BNC National Bank Mortgage Review: Rates, Fees, & Terms

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BNC National Bank is a federally chartered full-service retail bank headquartered in Bismarck, North Dakota.

First launched in 1990, the bank expanded into the digital mortgage business in the mid-2000s. In the 30 years since its inception, the BNC National has funded over $11 billion in mortgage loans for more than 40,000 borrowers.

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BNC National Bank Mortgage
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BNC National Bank Mortgage Pros and Cons


  • Licensed to lend nationwide
  • Specializes in VA loans and digital mortgages
  • Offers manual underwriting for some borrowers
  • Mortgage services backed by a publicly traded depository bank
  • Offers a range of special payment programs


  • Few physical branches
  • Must start an application or speak to a loan officer for personalized rate quotes
  • Limited information about lender fees on their website
  • Home equity loans limited by location

BNC National Bank Mortgage Overview

BNC National Bank runs its online mortgage business out of Overland Park, Kansas, though it does have branch locations in several states.

The lender is licensed to originate mortgages nationwide through its website and call center. Perks include its expanded online capabilities, consumer-direct lending expertise, and near-instant online preapprovals.

Interested borrowers can browse the bank’s website for more information, though to get detailed information on lending requirements and interest rates, you’ll have to apply online or contact a rep by phone. Once you kickstart your loan, you can complete most of your application and underwriting online.

BNC provides a variety of tools to make the application and underwriting process a breeze. For instance, you can link your bank and payroll accounts, upload your documents, and eSign disclosures.

Depending on your financial and loan situation, you may be able to close on your purchase loan in less than 30 days.

What Types of Mortgages Does BNC National Bank Offer?

BNC National originates a variety of loans, including:

Out of all these, BNC National specializes in VA loans backed by the Department of Veterans Affairs, with more than 50% of its loan volume dedicated to military applicants.

And though the lender doesn’t list USDA loans on its website, representatives have confirmed that BNC National can originate USDA Rural Development loans.

Aside from these loans, the lender also provides home equity loans and home equity lines of credit (HELOCs). However, these products are limited to existing bank customers in specific locations.

BNC National Bank Mortgage Qualification Requirements

Since the pandemic, BNC National has raised its minimum credit score to 620. However, borrowers applying for government-backed loans can take advantage of manual underwriting and alternative credit data to qualify.

The lender also boasts generous debt-to-income (DTI) ratio requirements. VA and USDA applicants can qualify with a DTI ratios as high as 60%, while FHA borrowers may be eligible with a 50% DTI.

For its conventional products, BNC National follows the conforming guidelines set by Fannie Mae and Freddie Mac.

This includes a minimum 3% down and a credit score of at least 620. But to learn about the qualification requirements in more detail, you’ll have to contact the lender.

BNC National Bank Mortgage Rates and Fees

BNC National doesn’t list the bulk of its rates and fees on its website. Though it does say that it offers “some of the lowest rates in the country.” That said, the lender doesn’t charge mortgage origination fees on VA loans.

The bank also partners with several state agencies to provide eligible borrowers with down payment assistance, interest rate discounts, and tax credits. These programs can lower the barrier to homeownership for lower-income borrowers.

Refinancing Mortgages with BNC National Bank

BNC National offers rate-and-term and cash-out refinancing. Eligible applicants can move from locking their rate to closing in just 35 days.

BNC also participates in the HARP 2.0 refinance loan program to help borrowers who are underwater on mortgages sold to Fannie Mae or Freddie Mac prior to May 31, 2009.

BNC National Bank Mortgage Features and Benefits

Intuitive Online Experience

BNC National combines the experience of its expert loan officers with the convenience of the online lending experience. Customers can begin the mortgage process by calling, applying online, or reaching out with a rate quote.

All you need to start is information on the property, your down payment, and some personal details like contact information and credit score.

After that, you can complete the application entirely online by uploading your documents, completing tasks, and tracking your loan.

Mobile Mortgage Process Supported

In addition to a smooth online mortgage process, borrowers can use BNC National Bank’s digital mobile apps to complete their mortgage.

This app is free for both Android and iOS devices and boasts much of the same functionality as the lender’s website portal.

Considers Alternative Credit Data

Though BNC National uses an algorithm for its instant preapprovals, borrowers can also reach out to request manual underwriting if they’re concerned about their credit history.

BNC National Bank Drawbacks

No Rate Transparency

BNC National purports to offer competitive interest rates – but you won’t find examples online.

