nbkc bank vs New American Funding

Kalicia Bateman
Kalicia Bateman | Contributor

NBKC Bank and New American Funding are both top-rated mortgage lenders on BestCompany.com. Both companies have overwhelmingly high customer ratings — approximately 95 percent of reviews reward both NBKC and New American Funding 5 stars.

Jump down to read a detailed comparison of both companies’ products and services, or helpful FAQs.

nbkc bank logo verified_user
#9 nbkc bank
7.6 Overall Score
4.9
star star star star star
(428)
New American Funding logo verified_user
#2 New American Funding
9.4 Overall Score
4.9
star star star star star
(617)

Overview

nbkc bank

Minimum Down Payment

3.5%

Minimum Credit Score

620

Government-Insured Loan Types

FHA, VA

Average Time to Closing

30 Days

Time in Business

23 Years

New American Funding

3%

620

FHA, VA, USDA

30 Days

20 Years

Ratings

nbkc bank

Overall Score
7.6 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

New American Funding

9.4 of 10
4.9
star star star star star
4.9
star star star star star
4.9
star star star star star
4.9
star star star star star
9.7 of 10

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

New American Funding

PROS

  • Online mortgage process
  • On-time closing guarantee
  • Home equity loan options available
  • Mortgage payment assistance provided (if necessary)

CONS

  • Higher than average mortgage rates
  • Not licensed to lend in Hawaii

Reviews

nbkc bank

Number of Reviews
428
Review Breakdown
4.9
star star star star star
5 star
95%
4 star
3%
3 star
1%
2 star
0%
1 star
1%

New American Funding

617
4.9
star star star star star
5 star
94%
4 star
4%
3 star
1%
2 star
0%
1 star
1%

Reviews for nbkc bank

Helpful Favorable Review

star star star star star

Brian Dunbar

February 2nd, 2022

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

star star star_border star_border star_border

Stepho Connolly

February 6th, 2020

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 New American Funding

Helpful Favorable Review

star star star star star_border

Rick Daniels

September 19th, 2022

check_circle

Review Source

Everything was great on Jacks part, we did have a couple of hang ups with the processor, Jessica. She was behind on several things or confused. She did get the job done but I feel like it could’ve been done a week sooner. All in all tho a goid experience.

Helpful Critical Review

star star star_border star_border star_border

Tom Oliver

August 31st, 2022

DETAILS

check_circle

Review Source

Employees I dealt with were great. Steven and Stephanie were knowledgeable and efficient. New Americans Rate and Fee advertisements were VERY misleading and borderline merit false advertising. Great Experience, but at higher rates / fees than expected, advertised or available through other lenders. Will solicit for future projects and loans, but will shop around prior to committment.

The Final Word

Both NBKC and New American Funding are highly rated mortgage lenders, but there are differences in the products and services they offer:

Mortgage Rates
Mortgage Process
Closing Timeline
Fees
Loan Types
Home Equity Options
Mortgage Assistance
States Serviced
Customer Reviews

Mortgage Rates

NBKC doesn’t provide daily updated rates on its website. To view rates you will need to enter information regarding the estimated value of your home, an estimated down payment, home location, etc. NBKC will then populate specific rate estimates based on the values you provide.

New American Funding does provide updated rates on its website which are significantly lower than industry average mortgage rates.

It is likely that NBKC also offers competitively low rates due to the fact that it’s an online lender, but it is important to remember that the lowest advertised rates of either NBKC or New American Funding are reserved for those with excellent credit and stable finances — the lowest rates can never be guaranteed because they are determined by your specific financial background.

Mortgage Process

NBKC and New American Funding both have online application processes, including the ability to upload and e-sign documents and track loan progress.

New American Funding also offers the My Mortgage App, allowing you to easily manage your mortgage loan on your smartphone. NBKC does have an app, but it doesn’t support any mortgage loan management.

Closing Timeline

Neither NBKC nor New American Funding provide a specific closing timeline on its website. However, the average closing time for either company is between 30 to 50 days.

NBKC and New American both offer an on-time closing guarantee, a unique offer in the industry as most other lenders don’t provide such guarantees. 

