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Northpointe Bank is an excellent choice for borrowers who want a lender with a lot of mortgage options to choose from. Northpointe Bank offers many unique and affordable mortgages, including options that allow low down payments, recent credit events, and more. But if online convenience is your top priority, you might want to shop elsewhere, since this lender requires you to talk to a loan officer before you can apply.
620
3%
Conforming, FHA, VA, USDA, jumbo, construction, land loan, renovation, doctor, investment property, non-warrantable condo, non-QM, HFA, offset
- Huge variety of mortgages to choose from
- Offers a temporary buydown, fast closings, and other beneficial features
- Offers loans for borrowers with imperfect credit
- Works with 18 different states to provide affordable HFA mortgages
- Can’t see sample rates online
- Need to talk to a loan officer to apply
- Some mortgage options aren’t available in every state
Northpointe Bank is one of Personal Finance Insider's best mortgage lenders. It's an excellent choice for borrowers who want a lender that has lot of mortgage options to choose from.
Northpointe Bank- Available in all 50 states and Washington, DC
- Has branches in Alabama, California, Colorado, Florida, Georgia, Hawaii, Kentucky, Michigan, New Jersey, North Carolina, Ohio, Oregon, Rhode Island, South Carolina, Texas, and Utah
- Minimum credit score and down payment displayed are for conforming mortgages
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Overview of Northpointe Bank and Its Mortgage Offerings
Northpointe Bank is a financial institution based in Grand Rapids, Michigan that offers many different services, including personal banking and mortgage lending. Northpointe originates mortgages in all 50 states and Washington, DC. It also has physical branches in Alabama, California, Colorado, Florida, Georgia, Hawaii, Kentucky, Michigan, New Jersey, North Carolina, Ohio, Oregon, Rhode Island, South Carolina, Texas, and Utah.
Northpointe Bank offers an unusually large variety of mortgages, including common types like conforming and FHA loans, as well as more niche products like construction loans and non-QM loans. It also offers a variety of beneficial features on its loans, including a temporary buydown, a buy-now-refinance-later program called Rate Refresh, a quick closing option, and more.
Northpointe Bank Mortgage Options
Conventional loans
Northpointe Bank currently offers the following types of conventional mortgages:
- Conforming loans
- Construction loans
- Renovation loans
- Physician mortgages
- Investment property loans
- Mortgages for non-warrantable condos
- An offset mortgage called the All In One loan, which combines your mortgage with a Northpointe Bank deposit account that "offsets" the principal you owe, lowering the amount you pay in interest
Government-backed loans (FHA, VA, USDA)
Northpointe has all of the three main types of government-backed mortgages, which include:
Its FHA offerings include an FHA 203(k) loan, which is a type of renovation mortgage.
The lender also offers housing finance agency loans that are available through individual state programs.
Jumbo loans
Northpointe offers both fixed and adjustable-rate jumbo loans with loan amounts up to $3 million.
Specialized loan programs for unique buyer needs
Northpointe has a few "expanded portfolio" non-QM loan options:
- New Start: For borrowers with a recent negative event on their credit reports. Northpointe doesn't specify which "significant credit events" it allows, but this typically refers to things like defaults and bankruptcies. You'll need a 580 credit score to qualify.
- Expanded Access: This mortgage is for those who have a rocky credit history, but any negative credit events you've experienced need to be at least two years old when you apply.
- Prime Non-Agency: For those who have good credit but don't quite meet the requirements to get a conforming mortgage (such as those who have high DTI ratios).
- Investor Cash Flow: A mortgage that lets you use projected rental income to qualify for an investment property purchase.
The bank also offers land loans if you need to buy a vacant lot to build a home on.
Interest Rates and Fees
Compare Northpointe's Rates With Industry Averages
Based on Business Insider's review of Home Mortgage Disclosure Act data, Northpointe Bank's mortgage rates are slightly higher than average.
Northpointe Bank doesn't display sample mortgage rates online, so you won't be able to get an idea of what kind of rate you might get without talking to a loan officer or applying for prequalification.
Fees and Closing Costs
In 2022, the average borrower getting a conventional loan from this lender paid $4,095 in origination charges, according to the latest HMDA data. This is around average compared to other lenders.
Northpointe Bank Mortgage Overall Rating
Loan Types: 5 out of 5
Northpointe Bank offers so many different types of mortgages that even borrowers who are in need of a more niche loan will likely find what they're looking for with this lender.
Affordability: 4.5 out of 5
Northpointe has low down payment mortgages, mortgages for borrowers with recent negative credit events or imperfect credit histories, and offers a ton of affordable features. Plus, you may be able to get a low down payment mortgage or down payment assistance through your state's housing finance agency when you work with this lender.
Customer Satisfaction: 4.32 out of 5
On its Zillow lender profile, the bank is highly rated by previous customers, earning an average 4.94 out of 5-star rating, based on over 4,000 customer reviews. On WalletHub, it has a 3.7 out of 5-star rating, based on over 300 customer reviews.
