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North America Savings Mortgage review

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North America Savings Mortgage

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A national mortgage lender with a suite of loan options, including FHA and VA loans

The North America Savings Bank Bank (NASB) offers 15- and 30-year conventional, jumbo and FHA loans. However, its main focus is its VA loans for those in the military.

Name North America Savings Mortgage
Description Get the mortgage loan that's right for you.
Loan types VA Loans, Refinance, Conventional Loans, FHA Loans, Jumbo Loans.
Minimum credit 620
Minimum down payment 3.5%
Origination fee $995
Other fees Expect fees to include appraisal fees, title charges, closing fees and state taxes.

Ask your loan consultant for the specific fees associated with your pending loan, and keep an eye out for additional fees in your loan documentation.
NASB is rated A+ by the Better Business Bureau, where it’s been accredited since 2008. Few customer reviews and complaints are posted on the BBB website, and they mostly revolve around poor customer service.

What type of fees does North America Savings Bank charge?

  • Origination fee. Expect to pay a $995 origination fee on all loans except VA
  • Card payment fee. Credit and debit card payments are $44.55 per payment

For more information on mortgage fees, contact the bank at 855-465-0753.

What makes North America Savings Bank Bank unique?

NASB is unique for offering affordable FHA loans to individuals with low credit, and loans to veterans, active service members and eligible spouses. If you qualify for a VA loan, this bank could be worth considering.

Do I qualify for a loan with North America Savings Bank Bank?

Each NASB home loan comes with different qualification requirements.

Type of loanConventionalFHAVA
Credit score620 or higher560 or higher620 or higher
Employment historyTwo years of steady employment.Steady employment history.Two years of steady employment.
Down paymentA down payment of at least 5%.A down payment of at least 3.5% for a credit score of 580 or higher.

A down payment of 10% for credit scores between 560 to 579.

No down payment.
Mortgage insuranceIf the down payment is less than 20%, monthly private mortgage insurance (PMI) is required.

Once you reach 78% loan-to-value ratio, you won’t pay PMI anymore.

An upfront mortgage insurance premium (MIP) of 1.75% of the base loan amount;

An annual MIP based on the loan-to-value (LTV) ratio, loan size and length of the loan, paid monthly for the life of the loan.

No mortgage insurance.
Loan purposePurchase of first or second homes, rental properties or jumbo loans refinancing.Only for a primary residential property.For one to four unit primary residential property;

Interest rate reduction refinancing
(IRRL);

Cash-out refinancing.

Special income requirementsN/AYour mortgage payment, homeowners association fees, property taxes, mortgage insurance and home insurance must be less than 31% of your gross monthly income.Last two years of income should be the same value or higher.

Less than two 30-day late payments in the last two years

Prior bankruptcyN/APrior bankruptcy or foreclosures must be over 36 months and you have built good credit since then.At least two years past a Chapter 7 bankruptcy.

In the case of Chapter 13 bankruptcy, you must have made at least 12 months of payments and the trustee or bankruptcy judge approved the new credit.

NASB has a simple prequalification process. Submit your contact information, loan amount, purpose of the loan, property state and ZIP code and your estimated credit score. After that, a loan officer will follow up and provide a free mortgage rate quote. If you don’t qualify, they will let you know.

What are the benefits of getting a mortgage through North America Savings Bank Bank?

NASB has more than 90 years of experience in the home loan industry. Some benefits of working with them include:

  • Variety of loans. Choose from conventional, refinancing, Jumbo, VA or FHA loans at fixed or adjustable rates.
  • VA loan benefits. If you qualify for a VA loan, you’ll save $995 on origination fees. Also, you won’t pay a down payment or mortgage insurance.
  • Preapproval. Submit an online form with your contact information, credit score and financial information to find out the rate you qualify for.

What should I watch out for?

A few potential drawbacks while working NASB might include:

  • No online application tracking. NASB lets you open an online account to submit your documents, but you won’t be able to track your application process.
  • Mortgage rates not advertised. You won’t know your potential rate until you fill out the prequalification form.

Compare to other lenders

Name Product Min. down payment Origination fee
3.5%
Depends
Connect with vetted home loan lenders quickly through this online marketplace.
3%
0.5% to 1.0%
Flexible options, fast approvals and support online backed by a trusted brand.

Compare up to 4 providers

How to get started?

  1. Visit the North America Savings Bank Bank website
  2. Choose your loan type from the home loans options
  3. Click Apply Now
  4. Create an online account
  5. Click Start Application
  6. Fill out all necessary information

Alternatively, you can click Get a Free Rate Quote, fill out the form and have a loan officer contact you.

Required documentation

To begin your application process, keep the following documents handy:

  • Copy of ID, such as a driver’s license or passport
  • Pay stubs with most recent 30-day pay period
  • Bank statements for the past two months
  • W-2 forms for the last two years

I got the loan. Now what?

  • Download the mobile app. The NASB North American Svgs Bk app can help you monitor your account, deposit checks, manage bills and more.
  • Set up automatic payments. Download the automatic draft authorization agreement pdf file from the NASB website. Print it, fill it out and mail it to: NASB Attn: Loan Customer Service, 12520 S 71 Hwy, Grandview, MO 64030.
  • Make biweekly payments. If you’re able to, paying your mortgage twice a month can save you money in interest.
  • Customer service. For questions, call NASB at 855-465-0753.

Bottom line

North America Savings Bank Bank is a strong option for first-time home buyers and those who qualify for a VA loan. But you won’t know your rates until you apply.

Before you apply for a mortgage, compare other mortgage lenders to find the right fit.

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