Northpointe Bank Mortgage Review 2024
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Our Take
4.5
In addition to standard options like conventional and government-backed loans, including FHA loans, Northpointe Bank’s mortgage portfolio includes rarer offerings like doctor loans, condominium loans, investment property loans and loans for borrowers with credit challenges. However, average origination fees tend to be comparatively high, and the lender tells us that its mobile app doesn’t include mortgage features. Most likely to appeal to borrowers with unique needs that fall outside of conventional loan criteria.
Pros
- Closing may be available within 15 business days.
- Offers loans and programs aimed at making homeownership more accessible.
- Offers mortgages for investment properties, including jumbo loans.
Cons
- Average mortgage origination fees are on the high side, according to the latest data.
- Bank’s mobile app isn’t useful for mortgage borrowers.
Lender | Min. credit score | Min. down payment | |
|---|---|---|---|
580 | 3% | Visit Lenderat New American Funding at New American Funding | |
620 | 3% | Visit Lenderat NBKC at NBKC | |
580 | 3.5% | Visit Lenderat Rocket Mortgage, LLC at Rocket Mortgage, LLC |
Full Review
Northpointe is a mid-sized bank based in Grand Rapids, Michigan. Loans are available nationwide.
🏠 Popular loan types include: conventional; VA; FHA; jumbo; USDA; refinances (rate and term and cash-out).
🔑 Specialty loan options include: construction loans; renovation loans; land loans; nonwarrantable condominium loans; doctor loans; investment property loans; Fannie Mae HomeReady; loans for borrowers recovering from a significant credit event; loans for borrowers with high debt.
💵 Home equity borrowing options: home equity loans; HELOCs.
Northpointe’s All in One HELOC combines a HELOC with a checking account. With Northpointe’s unusual combo, deposits count toward the HELOC principal balance and reduce interest due. For instance, a direct deposit from your employer would reduce principal by the amount of your paycheck. Cash in the account remains accessible.
In addition to offering a wide range of loan options aimed at nontraditional borrowers, Northpointe also has several programs to expand homeownership accessibility. These include:
A “lock & shop” program that allows borrowers to lock in a rate for 60 or 90 days by making a deposit up front.
An option to temporarily buy down the mortgage rate for up to three years.
A “rate refresh” feature, which waives some closing costs for Northpointe borrowers who refinance with the lender within three years.
Up to $12,000 in down payment and closing cost grant assistance for first-time home buyers.
An option to close on a mortgage within 15 days.
» MORE: How to apply for a mortgage
How we score Northpointe Bank
Every year, NerdWallet writers and editors use the latest data and independent research to score lenders on an overall rubric, reflecting factors that are most important to mortgage borrowers. Select Why This Category Matters below to learn more.
Northpointe has a NerdWallet home loans rating of 4.5 stars overall. Here’s a breakdown of this year’s score.
Category | Star rating |
|---|---|
Average mortgage rates and fees | |
Mortgage rate transparency | |
Variety of loan types | |
Customer experience |
- Why This Category Matters
Average mortgage rates and fees (30%)
Our team analyzes federal data to compare mortgage lenders’ origination fees and offered mortgage rates, measuring annual averages across all loan types, as reported by the lenders. The lowest combination of average rates and fees earns the highest star rating in this category. (It’s worth noting that loans considered higher risk, including those such as FHA loans that are easier to qualify for, often have higher interest rates and fees.) Pro tip: In some cases, paying upfront fees may lower a borrower’s mortgage interest rate.
Mortgage rate transparency (25%)
We check how straightforward it is to comparison-shop rates online. NerdWallet’s transparency ratings are higher for lenders that post sample rates on their sites, and highest for sites with self-serve tools that allow shoppers to see what rates might be like for their particular loan. Pro tip: Borrowers who compare customized rate quotes by applying to three or more lenders could save thousands of dollars over the life of their loan.
Variety of loan types (25%)
Finding the right mortgage is different for each borrower. The highest star ratings in this category are awarded to lenders that our research shows offer a wide range of loan types, improving the odds that a borrower will find the best match for their needs: options for purchase and refinance; fixed-rate and adjustable-rate loans; government-backed FHA, VA or USDA loans; renovation or construction loans; and home equity loans or HELOCs.
Customer experience (20%)
How easy is it to interact with this lender? The highest-rated lenders in this category offer features that are convenient and clarifying for borrowers, such as: an online application, multiple customer service options, a helpful mobile app and candid closing timeline communications.
Northpointe also earned bonus points for offering programs targeted at first-time home buyers.
What borrowers say about Northpointe Bank
NerdWallet’s lender star ratings assess objective qualities, including rates, fees and loan offerings. To help you understand borrowers’ subjective experiences, NerdWallet has gathered customer satisfaction ratings from Zillow. We also contacted Northpointe customer support.
→ Excellent customer rating on Zillow.
Customer rating: 4.94 out of 5, as of the date of publication. Rating reflects more than 4,500 customer reviews.
🤓 Our Nerds say…
Borrowers can contact Northpointe Bank by phone, email, or in person. When we called, we navigated a phone tree and were placed on a brief hold before being connected with a live agent who was able to promptly answer our questions.
Alternatives to a home loan from Northpointe Bank
We recommend comparing mortgage rate offers from three or more lenders.
Borrowers who would benefit from down payment assistance may be a fit for Rocket Mortgage. Rocket was also the largest lender of FHA loans in 2023.
First-time home buyers may be interested in Bank of America.
» MORE: Best mortgage lenders
More from NerdWallet
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).