Trustworthiness: 5 out of 5
Overall, we found Northpointe Bank to be an overall trustworthy lender. It has a good reputation and has been in business since 1999.
Northpointe Bank currently has an A+ rating from the Better Business Bureau and no recent scandals.
BBB grades are based on honesty in advertising, transparency about its business practices, and effectiveness in responding to customer complaints.
Northpointe Bank Mortgage Pros and Cons
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Advantages of Using Northpointe Bank for Your Mortgage
Northpointe Bank might be a good option if you have a unique situation or need a less common type of mortgage, since it has so many loan options. We think it's an overall affordable lender that offers a good range of options for low-income and first-time homebuyers. Plus, not many lenders will approve those with poor credit histories, but Northpointe has options for these borrowers.
Potential Dealbreakers
One thing we don't like about Northpointe is that it doesn't offer as convenient an online experience as other lenders. To start an application, you'll need to fill out a pre-qualification form or find a loan officer near you and apply with them. Many lenders now allow borrowers to apply for preapproval online and get quotes on a loan quickly and easily, without having to talk to someone first. However, if you want a bit more hand holding or online convenience isn't a big priority for you, you might not mind Northpointe's process.
How to Apply for a Mortgage With Northpointe Bank
You can use Northpointe Bank's "find a loan advisor" tool to begin an application with a loan officer near you. From there, you can create an account to apply online or give the loan officer a call to get started over the phone.
Customer Service and Support
Customer Feedback on Northpointe Bank's Service
Personal Finance Insider looked at positive and negative customer reviews, online forums, BBB complaints, and other sources to understand what borrowers think about Northpointe Bank. Overall, previous borrowers say they've had positive experiences getting a mortgage with this bank.
Accessibility of Loan Officers and Support Staff
We saw many reviews that talked about how smoothly their loan officers made the process go, and how communicative they were.
We did see some complaints that some loan officers were hard to get ahold of and would go long periods without communicating, but this seems to be an uncommon experience.
Compare Northpointe to Other Lenders
Northpointe Bank vs. PNC Bank
Both of these lenders are solid options for buyers looking for affordable mortgages. PNC Bank offers a PNC Community Loan mortgage, which allows eligible borrowers to put as little as 3% down without having to pay for mortgage insurance. PNC Bank also offers closing cost grants up to $5,000 for borrowers who meet income limits.
Northpointe Bank also allows low down payments on many of its loans and may be able to connect you with down payment assistance through your state's housing finance agency. Northpointe offers a wider range of mortgages than PNC, so which of these lenders is best for you may depend on the type of loan you're getting.
Northpointe Bank vs. Guild Mortgage
Guild Mortgage is a lender that, like Northpointe Bank, offers unique mortgage options for borrowers who want something other than a standard mortgage. Both lenders also rank high in customer satisfaction, and both can help connect you with state or local down payment assistance programs.
Because these two lenders are fairly similar, the best fit may come down to which one offers the mortgage you need. If they both have what you're looking for, it might be worth it to get preapproved with both to see which offers the better deal.
Northpointe Bank Mortgage FAQs
Northpointe Bank offers conforming, FHA, VA, USDA, jumbo, construction, renovation, doctor, investment property, non-warrantable condo, non-QM, HFA, and offset mortgages. It also offers land loans.
Northpointe Bank is an overall affordable mortgage lender with many different loan options to meet a variety of borrowers' needs.
You can use the bank's "find a loan advisor" search tool to locate a loan officer near you and start your application online or over the phone with them. Or, you can fill out a form to get pre-qualified and someone will reach out to you.
Northpointe Bank's mortgage rates are slightly above average compared to its competitors.
Previous customers have said in reviews that they received a lot of support from Northpointe Bank's loan officers, and that they helped to make the process go smoothly.
Northpointe Bank is a good lender for first-time homebuyers since it offers multiple low down payment mortgage options.
Because Northpointe Bank offers such a wide range of mortgages, the credit score you'll need to get approved with this lender can vary depending on the type of mortgage you're looking for. If you're getting a traditional, conforming mortgage, you'll need at least a 620 credit score.
Northpointe Bank is headquartered in Grand Rapids, Michigan, and has branches in Alabama, California, Colorado, Florida, Georgia, Hawaii, Kentucky, Michigan, New Jersey, North Carolina, Ohio, Oregon, Rhode Island, South Carolina, Texas, and Utah.
Why You Should Trust Us: How We Reviewed Northpointe Bank Mortgage
For our review of Northpointe Bank, we used our methodology for reviewing mortgage lenders.
We look at four factors — loan types, affordability, customer satisfaction, and trustworthiness — and give each a rating between 1 and 5, then we average these individual ratings for the overall lender rating. Lenders get higher ratings if they offer a large number of loan types with affordable features, have positive customer reviews, and don't have any recent public controversies.