If you want a customized rate quote, you’ll have to provide your contact information online or reach out to a representative.

Home Equity Products Geographically Limited

As a depository bank, BNC National has the capital on hand to fund home equity loans and HELOCs.

However, the lender notes that these products are limited to existing customers in states with physical branch locations.

Lack of Information Online

Though BNC’s online application process runs smoothly, its website is oddly limited. For instance, you can’t see details on how to qualify for each of its loans, and there are no rates or fees listed anywhere.

Additionally, while the lender notes it does offer USDA loans, there’s no information about this option available on its website.

How Does BNC National Bank Compare to Other Mortgage Lenders?

#1. BNC National Bank Mortgage vs. Rocket Mortgage

Rocket Mortgage is an online-only lender that caters primarily to self-service borrowers. Rocket offers competitive interest rates, a comprehensive digital experience, and specialty programs like its flexible term YourGAGE loans.

Borrowers from all 50 states can apply and get preapproved in just 10 minutes. However, Rocket Mortgage doesn’t offer second mortgages – and if you want a customized interest rate, you’ll need to consent to a hard credit check.

>> More: Rocket Mortgage Review

#2. Quicken Loans vs. BNC National Bank

Quicken Loans is the parent company of Rocket Mortgage, though it operates its own website.

Borrowers who choose Quicken can enjoy perks like a hybrid online and over-the-phone lending experience, digital rate locks, and a substantial loan menu to choose from.

But name-brand service comes at a cost: Quicken’s interest rates trend higher than average, and their online sample rates use a higher-than-average number of discount points.

As such, if you’re a lower-income or higher-debt borrower, Quicken probably isn’t the best lender for you.

>> More: Quicken Loans Mortgage Review

#3. BNC National Bank Mortgage vs. Better Mortgage is yet another online-only lender that claims to shave up to $3,000 off your closing costs with its digital mortgage process.

You can apply for conventional, jumbo, and refinance loans, though beyond that, the menu is sparse.

That said, Better does work with borrowers with unusual sources of income or more debt. Plus, qualifying borrowers can get preapproved in just 20 minutes and close in just 14 days!

>> More: Better Mortgage Review

#4. Guild Mortgage vs. BNC National Bank

Guild Mortgage is a hybrid online-in person lender licensed in 48 states, though it only operates physical branches in 31.

This speedy lender claims to close on some loans in just 17 days due to its in-house processing, underwriting, and funding.

Borrowers can peruse the lender’s substantial loan menu of conventional, government-backed, jumbo, and even investment loans.

Plus, Guild Mortgage works with over 500 down payment assistance programs to help would-be homeowners get into a house.

>> More: Guild Mortgage Review

BNC National Bank Mortgage FAQs

Is BNC National Bank a Good Choice for Mortgages?

BNC National Bank is a good choice if you’re a first-time homebuyer in need of some specialty mortgages or interest plans.

Military borrowers can also benefit from the lender’s extensive VA loan expertise, and if you’re in need of manual underwriting, BNC National can accommodate your needs, too.

How Do BNC National Bank Mortgage Rates Compare to the National Average?

On the whole, BNC’s interest rates trend lower than the national average.

Does BNC National Bank Offer Mortgage Refinance?

BNC National offers rate-and-term, cash-out, and HARP 2.0 refinancing.

What Credit Score Do You Need for a BNC National Bank Mortgage?

Eligible borrowers need at least a 620 minimum credit score to qualify. However, some borrowers may be able to use manual underwriting and alternative credit data to get a loan.

Does BNC National Bank Charge a Mortgage Origination Fee?

BNC National doesn’t detail its lending fees online. However, the lender does explicitly state that VA loans don’t come with origination fees.

Bottom Line: BNC National Bank Mortgage Review

As a full-service retail bank, BNC National is a great option if you want to borrow where you deposit your paychecks.

With 30 years of experience in the business, over $11 billion in loans funded, and a top-notch online experience, borrowers can enjoy the perks of buying a home with the comfort of browsing the web from the couch.

Jordan Blansit
Jordan Blansit

Jordan Blansit is a Senior Writer, Researcher, & Product Analyst for SimpleMoneyLyfe with an inexplicable predilection for mortgages, investing, and personal finance. When she’s not click-clacketing from the comfort of her living room, you can find her in the California Redwoods or Oregon Siskiyous. Jordan’s areas of expertise are mortgages, personal loans, credit cards, and investing.