Northpointe Bank Mortgage Review 2022

Good for: those seeking an abundance of loan offerings, including a no-down-payment mortgage that helps accelerate home equity accumulation.
Jan 5, 2022

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Our Take

4.5

NerdWallet rating 

The bottom line:

Northpointe Bank offers rate-shopping convenience and plenty of loan options, including 100% financing.

Northpointe
Min. credit score
620
Min. down payment
3%
Loan types and products
Purchase, Refinance, Home Equity, Jumbo, Fixed, Adjustable, FHA, VA, USDA
Learn more

at Northpointe

Pros & Cons

Pros

  • A full slate of loan offerings.
  • Offers a no-down-payment loan with a shorter repayment term that helps accelerate home equity accumulation.
  • A mobile app provides a number of customer conveniences.
  • Serves all 50 states plus Washington, D.C.

Cons

  • You’ll need to provide contact information or speak to a loan officer for customized mortgage rates.
  • Origination fees are on the high side, according to the latest data.

Compare to Other Lenders

NerdWallet rating 
NerdWallet rating 
NerdWallet rating 
Min. credit score

620

Min. credit score

620

Min. credit score

620

Min. down payment

3%

Min. down payment

3%

Min. down payment

3%

Loan types and products

Purchase, Refinance, Home Equity, Jumbo, Fixed, Adjustable, FHA, VA, USDA

Loan types and products

Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA

Loan types and products

Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA

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Full Review

Northpointe Bank at a glance

Northpointe Bank earns high marks for a variety of loan products and types. Its online capabilities are top-notch, but fees and mortgage rates are average at best. From its base in Grand Rapids, Michigan, Northpointe’s home lending services have spread from the Upper Midwest to all 50 states plus Washington, D.C. And with branch locations in nearly two dozen states, Northpointe is certainly more than just a regional player.

Here’s a breakdown of Northpointe Bank's overall score:

  • Variety of loan types: 5 of 5 stars

  • Ease of application: 5 of 5 stars

  • Rates and fees: 3 of 5 stars

  • Rate transparency: 4 of 5 stars

Northpointe Bank mortgage loan types and products

Northpointe has an extensive loan selection, with virtually every option a typical borrower might seek. Not all products are available in all states, but the mortgage lineup includes:

  • Purchase and refinance loans with fixed and adjustable-rate terms.

  • Jumbo loans of up to $3 million with a 10% down payment.

  • Renovation mortgages.

  • Mortgages for self-employed borrowers.

  • Loans for vacation and second homes.

  • Manufactured housing loans.

  • Government-backed loans, such as FHA, VA and USDA.

Northpointe also offers an alternative to the traditional 30-year fixed mortgage, called EquityBuilder.

"It's 100% financing, no money down, and instead of having a 30-year fixed mortgage, you choose a shorter term such as 15-year or 20-year, and you buy down the interest rate," perhaps with a half-point discount, says Michael Winks, president of lending and retail banking at Northpointe. The shorter term may result in a higher monthly payment than a 30-year loan, but "it's really just about saving on the interest expense over the life of the loan."

Northpointe has an online comparison tool that shows the difference in the interest you would pay with EquityBuilder over five to 10 years when compared with a 30-year fixed mortgage over the same period.

That can translate into more home equity — the free-and-clear value that builds wealth. The EquityBuilder loan has no income limits or first-time home buyer restrictions.

And one more unique item on the giant mortgage loan menu: Northpointe offers physician and professional loans in select states with up to 100% financing and no private mortgage insurance.

Northpointe Bank and home equity: The lender also offers home equity loans from $10,000 to $250,000 and a home equity line of credit, or HELOC. These second mortgages are one way for homeowners to access existing home equity without refinancing or selling their home. Funds obtained with a second mortgage can be used for expenses such as home improvements, education costs or debt consolidation. Northpointe’s HELOC, from $10,000 to $500,000, and its home equity loans come with a rate discount if you set up automatic payments from a Northpointe savings or checking account.

Northpointe Bank ease of application

Northpointe’s website design is clean and adapts to fit the device you’re viewing it on. You can obtain an online loan application via email from a loan officer, or through the Northpointe mobile application.

The mobile app web tool not only facilitates the completion of a secure loan application, but it also allows you to manage the loan process by messaging your loan officer, uploading documents, e-signing disclosures and receiving status updates. It pings you when an item requires your attention.

After the loan closes, you can make mortgage payments through the app, and download statements and tax documents.

Northpointe Bank mortgage rates and fees

One of the most important considerations when choosing a mortgage lender is understanding what the loan will cost. In order to provide consumers with a general sense of what a lender might charge, NerdWallet scores lenders on two factors regarding fees and mortgage rates, according to the most recently available Home Mortgage Disclosure Act data:

  • Northpointe Bank earns 2 of 5 stars for average origination fee.

  • Northpointe Bank earns 3 of 5 stars for offered mortgage rates compared with the best available rates on comparable loans.

Borrowers should consider the balance between lender fees and mortgage rates. While it's not always the case, paying upfront fees can lower your mortgage interest rate. Some lenders will charge higher upfront fees to lower their advertised interest rate and make it more attractive. Some lenders just charge higher upfront fees.

You can decide to buy discount points — a fee paid with your closing costs — to reduce your mortgage rate.

Deciding whether to pay higher upfront fees is a matter of considering how long you plan to live in your home and how much cash you have to apply toward closing costs when you sign the loan paperwork.

Northpointe Bank mortgage rate transparency

Mortgage rates are easy to find on the Northpointe Bank website. From the home page, click on "Home Lending," then "Low Rates" from the top menu bar, and you’ll see interest rates and APRs for four of their mortgage offerings.

Rate assumptions — the all-important fine print that tells you how they’ve been computed — are on the same page. The down payment required to earn these rates was a little stiff, though: 25%. To get a fully customized quote, you'll need to apply for prequalification or contact a loan officer.

More from NerdWallet:

at Northpointe

Methodology

NerdWallet’s overall ratings for mortgage lenders are evaluated based on four major categories: variety of loan types (purchase, refinance, fixed and adjustable, for example), ease of application, rates and fees and rate transparency. Among the factors we consider when scoring these categories are options to apply for and track loans online, the level of detail about mortgage rates on lender websites and our analysis of the rates and fees lenders reported in the latest available Home Mortgage Disclosure Act data. These scores generate ratings from 1 star (poor) to 5 stars (excellent).