  NBKC Bank New American Funding
On-Time Closing Guarantee If NBKC doesn’t close on time, it will pay you and the seller $2,500 each.* For exact details regarding the company’s close-on-time guarantee, you will need to speak with a NAF representative.*

*Terms and conditions apply. Speak with a company representative for more details.

Fees

Neither company outlines exact fees and costs associated with a mortgage loan. However, you will likely be responsible for certain lender fees to cover loan origination, underwriting and processing expenses, as well as closing costs (additional fees may apply).

NBKC customers can receive discounts on fees if they have a Costco membership. For this reason, NBKC is a popular lender choice. In customer reviews, many customers mention how they discovered NBKC through the Costco Mortgage Program, and they were very pleased with how much money they were able to save.

Loan Types

NBKC and New American Funding both offer a variety of loan type options.

  NBKC Bank New American Funding
Loan Types
  • Fixed Rate Loan
  • Adjustable Rate Mortgage (ARM) Loan
  • FHA Loan
  • VA Loan
  • Fixed Rate Loan
  • Adjustable Rate Mortgage (ARM) Loan
  • FHA Loan
  • VA Loan
  • I CAN Mortgage
  • Buydown Loan

While both NBKC and New American Funding offer conventional and government-backed loan options, New American Funding offers greater flexibility with its specialized loan products: the I CAN Mortgage and Buydown Loan products.

New American Funding’s I CAN Mortgage option provides loan term flexibility, allowing you to customize your loan term from 8 to 30 years. 

New American Funding’s Buydown Loan product allows you to pay a fee at closing, lowering your interest rate for the first one to three years of your mortgage.

Home Equity Options

Both NBKC and New American Funding offer a variety of mortgage refinancing options, but NBKC doesn’t offer any home equity options. New American Funding does offer a home equity product through a Home Equity Line of Credit (HELOC).

Mortgage Assistance

If you are experiencing difficulty in making your mortgage payments, or anticipate that you may have difficulty doing so, you should contact your lender immediately to find solutions and make arrangements. Most lenders have specific actions to take in these situations, helping you stay in your home.

New American Funding outlines specific mortgage assistance options on its website, allowing for you to either remain in your home or leave without foreclosure. It can be helpful to have this information upfront, particularly if you anticipate difficulties in making payments in the future, or are concerned about your ability to make mortgage payments.

States Serviced

NBKC and New American Funding are both licensed in all 50 states, including Washington, D.C.

Customer Reviews

Reviews for both companies are overwhelmingly positive — 95 percent of NBKC reviews are 5 star, and 97 percent of New American Funding reviews are 5 star.

It is unique for a mortgage lender to receive such high praise, with minimal to no 1-star reviews.

NBKC reviews most frequently highlight the following:

  • Exceptional customer service and support (frequently naming specific loan officers)
  • Great rates
  • Closed on time

It is worth noting that many reviewers mention that they chose NBKC because of the company’s high customer ratings.

New American Funding reviews most frequently highlight the following:

  • Competitive rates
  • Quick and easy mortgage process
  • Exceptional customer service — loan officers were quick to answer questions and communicate throughout the loan process

Based on customer reviews, either NBKC or New American Funding would be a good choice for your next mortgage.

Top Choice

New American Funding Logo
New American Funding

Frequently Asked Questions

Is NBKC a direct lender?

Yes, NBKC Bank is a direct lender. NBKC is also a full-service online bank with some branches in Kansas City.

Is New American Funding a broker or a lender?

New American Funding is a direct mortgage lender backed by Fannie Mae, Freddie Mac, and Ginnie Mae.

How long does it take NBKC to close on a home loan?

NBKC doesn’t outline a specific time to closing, but it does provide a $5,000 on-time closing guarantee. To be eligible for the guarantee, you must schedule your closing date at least 30 days from the day your mortgage contract was signed and dated.

How long does it take New American Funding to close on a home loan?

New American Funding’s average time to closing is 35 days.

Does NBKC sell its mortgages?

NBKC originates loans in-house, but servicing can’t be guaranteed. It is likely that your loan may be sold. Buying and selling loans is a common practice in the mortgage industry.

Does New American Funding sell its mortgages?

New American Funding originates loans in-house, but servicing can’t be guaranteed. It is likely that your loan may be sold. Buying and selling loans is a common practice in the mortgage industry.

Other Featured Comparisons