Northpointe Bank mortgage review: An abundance of offerings

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Updated January 25, 2021

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Written by: Jamie Johnson

Northpointe Bank mortgage loans at a glance

  • Conventional loans: Yes
  • FHA loans: Yes
  • VA loans: Yes
  • Refinancing: Yes
  • Jumbo loan: Yes
  • Adjustable rates: Yes (5/1 ARM)
  • Fixed rates: Yes (30-year and 15-year)

Northpointe Bank is a regional bank based in Grand Rapids, Michigan. It offers a wide variety of mortgages — and some of these home loans can be hard to come by at other banks. For example, practicing physicians or doctors in residency may qualify for a no-down-payment loan with no mortgage insurance.

Northpointe also offers conventional loans, refinancing options, government-backed loans and jumbo loans. With the sheer number of loan options, it’s more likely that you’ll find a mortgage to suit your situation.

But the bank operates in only 24 states. And if you want to receive a mortgage quote, you’ll have to speak to a loan officer, so the process isn’t entirely online.

Pros

  • Offers a wide variety of mortgage loan programs
  • Offers HELOCs, home equity loans and refinancing options
  • Offers a program designed to make homeownership more affordable for new borrowers

Cons

  • Must speak to a loan officer to complete the application process
  • Operates in only 24 states across the U.S.

4 things to know about a Northpointe Bank mortgage loan

1. Specialized lending options available

Northpointe Bank has a large selection of mortgages, including conventional loans, VA loans, FHA loans, jumbo loans and adjustable-rate mortgages. But the bank takes it one step further by offering specialized loans based on your profession or life circumstances.

For example, the bank says its Expanded Portfolio program provides access to home loans for self-employed borrowers and people who have less-than-perfect credit or have experienced a financial setback like bankruptcy or a short sale.

And Northpointe also offers loan programs specifically for doctors, attorneys and other professionals. Its professional loan allows established professionals to buy a home with just 3% down and no mortgage insurance.

2. Offers HELOC and home equity loans

Northpointe can help you do more than buy a home — you can also apply to access the equity in your current home.

Northpointe offers a home equity loan and HELOC, or home equity line of credit. Tapping into your home equity may help you achieve other financial goals like completing a home improvement project or consolidating debt.

3. The bank is fairly transparent about its rates

Northpointe Bank is relatively upfront about its mortgage rates, and you can see the daily rate for 15- and 30-year fixed loans and a five-year ARM on its website. But these rates are based on someone with a 25% down payment and a 740 credit score, so you’ll need to contact the bank to see what kind of rates you’d qualify for.

4. The lending process isn’t entirely online

If you’re looking for an application process that’s entirely online, Northpointe probably isn’t the bank for you. You’ll have to fill out an online form and agree to speak to a loan officer about the types of rates you qualify for. When you fill out the form, you’re agreeing to let Northpoint Bank contact you by email and phone, which could be off-putting to some people.

But if you like a human touch during the loan process, Northpointe may make a lot of sense.

Who is a Northpointe Bank loan good for?

A Northpointe Bank mortgage is a good option for anyone who wants a large selection of loans to explore. The bank offers types of mortgages that you might not find with other lenders. It could be a particularly good choice if you’re a doctor or other professional and don’t have a large down payment.

A Northpointe mortgage is also worth exploring for first-time homebuyers and people who need affordable homeownership options or low down payment programs.

How to apply for a Northpointe Bank mortgage

To get started with a Northpointe Bank mortgage, you’ll need to take a few steps.

  • Fill out the form. To get prequalified, you’ll start by filling out a brief form on the company’s website. When you submit this form, you’re consenting to contact from a loan adviser to learn what rates you qualify for.
  • Speak to your loan adviser. From there, a loan adviser will contact you to learn more about your situation. You’ll tell them what kind of loan you’re looking for, and they’ll fill you in on the rates you may qualify for.
  • Send in your documentation. Next, you’ll need to gather your documentation and send it to your loan adviser securely. This includes info like pay stubs and relevant banking information.
  • Go through underwriting. Once the bank has all the necessary documentation, your loan application will go through underwriting. During this process, you’ll probably be in frequent contact with your loan adviser, who can let you know if they need more information from you.
  • Close on your home. Once your information has been verified and approved, Northpointe will prepare the paperwork so you can close on your home.

Not sure if Northpointe Bank is right for you? Consider these alternatives.

If you’re shopping for a mortgage, you have a window of time where multiple inquiries are only counted as one for your credit scores. You typically have 14 days — though it could be longer depending on the scoring model.

  • Rocket Mortgage: Quicken Loans’ Rocket Mortgage also offers a variety of mortgage options as well as a simple online application process.
  • Better Mortgage: Better Mortgage is worth a look if you want an online lender that’s eliminated lender fees and commissions.

About the author: Jamie Johnson is a Kansas City-based freelance writer who specializes in finance and business. She covers a variety of personal finance topics, including building credit, credit cards, p… Read more.