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BNC National Bank mortgage review

Offers home loans for first-time homebuyers and veterans in all 50 states, but its mortgage branch locations are limited.

finder.com’s rating: 3.8 / 5.0

★★★★★

  • Choose this lender for government-backed loans.
  • Choose another lender if you want a HELOC or home equity loan.
  • A good option for military members and their families.

Details

Loan products offeredConventional, Jumbo, FHA, VA, Refinance
Minimum credit scoreConventional: 620
Minimum down payment (Conventional)3%
State availabilityAvailable in all states
NMLS #418467

BNC National Bank requirements

To find out if you’re eligible for a BNC National Bank home loan, visit the company’s website. Basic eligibility for a mortgage loan includes:

  • Two years’ history of employment
  • A FICO credit score of 620 or higher
  • No history of bankruptcy in the past two years

Documentation

Here’s a list of documents you’ll need to apply for a home loan from BNC National Bank.

For employed persons:

  • Pay stubs for the most recent 30 days and year-to-date
  • W-2 forms for the past two years
  • Employer contact information going back two years
  • If there’s a gap in employment, a letter explaining why
  • The source of funds for your down payment
  • A list of your debt and obligations
  • A copy of your signed sales contract

For self-employed persons:

  • Tax returns for the last two years
  • A year-to-date profit and loss (P&L) statement
  • K-1s for all partnerships and S-Corporations for the past two years

Costs and fees

The costs and fees you’ll pay depend on the type of loan. As of May 2021, BNC’s standard origination fee is $1,095 for non-VA loans. However, borrowers with good credit scores may be eligible for reduced fees or have them waived altogether.

As a general rule of thumb, you can expect to pay about 2% to 5% of your loan’s total value in fees and closing costs, which may include:

  • Application fee
  • Appraisal fee
  • Origination fee
  • Credit report fee
  • Closing fee
  • Flood certification fee
  • Title insurance

How to apply for a mortgage with BNC National Bank

To get started:

  1. Go to BNC National Bank’s mortgage website and select Apply Now.
  2. Wait to be directed to a Blend application portal and hit the Sign up option, then choose Continue.
  3. Create a new account by entering your email and creating a password.
  4. Answer questions about your personal details, coborrowers (if any), the property you’re looking to buy, your Social Security number and your assets, income and expenses.
  5. Answer the declaration questions, citizenship questions and optional demographic questions.
  6. Provide details about your current living situation and answer the additional questions.
  7. Review and submit the application.

After submitting your application, you may be instructed to call the company about the next steps or asked to provide additional documents.

What types of mortgages can I get through BNC National Bank?

  • Conventional
  • FHA
  • VA
  • USDA
  • Jumbo
This company accepts mortgage refinance applications.

Other mortgage products offered by BNC National Bank

BNC National Bank also offers these specialized types of mortgages.

  • Hybrid ARMs. Hybrid adjustable-rate mortgages have a fixed interest rate for a set time, followed by an adjustable-rate period. However, if rates rise, you could end up with a bigger payment after the fixed period ends.
  • Mortgage refinancing. This type of loan replaces your existing loan to one with better terms and a reduced interest rate. You could lower your monthly mortgage payment and get rid of private mortgage insurance when you reach 20% equity.

Note that while BNC lists the Harp 2.0 refinance option on their website, this loan program for homeowners who are “underwater” on their mortgages expired on December 31, 2018.

How BNC National Bank’s mortgage products compare to other lenders

Compared to other lenders, BNC National Bank offers a standard range of home mortgage options, including conventional, FHA and VA loans. What makes BNC National Bank different from other lenders is its experience with VA loans and ability to reduce or waive its origination fees on non-VA loans. Depending on your circumstances, you may be able to save on costs with a BNC mortgage loan.

Compare mortgage lenders and brokers

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BNC National Bank reviews and complaints

As of April 2021, BNC National Bank has a 4.7 out of 5 rating on Zillow from 2,256 customers. BNC National Bank is not accredited with the Better Business Bureau and has an A+ rating with zero customer complaints registered over the last three years, which is unusual for a financial institution.

The bank’s online reviews from mortgage customers mention excellent service from loan officers, who met or exceeded customers’ expectations in terms of communication, helpfulness and closing costs. While not as frequent, negative reviews mention a lack of communication from loan officers. BNC responded to these comments online and pledged to rectify these problems going forward.

Pros and cons of BNC National Bank

Pros

  • Personalized service. With BNC, you get access to the same loan officer throughout the entire mortgage process. According to the company website, BNC’s loan officers come with years of experience and are experts in the industry.
  • Expertise with VA loans. While BNC National Bank offers all types of government-backed loans, VA loans make up nearly half of its home loan originations. The company claims to “provide low rates and exceptional service” on its VA loans.
  • May waive origination fees. Depending on the loan type and your credit score, you may be eligible for a reduction or waiver of your loan’s origination fees.

Cons

  • Limited branch locations. Although it offers loans across the country, mortgage branches are only available in the central states of Arizona, Illinois, Kansas, Minnesota, Missouri and North Dakota.
  • Rates not listed. While the bank appears to offer competitive interest rates, it doesn’t advertise them on its website. You’ll need to contact a loan officer at the bank for more information.
  • Limited loan types. BNC bank doesn’t appear to offer USDA loans, HELOCs or home equity loans or any type of specialized loan programs for first-time homebuyers.

What is BNC National Bank?

Founded in 1991, BNC National Bank is a full-service bank headquartered in Bismarck, North Dakota, with its mortgage division based out of Overland Park, Kansas. In addition to mortgage lending, it offers community banking and wealth management services. Since its inception, the bank has funded over $11 billion in home loans for 40,000 customers.

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Review by


Kat Aoki is a mortgage writer at Finder. Since 2011, she’s helped consumers make better financial decisions with their home loans, credit cards, insurance and more. As a business writer for the real estate, mortgage and personal finance industries, she’s written hundreds of helpful, informative articles for some of the leading brands around the globe that include iSelect, InfoChoice, realestate.com.au, GE Money and Amex. Kat earned a BS in Marketing from California State University, Sacramento. She enjoys travel, hiking and photography in her spare time.

Expert review

BNC National Bank specializes in VA lending and may be a good choice for military members and their families looking for an experienced VA loan specialist. It’s also an established bank with a 30-year track record, offering customers a mix of technology with a team of loan officers nationwide.

The downside is that BNC National Bank only has mortgage offices in a handful of states. If you can’t find a branch in your area and prefer working with a loan officer in person, you may want to compare more lenders to find the perfect one for your needs.

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