
4.9
star star star star star
5 star
95%
4 star
3%
3 star
1%
2 star
0%
1 star
1%

Ally Bank

2
5.0
star star star star star
5 star
100%
4 star
0%
3 star
0%
2 star
0%
1 star
0%

Reviews for NBKC Bank

Helpful Favorable Review

star star star star star

LaRonn Harris Houston, TX

My NBKC was an excellent experience. My lender Jeff Y was knowledgeable, empathetic, understanding, and make me feel like family. I felt like he wanted to help me not just to meet a qouta but help me because he cared. He was amazing and I will refer Jeff Y and NBKC BANK to anyone that I know that is in the market for purchasing a property. Stellar customer service and support.

2 months ago

Helpful Critical Review

star star star_border star_border star_border

Stepho Connolly Kansas City, MO

Pros: Online system is easy to understand and intuitive, can communicate via email with loan originator over email, appraisal came back quickly. Cons: Does not have the most competitive rates or fees and could not match competitor rates, refused to transfer appraisal we paid for giving a BS excuse then when we pointed out it was indeed possible said he didn’t want to spend any more time on a loan he wasn’t going to close. So in summary, will never use this company to close in the future. Doesn’t have best rates nor best customer service.

1 year ago

Reviews for Ally Bank

Helpful Favorable Review

check_circle

Review Source

star star star star star

Fernando Lawton, OK

Awesome company. Helped me get my current house for affordable payments.

2 months ago

Helpful Critical Review

None Available

The Final Word

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.

  NBKC Bank Ally Bank
Loan Types Available
  • Conventional Loan
  • VA Loan
  • FHA Loan
  • New Construction Loan
  • Fixed Rate Loan
  • Adjustable Rate Mortgage Loan (ARM)
  • Jumbo Loan

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.

Top Choice

NBKC Bank Logo
NBKC Bank

Frequently Asked Questions

Does NBKC Bank sell its mortgages?

Many mortgage lenders sell mortgages when necessary, and so it is likely that NBKC Bank may sell your mortgage under certain circumstances.

Does Ally Bank sell its mortgages?

Ally Bank may sell your mortgage, but all Ally mortgage products are offered by Ally Bank Equal Housing Lender.

Is Better Mortgage part of Ally Bank?

In 2019, Ally joined forces with Better Mortgage Corporation (Better.com) to provide mortgage products to homebuyers. Ally controls rates and service, while Better manages your application, and then processes, underwrites, and closes on your home loan.

Does Ally Bank offer VA loans?

Ally Bank doesn’t offer VA loans for military service members. Ally doesn’t offer any government-backed loan options, including FHA loans or USDA loans.

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