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Mortgage Product Information
Fixed-rate mortgage
The fixed-rate mortgage has long been the most popular home financing product. With a fixed rate mortgage the interest rate never changes. These mortgages provide stable, predictable monthly payments throughout the life of the loan. Unlike an adjustable rate mortgage your monthly payments will not decrease if market rates go down; however, you will have the comfort of knowing you are protected if rates go up.
Generally, if you plan to stay in your home for more than five to seven years and prefer the security of stable payments, a fixed-rate mortgage may be the best option for you.
 
Adjustable-rate mortgage (ARM)
An adjustable-rate mortgage generally has a low starting rate, so your initial monthly payments on an ARM will be lower than on a fixed-rate loan for the same amount.
Here's how it works:
- The interest rate starts out lower than the rate on a fixed-rate mortgage, then adjusts regularly based on market indicators.
- The starting rate remains fixed for between three months and 10 years, depending on the ARM product.
- After remaining fixed for an initial period, most ARMs adjust annually, but some adjust on a semi-annual or monthly basis.
- Individual adjustments are capped at a certain amount, and the rate can never exceed the lifetime cap. The cap safeguards against excessively high payment increases. Adjustable rate mortgage programs place a cap on the amount by which either the interest rate or payment may rise at any single adjustment, over the life of the loan, or both. Look at the cap as the worst case scenario to determine if the ARM suits your financial capabilities.
Keep in mind that the interest rate and monthly payments can increase during the loan terzm. You may get the most value from an ARM if you plan to move before the end of the fixed-rate period, or if you are buying at a time when rates are relatively high.
100% Financing Options:
USDA Home Loan
100% financing available
Benefits of financing your USDA mortgage loan through National Bank Of Kansas City:
- No down payment required*
- No mortgage insurance (PMI)
- 2% USDA required funding fee can be financed
- Closing costs can be financed up to appraised value (loan can exceed purchase price)*
- No limits on seller contribution
- 30-year fixed-interest rates
- Flexible credit guidelines
*USDA Property and Income Guidelines must be met and extension of credit is subject to credit approval
FHA mortgage
FHA mortgages, which are insured by the Federal Housing Administration, make homeownership possible for people who might not qualify for conventional mortgage programs.
FHA mortgages offer:
- Low down payment and closing costs, with the option to use gift money for 100% of the down payment
- Flexible approval requirements for people who have less-than-perfect credit or lack a traditional credit history
- Expanded qualifying ratios for people with low-to-moderate incomes
VA mortgage
VA mortgages, which are insured by the Department of Veterans Affairs, make buying a home easier and more affordable for veterans, reservists, and active-duty service members. They offer some of the easiest approval requirements of any mortgage, including:
- No down payment requirement, so you can finance 100% of the purchase price
- The option to use gift money or secondary financing
- Flexible credit requirements
- Expanded qualifying ratios
Construction Financing:
Financing the construction of your new home typically comes in the form of a construction-to-permanent loan. This financing option has two parts: a loan to cover the costs of construction, and a mortgage on the finished (permanent) home.
Our two time close construction loans offer the flexibility to make changes while you build. With our two time close loans, you get construction financing up front and close on your permanent mortgage after the home is completed. Because the permanent loan amount is determined after construction, you can make changes and add enhancements throughout the building process. Features include:
- Various periods to complete construction.
- Wide variety of programs to choose from for the permanent mortgage.
- Flexible down payment options.
- Flexible payments during construction period.
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