Northpointe Bank Mortgage Review

About Northpointe Bank

Northpointe Bank

Northpointe Bank has developed a national reputation for delivering fantastic service, and offering tremendous value to our clients. This means more than simply delivering the low rates and fees we are known for, but also a focus on providing an exceptional client experience. Unlike many of our competitors at Northpointe you work with the same an experienced loan officer from application through closing.
We are committed to letting the numbers speak for themselves, and we offer our clients solutions without a sales pitch.

review breakdown

Recommended
100%
Interest Rates
Fees & Closing Cost
Customer Service
Responsiveness

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What is Northpointe Bank?

Northpointe Bank was started in 1999 and is headquartered in Grand Rapids, Mich. The company’s website features a preliminary pre-qualification tool that gives users a better idea of whether they will ultimately qualify for a loan.


Working with Northpointe Bank

Northpointe Bank is licensed in:

  • Maryland
  • Nevada
  • Utah

Northpointe Bank issues loans for the following types of properties:

  • Single-family homes
  • Multi-family homes
  • Condominiums
  • Vacant land

Northpointe Bank products

Northpointe Bank offers the following mortgage products:

Purchase

  • Conventional: With options that allow for as little as 5% down, conventional loan amounts are provided up to $484,350 for single-family homes.
  • FHA: First-time and repeat homebuyers with poor credit may qualify for competitive, fixed-rate loans backed by the federal government.
  • VA: Veterans, active service members and their spouses may qualify for zero-down loans.
  • Jumbo: Northpointe offers low-rate options for larger-than-standard loans up to $3 million.
  • Construction: This construction loan transforms into a purchase loan once a home is built. The interest rate remains consistent throughout the construction and permanent phases.
  • Streamlined renovation: Buyers may add up to 15% of the appraised value, post-renovation, to the loan.
  • FHA 203k: Borrowers may finance their purchase and the cost of renovation through this government-backed program.
  • HomeStyle: Another renovation loan option for buyers, this is a conventional mortgage through Fannie Mae that allows buyers to finance a purchase and renovation costs.
  • HomeReady: This program assists borrowers to qualify for a mortgage by allowing co-borrowers who do not plan to reside in the home and requiring just a 3% down payment.
  • Investment properties: Northpointe provides financing options for 1-4 unit family rental properties.
  • Non-warrantable condominiums: These loans cover the purchase of newer condo projects that may not meet conventional program requirements.

Refinance

Home Equity

  • Home equity: Options include a line of credit (HELOC) or fixed loan.

Northpointe special mortgage programs

  • EquityBuilder: This program lets you apply cash toward a lower interest rate and shorter loan term rather than a down payment, allowing you to build equity more rapidly. Financing will cost less in interest and may not require a monthly insurance premium.
  • FreshStart: Qualified buyers who have experienced a financial hardship, such as a short sale, may qualify for a mortgage through this program.
  • State bond programs: Northpointe offers low-down-payment options for first-time and repeat homebuyers in select states.
  • Doctor loans: This special program can be used by a variety of physicians for purchase or refinance. Loan amounts top out at $1 million.
  • Professional loans: These are available to attorneys and others in selected professions and can be used for purchase or refinance.
  • SimpleLoan: This provides a streamlined application process that is complete within 15 days.
  • Homeownership Opportunities Program: Qualified buyers may receive up to $8,000 toward closing costs or a down payment.
  • Conforming Advantage: With just 5% down, qualified buyers and refinancers may receive a lower rate than they would through Northpointe’s standard conforming programs.
  • Tribute to Freedom: This is an opt-in program through which Northpointe donates $125 to one of three military-focused nonprofit organizations.

The mortgage application process

How to apply: Buyers can get pre-qualified via an online form, over the phone or in person. Upon pre-qualification, a Northpointe representative will establish contact through phone, text message or email message.
Disclosure process: There is a digital dashboard through which borrowers and the lender can communicate and exchange documentation. Borrowers receive regular updates and can digitally sign documents, but they also have the option of traditional paper documentation.
Closing: Borrowers can select the time and place that works best for their schedules.


Pros and cons of a Northpointe mortgage

Pros

Special programs. Northpointe Bank has a variety of proprietary loan programs tailored to borrowers with specific needs, including first-time homebuyers, military veterans and members of specific professions, as well as credit-challenged borrowers or those who have experienced financial hardship. In addition, the bank:

  • Accepts applicants with bad credit
  • Accepts low down payments
  • Has a wide variety of products
  • Offers home equity products
  • Features a pre-qualification tool

Cons

  • Northpointe’s website does not detail the communication process throughout the life of the loan, nor does it specify points of contact. Overall, the site does not offer detailed information, so a borrower will need to directly contact the lender to find out more.

Editorial Note: Parts of this article were reviewed by a lender to ensure accuracy prior to publication. The overall conclusions, recommendations and opinions are the author’s alone.

The information in this article is accurate as of the date of publishing.