Review
Updated
Fact Checked
Eric McWhinnie
Northpointe Bank Mortgage is a national mortgage lender that offers several mortgage loans that could be a great fit for first-time home buyers. It also offers an easy application process, though it's not fully online. Read our Northpointe Bank Mortgage review to learn about the pros and cons of Northpointe and a few alternatives you may want to check out.
Northpointe Bank Mortgage
Rating image, 4.0 out of 5 stars.
4.0/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Northpointe Bank is a solid lender with some unique loan programs, especially for buyers who don't have much cash for a down payment.
Min. Credit Score
- 580
Min. Down Payment
- 0% (several programs)
Key Features
- Offers many harder-to-find loan options
- Serves all 50 states plus Washington, D.C.
Loan Types
- Conventional
- FHA
- VA
- USDA
- Jumbo
Fixed Rate Terms
- 15 to 30 years
Adjustable Rate Terms
- 5/6, 7/6, 10/6
Top Mortgage Lenders
It's important to compare mortgage lenders so you understand all your options. Here are a few of our favorite lenders, listed side by side so you can see how they each stack up against their competition:
| Lender | Min. Down Payment | Credit Score | Next Steps |
|---|---|---|---|
Rating image, 4.5 out of 5 stars.
4.5/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
|
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|
Rating image, 5.0 out of 5 stars.
5.0/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
|
|
Full Northpointe Bank Mortgage review
This mortgage lender is a good fit for: First-time home buyers and others looking for unique loan options and great customer service.
Pros
- Lots of loan types
- 0% and low down payment loan options
- Construction and rehab loans
- Large branch network
Cons
- Application process isn't fully online
- Lack of fee transparency
Top perks
Variety of loan types
Northpointe Bank Mortgage offers a large selection of loan options:
- Conventional loans
- Jumbo loans (both fixed-rate and adjustable)
- FHA loans
- VA loans
- USDA loans
- Loans on non-warrantable condos
- Investment property loans
The lender also offers several unique loan programs discussed below.
0% down payment loan options
Northpointe Bank Mortgage offers three mortgage options with no down payment.
- VA loan: For eligible service members, veterans, and some military spouses.
- USDA loan: For low-income and moderate-income borrowers buying a home in an eligible location, usually rural.
- Doctor loans: This special program provides up to $850,000 in zero-down financing for doctors who have recently signed employment contracts.
Innovative products
In addition to its zero-down loan products, Northpointe Bank Mortgage offers several mortgages designed to make homeownership easier and more affordable. Some of these programs are unique to Northpointe. Here are a few of the options the lender provides:
- SimpleLoan: Eligible loans can get a guaranteed closing within 15 business days.
- New Start: Mortgages designed for borrowers with adverse credit events on their file.
- Conforming Advantage: A better interest rate for well-qualified borrowers.
- HomeReady: A low down payment program for borrowers with limited income.
Construction loans and vacant land loans
Northpointe Bank Mortgage offers financing for new construction and vacant land.
Rehab and renovation loans
Northpointe Bank Mortgage offers several loan programs that allow the borrower to roll the costs of renovations or repairs into their mortgage.
Branch network
While Northpointe is based in Michigan (and has a concentrated presence there), it maintains a branch network throughout the U.S. Many major metropolitan areas have a Northpointe branch within driving distance. This can be a major perk for buyers who want in-person help and guidance.
Homeownership grant
Qualified borrowers who satisfy credit and income requirements can buy a home with as little as $500 down, with the help of a non-repayable down payment assistance grant of up to $12,000 from Northpointe Bank Mortgage.
What could be improved
Application isn't fully online
To get a custom rate quote, you'll need to fill out a request form and contact a loan officer. There isn't any way to obtain a customized rate quote or apply for a mortgage without completing this step. Once you've done this, much of the correspondence can be completed through Northpointe's mobile app, but many of the best mortgage lenders have a fully online process with much less hassle to see your personalized interest rates.
Rate and fee transparency
The only way to find out what your mortgage rate and origination fee would be is to speak with a loan officer and get a personalized quote. There's no information about origination fees or other charges on Northpointe's website. Plus, most borrower reviews (while generally strong) indicate that Northpointe Bank Mortgage's fees are on the higher end of the spectrum.
How to qualify
For standard loan programs, qualifications are generally the same wherever you go. For example, the minimum credit score for an FHA loan is 580 with the minimum 3.5% down payment.
In Northpointe Bank Mortgage's case, it has several proprietary loan products, and most have their own unique qualification standards. The New Start loan requires a 580 credit score and 20% down payment. Other loan programs may have a higher credit score requirement. Many have a lower down payment requirement.
The best way to learn the qualifications for the loans you're interested in is to speak with one of Northpointe Bank Mortgage's loan officers, which is a required part of the application process. A loan officer will give you personalized rate quotes and assist you through the rest of the process.
How are Northpointe Bank Mortgage's refinance rates?
Northpointe Bank Mortgage doesn't publish refinance rates on its website, but it does publish a list of its purchase interest rates for well-qualified buyers, and these are generally in line or slightly higher than the national average.
How are Northpointe Bank Mortgage's rates compared to the national average?
Northpointe's mortgage rates trend about the same or a little higher than the national average.
Northpointe Bank Mortgage is right for you if:
- You're a first-time home buyer
- You qualify for a no down payment mortgage
- You would benefit from one of Northpointe Bank Mortgage's unique loan programs
FAQs
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Northpointe Bank Mortgage's rates are about the same or a little higher than the national average.
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It depends. Northpointe Bank Mortgage is an especially solid choice for first-time home buyers and borrowers who want to keep their down payments as low as possible. It could also be a great choice for borrowers who could benefit from their unique loan programs.
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Yes, for many people. Northpointe Bank Mortgage offers a wide variety of refinancing loan options, including conventional, VA, jumbo, FHA, and more.
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The loan qualifications for Northpointe Bank Mortgage vary by loan type. Some may have higher credit scoring requirements than conventional mortgages typically do, especially those with no down payment requirements. To see if you qualify, you'll need to fill out a request form online or call the bank, and then speak with a loan officer to proceed with the application.
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Northpointe Bank Mortgage offers a variety of loan types:
- Conventional loans
- Jumbo loans (both fixed-rate and adjustable)
- FHA loans
- VA loans
- USDA loans
- Loans on non-warrantable condos
- Investment property loans
- Bank statement loans
- Loans for people with negative credit data
- Down payment assistance programs
Our Mortgages Experts
Matt is a Certified Financial Planner™ and investment advisor based in Columbia, South Carolina. He writes personal finance and investment advice for The Ascent and its parent company The Motley Fool, with more than 4,500 published articles and a 2017 SABEW Best in Business award. Matt writes a weekly investment column ("Ask a Fool") that is syndicated in USA Today, and his work has been regularly featured on CNBC, Fox Business, MSN Money, and many other major outlets. He’s a graduate of the University of South Carolina and Nova Southeastern University, and holds a graduate certificate in financial planning from Florida State University.
Kimberly is a career writer and editor with more than 30 years' experience. She's a bankruptcy survivor, small business owner, and homeschool parent. In addition to writing for The Motley Fool, she offers content strategy to financial technology startups, owns and manages a 350-writer content agency, and offers pro-bono financial counseling.
Fact Checked
Eric McWhinnie
Eric McWhinnie has been writing and editing digital content since 2010. He specializes in personal finance and investing. He also holds a bachelor’s degree in Finance.
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