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.
Minimum credit score
Minimum down payment (Conventional)
Available in all states
|Loan products offered||Conventional, Jumbo, FHA, VA, Refinance|
|Minimum credit score||Conventional: 620|
|Minimum down payment (Conventional)||3%|
|State availability||Available in all states|
Our take on BNC National Bank mortgages
BNC National Bank is a top VA loan originator that offers home loans nationwide and retail branches in seven states. What makes it different from other lenders is its experience with VA lending and its willingness to reduce or waive its origination fees on certain loans. So, you may be able to save with a BNC mortgage, especially if you have good credit.
BNC claims that its loan officers have years of industry experience to help guide you to the right loan. This is important if you’re the type of borrower who needs more guidance during the home loan process. And while its website is slim on details, we like that it has great reviews from thousands of customers and only a small number of complaints on the Better Business Bureau website.
But it doesn’t have a huge selection of loans to choose from, so if you’re after a specialized loan for a unique circumstance or a home equity product, you’ll need to look elsewhere.
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
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:
- Go to BNC National Bank’s mortgage website and select Apply Now.
- Wait to be directed to a Blend application portal and hit the Sign up option, then choose Continue.
- Create a new account by entering your email and creating a password.
- 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.
- Answer the declaration questions, citizenship questions and optional demographic questions.
- Provide details about your current living situation and answer the additional questions.
- 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?
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.
Alternatives to BNC National Bank
Compared to other lenders, BNC National Bank offers a standard range of home mortgage options, including conventional, FHA and VA loans — but no specialty loans or home equity products.
If you’re looking for a wider selection of loans, including USDA loans, renovation loans, condo loans, HELOCs and more, consider Draper & Kramer Mortgage. It’s been in business for over 125 years and has considerable depth and breadth of knowledge of the real estate industry.
On the other hand, if you’re after a fully digital lending experience with no origination fees and a minimum of hand-holding from your loan officer, consider Better or Beeline. Visit their websites and fill out an application 24/7 to get a quick preapproval decision.
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BNC National Bank reviews and complaints
As of August 2021, BNC National Bank has a 4.7 out of 5 rating on Zillow from 2,306 customers. BNC National Bank is also accredited with the Better Business Bureau (BBB) and has an A+ rating with only a couple of customer complaints registered over the last three years, which is unusual for a financial institution. As of August 2021, BNC National Bank is rated 2.67 out of 5 stars based on nine customer reviews.
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 unprofessionalism and 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
- 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.
- 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.