While nonbanks dominate the mortgage space these days, there are still some depositories out there originating a lot of home loans, including Northpointe Bank.
The Michigan-based bank offers an absolute ton of different loan programs, probably more than most companies that only offer mortgages.
And they embrace the latest technology too, meaning you can apply digitally from your computer or smartphone.
At the same time, you get the personal touch of a human banker who will guide you throughout the loan process.
All of this has led to some excellent customer satisfaction numbers. Let’s find out more about them.
Northpointe Bank Fast Facts
- A depository bank that offers mortgages, insurance, and checking/savings accounts
- Founded in 1999, headquartered in Grand Rapids, Michigan
- Licensed to do business in all 50 states and the District of Columbia
- Funded $14 billion in home loans last year
- Nearly 20% of total loan volume came from the state of Colorado
- Also operates a correspondent and wholesale channel
Northpointe Bank is a bank, as the name implies. This means they hold deposits for customers, offer checking and savings accounts, and originate home loans.
Some folks prefer banks over direct mortgage lenders for this perceived safety and soundness.
But they’re not a stale, boring old bank – instead, they offer the latest tech including a digital mortgage application.
They’re also basically branchless, other than their headquarters in Grand Rapids, Michigan.
Last year, they funded a sizable $14 billion in home loans across all 50 states and D.C., with the most volume coming from Colorado.
The company is also very active in Florida, Georgia, Michigan, North Carolina, and Pennsylvania.
They mostly originate conventional home loans and roughly two-thirds of volume came from refinances, with the remainder home purchase financing.
Northpointe Bank also operates a correspondent lending channel and a wholesale channel (for mortgage brokers).
How to Apply for a Home Loan with Northpointe Bank
To begin, you can visit their website and check out daily mortgage rates or tinker with their many free mortgage calculators.
From there, either click “Apply Now” and fill out a short pre-qualification form, or browse their loan advisor directory to find someone to work with.
The advantage of browsing the directory is you can choose who you want, instead of simply being paired with someone.
While they are a depository bank, they only have a single branch in their Grand Rapids, Michigan headquarters.
This means you’ll be working remotely to close your loan, though they do have local loan officers throughout the country.
Their digital mortgage application allows you to apply from any device in a matter of minutes.
You can eSign documents, message your loan officer, and import bank statements and other assets from over 10,000 financial institutions.
It’s also possible to view your credit report, home appraisal, and validate your income from their website electronically.
Along the way, you’ll receive status updates and a progress bar will show you where you are in the process.
They say they can speed things up by using “Day One Underwriting,” where they underwrite your loan upfront to avoid late surprises.
If your application is SimpleLoan eligible, it’ll be ready to close in 15 business days or less or you’ll receive a $300 rebate.
Once your loan closes, they’ll continue to service your loan for life. And you’ll be able to make payments using the same mobile app.
Loan Programs Offered by Northpointe Bank
- Home purchase loans
- Refinance loans: rate and term, cash out, streamline
- Home equity loans
- Home equity lines of credit (HELOC)
- Construction loans
- Renovation loans
- Vacant land loans
- Doctor loans
- Professional loans (attorneys and other positions)
- Conforming loans backed by Fannie Mae and Freddie Mac
- Jumbo loans up to $3 million loan amounts
- FHA/VA/USDA loans
- Portfolio loans (new start, imperfect housing history, etc.)
- State bond programs
- All In One Loan
- No money down home loans
- Non-Warrantable condo loans
There is no shortage of available loan programs at Northpointe Bank. In fact, they offer just about everything you can think of (and more).
You can get a conventional home loan backed by Fannie Mae or Freddie Mac, a jumbo loan up to $3 million, a vacant land loan, construction loan, renovation loan, or even a no money down loan.
The “Northpointe 100%” and “EquityBuilder” both offer a $0 down payment, while veterans can take advantage of a zero down VA loan.
They also offer no money down USDA loans, and doctor mortgages that require nothing out of pocket.
Beyond that, they will finance non-warrantable condos and provide financing to those who have experienced a recent credit event.
There’s also their Investor Cash Flow program that utilizes rental income to determine cash flow.
It’s also possible to take out a second mortgage, such as a home equity loan or home equity line of credit (HELOC).
Lastly, they offer the All In One Loan, which is a checking account and mortgage rolled into one that allows you pay off your mortgage early.
Both fixed-rate and adjustable-rate options are available in a variety of different loan terms.
All in all, they’ve got one of the largest product menus I’ve come across among the many banks and lenders out there.
Northpointe Bank Mortgage Rates
One nice thing about Northpointe Bank is that they openly disclose their daily mortgage rates.
So instead of wondering how cheap or expensive they are, you can just cruise over to their mortgage rate page.
They display daily rates for the 30-year fixed, 15-year fixed, 5/1 ARM, and a construction loan 30-year fixed.
From what I saw, their rates were pretty competitive relative to other lenders, with limited mortgage points required.
While they display their rates, I couldn’t find anything regarding lender fees. So be sure to inquire about a possible loan origination or application fee.
After checking out their rates, you can request a custom rate quote, contact a loan officer, or simply hit “Apply Now” to begin the application.
Northpointe Bank Mortgage Reviews
They refer to themselves as one of the “highest rated lenders” on Zillow, and their reviews seem to back that up.
Northpointe Bank currently has a 4.94-star rating out of a possible 5 from about 4,000 customer reviews.
Many indicate that the interest rate received was lower than expected and/or the closing costs were less as well.
Over at Bankrate, they have a perfect 5-star rating from more than 250 reviews, and 100% of those who left reviews would recommend them to others.
They’ve also got a perfect 5-star rating on LendingTree from over 100 reviews, and a 99% recommended score.
On Google, they have a slightly lower 4.1-star rating from about 250 reviews, which is still considered good.
Lastly, the company is Better Business Bureau (BBB) accredited and currently has an ‘A+’ rating based on customer complaint history.
To sum things up, what sets Northpointe Bank apart is their massive menu of loan programs, including zero down options, portfolio loans, and home equity offerings.
Simply put, they may have programs other lenders don’t, and if the price is right, they could be a great fit for a home purchase loan or a refinance.
Northpointe Bank Pros and Cons
The Good
- Offer a digital and paperless mortgage process
- Can apply from any device in minutes
- Tons of loan programs to choose from including home equity products
- Appear to offer low mortgage rates
- Licensed to lend nationally
- Excellent ratings from past customers
- A+ BBB rating, accredited since 2013
- Free smartphone app
- Free mortgage calculators on their website
- They service their loans
The Potentially Bad
- No brick and mortar branches
- Unclear what lender fees they charge
(photo: Conal Gallagher)