nbkc bank vs Ally Bank
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 the 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.
Jump down to read a detailed comparison of both companies' products and services, or helpful FAQs.
Overview
nbkc bank
3.5%
620
FHA, VA
30 Days
25 Years
Ally Bank
N/A
N/A
Not Offered
N/A
15 Years
Ratings
nbkc bank
Ally Bank
Pros & Cons
nbkc bank
PROS
- Lower fees with a Costco membership
- $5,000 on-time closing guarantee
- Low-credit loan options available
- Highly-rated customer service
CONS
- No USDA loans
- No jumbo loans
Ally Bank
PROS
- Daily updated rates available on website
- No lending fees
- Closing cost discounts available for existing Ally Bank customers
CONS
- Limited loan types available
- Not available nationwide
Reviews
nbkc bank
Reviews
Ally Bank
Reviews for nbkc bank
Helpful Favorable Review
Brian Dunbar
February 2nd, 2022
Minneapolis, MN
My Experience with NBKC bank Was awesome Their rates was low and because of that it gave me the opportunity to own my 1st home. And we close on time as promise. I will definitely recommend using this bank .
Helpful Critical Review
Stepho Connolly
February 6th, 2020
Kansas City, MO
DETAILS
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.
Reviews for Ally Bank
Helpful Favorable Review
Tara Gillispie
June 22nd, 2022
Huntington, WV
DETAILS
Review Source
I like Ally Bank for their very easy process of applying for credit with their bank. I had actually heard some not so great reviews about them from others but I didn’t let that stop me. So far, I’m very happy with their service. Every 30 days they have a different account representative contact me, which I feel is unnecessary, I would like to keep the same rep every month. Other than that they have been a great bank.
Helpful Critical Review
The Final Word
NBKC Bank and Ally Bank offer similar mortgage products and services.
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.
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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.
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.
