A Look at North American Savings Bank Mortgage Ratings
North American Savings Bank (NASB) is an online mortgage lender and financial services provider offering a variety of residential and investment real estate loan options. From jumbo loans larger than those covered by Fannie and Freddie, to government-backed loans that don’t require perfect credit, NASB offers a range of loan options to meet your needs. NASB’s conventional loan options also have flexible qualification criteria, which can benefit small business owners, freelancers, and anyone else who earns money not reported on a W2 form.
NASB offers flexible financing options and a number of popular mortgage financing products, including:
You can use a conventional mortgage to buy any type of property, and they tend to be more affordable than government-backed loans in terms of average percentage rate (APR). The North American Savings Bank requires you to have at least a 3% down payment to qualify for a conventional fixed rate loan and 10% to qualify for an Adjustable Rate Mortgage (ARM).
The NASB offers exceptionally flexible qualification criteria for conventional loans, which may allow you to qualify if you have a lower credit score and want to avoid FHA loan fees. The lender doesn’t mention a specific credit score needed to qualify, and terms are available in a variety of terms up to 30 years. NASB also offers conventional lending solutions for those looking to purchase investment property.
Bank statement loans
If you’re self-employed, you may have trouble getting a mortgage approved, even if you make enough money and have little debt to qualify on paper. Most mortgage lenders require you to prove your income with W2s from your employer, which you won’t have if you’re self-employed.
The North American Savings Bank can help you qualify for a mortgage even if you have a non-traditional source of income. As the name suggests, the bank statement loan replaces the W2 requirement found on other mortgages with 12 months of consecutive bank statements from the same account. As long as you have saved a year of bank statements and have been self-employed for at least one year, the bank statement loan can present a flexible option for buying a home. Keep in mind that these loans come with a 10% down payment requirement if you accept payments from private mortgage insurance and a 20% down payment requirement on uninsured loans.
FHA loans are government-backed mortgages that allow you to buy a home with a less than perfect credit history. NASB lets you invest in a home with an FHA loan with as little as 3.5% down payment.
VA loans are a special government-backed mortgage option for serving members of the armed forces and those who have served in the past. The NASB does not charge origination or application fees for VA loans, and most borrowers will be able to obtain a loan without a down payment.
The NASB also offers jumbo loans above the conforming loan limit up to $1.25 million with higher limits considered when qualifying. These loan options can help you buy a home in a high value neighborhood or with a higher property value.
North American Savings Bank offers several methods for contacting customer service, including the following.
- By telephone: NASB offers 24/7 customer support by phone for stolen cards and personal account access. NASB’s general customer support line is 800-677-6272, but the company supports multiple contact lines depending on your query.
- By email : To connect with a lending professional via email, send your message to email@example.com.
- Live chat: NASB offers live chat services for basic customer service. You can access NASB’s live chat from 10 a.m. to 6 p.m. EST Monday through Friday EST and 10 a.m. to 1 p.m. Saturday.
If your question is about a loan product or you do not have an active loan or account with NASB, you may want to meet with a mortgage professional in person. NASB maintains a network of local branches and makes it easy to request an appointment with a team member.
The North American Savings Bank offers competitive mortgage rates compared to market rates. While you can use the NASB Mortgage Interest Calculator to estimate what you could pay for your loan if you applied today, it’s best to get a mortgage pre-approval to know the specific APR you’re looking for. will pay. Here are some factors that will affect your mortgage interest rate:
- Your credit score
- Your income versus the amount of outstanding debt
- Anything negative on your credit report (for example, bankruptcy)
- Place of origin
- The type of loan you are applying for
- Your deposit
- What you intend to do with the property (main residence or apartment building)
Taking the time to clean up your credit before applying for a loan pre-approval can be helpful in getting mortgage approval.
NASB offers unique loan options with more flexible qualifications. Some of the most notable benefits offered by NASB include:
Bank statement loans: If you are self-employed and do not receive a W2, lenders may ask you to prove your income using tax returns. When you borrow from NASB, you can replace the tax filing requirement with 12 months of bank statements. This method can help you secure higher value loans because it gives your lender a better picture of your assets under management and your business cash flow.
Simple Mortgage Calculator: Applying for a mortgage when interest rates drop can save you thousands of dollars by the time you own your entire home. North American Savings Bank offers an easy-to-use mortgage calculator that helps you track average APRs and apply for your loan at the most convenient time. Simply enter some information about yourself and the type of loan you need to instantly generate average mortgage rates.
Personal help: If you’re not sure which type of mortgage would be best for your situation, NASB offers mortgage representatives and professionals to help you make a decision. You can book an appointment online or find a loan officer in your area to help you. NASB’s network of representatives includes more than 100 professionals, so you’re likely to find help in your area if you live in NASB’s service area.
North American Savings Bank offers a simple loan application process that can be completed entirely online for many standard income borrowers. The NASB Mortgage Calculator also makes it easy to compare interest rates and track APRs over time. The NASB customer website also makes it easy to start comparing mortgage rates from multiple loan products in as little as a minute.
If you are completely new to the home buying process, NASB can be an attractive choice thanks to its branch network. NASB allows you to book appointments with local lending professionals online, which can be beneficial if you prefer to meet with an agent in person to discuss your financing options.
North American Savings Bank vs Competitors
Although North American Savings Bank offers a convenient application process and a variety of loan choices, the company does not offer all the loans you may need. For example, the North American Savings Bank does not offer USDA loans, which can help you buy property with $0 down if you are buying in a rural area.
Benzinga offers information and opinions on the following mortgage lenders. Consider continuing your search for the most affordable mortgage rates with some of the links below.
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The North American Savings Bank can offer you a competitively priced option for your mortgage, especially if you are self-employed. The NASB bank statement loan is a unique offer with flexible qualifications, allowing you to prove your income using 12 months of bank statements instead of W2 or years of tax returns. Although the NASB does not offer USDA loans at this time, the lender supports FHA and VA loans with a range of terms.
Frequently Asked Questions
questions and answers
Is the North American Savings Bank reputable?
Yes, North American Savings Bank is a legitimate mortgage lender and banking institution. The company has been in business for nearly 100 years. As of 2022, North American Savings Bank had a total of over $2 billion in assets under its control.
How do I pay my NASB mortgage?
You can pay off your NASB mortgage using a variety of methods, the easiest of which is making an online payment through your NASB account. You can access your account using your login details and the link here. You can also pay your NASB mortgage by check or over the phone.