Northpointe Bank Mortgage Review: A Great Choice for First-Time Buyers
Review
Updated
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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
Bottom Line
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
Min. Down Payment
Key Features
Loan Types
Fixed Rate Terms
Adjustable Rate Terms
It's important to consider multiple mortgage lenders to find a good fit for you. We've listed one of our favorite lenders below so you can compare your options:
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This mortgage lender is a good fit for: First-time home buyers and others looking for unique loan options and great customer service.
Northpointe Bank Mortgage offers a large selection of loan options:
The lender also offers several unique loan programs discussed below.
Northpointe Bank Mortgage offers three mortgage options with no down payment.
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:
Northpointe Bank Mortgage offers financing for new construction and vacant land.
Northpointe Bank Mortgage offers several loan programs that allow the borrower to roll the costs of renovations or repairs into their mortgage.
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.
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.
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.
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.
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.
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.
Northpointe's mortgage rates trend about the same or a little higher than the national average.
Northpointe Bank Mortgage's rates are about the same or a little higher than the national average.
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.
Yes, for many people. Northpointe Bank Mortgage offers a wide variety of refinancing loan options, including conventional, VA, jumbo, FHA, and more.
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.
Northpointe Bank Mortgage offers a variety of loan types:
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