Northpointe Bank mortgage review 2024

Best for: Affordability

Northpointe Bank has operated as a full-service commercial bank since 1999, but it didn’t start offering home financing to its customers until 2021. Since then, it has helped over 64,000 families with their home financing needs and funded more than $21 billion in loans.

This bank offers almost two dozen home lending products, including no-down-payment loans, professional loans, and loans for borrowers with less-than-stellar credit. They also have specialty loans, including an innovative buydown program that lets borrowers lock in a lower interest rate for up to three years.

If you’re looking for a mortgage lender with competitive interest rates, low-down-payment loans, and lender discounts, Northpointe Bank is a good place to start.
 

Northpointe Bank Pros and cons

If you're planning to partner with Northpointe Bank on your homebuying journey, there are a few key advantages and disadvantages to consider beforehand:

Pros

• Multiple home financing options: Northpointe offers more than just conventional, VA, Jumbo, USDA, and FHA loans. It also has a variety of unique home loan options, including construction loans, vacant land loans, renovation loans, and investment property loans. Options for professionals are also available.
• Affordable financing: Many home loans come with zero or low down payment requirements and competitive interest rates, making homeownership more affordable. The lender also offers up to $12,000 in down payment assistance.
• Potentially fast closing times: You could close on your home loan within 15 business days or fewer through the SimpleLoan program. If it takes longer, Northpointe will give you $300 toward closing costs.
• Streamlined process: Northpointe has a simple home lending process that makes applying for home financing easy. You can apply online or in person at a local branch. Once you do, the lender will start the underwriting process right away to help you avoid surprises or delays.
• Reasonable lending requirements: You could qualify for home financing with a 50% maximum debt-to-income ratio (DTI) and a lower credit score — 620 for a conventional loan or as low as 580 if you qualify for Northpointe’s New Start program. Other requirements vary by loan program.
• Other features available: Outside of mortgages, Northpointe offers several options to make the homebuying process easier and more affordable. For example, you can lock in your interest rate with the Lock and Shop program. Or you can get a lower interest rate for three years with the Temporary Buydown program. For those who wish to refinance, the Rate Refresh program could help you save money.
• Highly rated: Northpointe Bank has an A+ rating and is accredited by the Better Business Bureau.

Cons

• Limited availability: Northpointe primarily has branches on the East Coast, with a few others scattered across the country. This means not everyone has access to in-person financing options.
• Lack of transparency about fees: You won’t know your interest rate until you create an account and start the application process. Other fees, like origination and application fees, are also not disclosed online.
• No online chat feature: Northpointe doesn’t have a live chat feature online, so you’ll have to reach out via phone or email if you have questions or concerns about the loan process.

What to consider before applying

Northpointe Bank has a lot to offer when it comes to home financing. As a potential borrower, you can choose from a wide array of home loan programs, including government- and non-government-backed loans. There are also financing options if you want to build a new home, buy land, or renovate an existing property.

The lender offers competitive interest rates, fast closing times with certain programs, and minimal down payment requirements on many of its loans. Eligible borrowers could even receive down payment grants to help them achieve their dream of homeownership.

How to apply for a loan with Northpointe Bank

Here’s a step-by-step guide to applying for financing with Northpointe Bank:

• Choose a loan expert: You can begin the application online, but you must work with a loan officer to finish the process. You can use the lender’s online map to find an expert near you.
• Review offerings: Before applying, familiarize yourself with the lender’s financing options and requirements. Your loan adviser can also help you determine which program you qualify for.
• Get prequalified: You’ll need to create an account and provide some basic details about yourself and your financing needs to prequalify for financing. Required information includes your contact information, the loan purpose and amount, home purchase price, property type, and your estimated credit score. You’ll also need your Social Security number.
• Start the formal loan application: Once you’ve created an account, select “apply for a new loan” and choose whether you want to buy, refinance, or build a home. Here’s where you’ll provide more detailed information about yourself, including your employment, income, assets, and any declarations. You’ll also need to input information about your citizenship or residency status, military status, any bankruptcies, and property declarations. The application is split into eight sections, so you can take it one step at a time.
• Work with your loan expert: After you submit the initial application, a loan adviser will reach out to you requesting any additional information. Northpointe will also begin the underwriting process and grant you conditional approval for financing. This can speed up the process and help you close on your loan quicker.
• Close on your loan: You’ll need to complete any final tasks, such as getting a home appraisal. You’ll also need to review any final loan documents. If everything is in order, you’ll schedule a time and date for closing to sign loan paperwork, pay the down payment and closing costs, and receive the keys to your new home. 

How to qualify for a loan with Northpointe Bank

Although Northpointe Bank doesn't disclose all of its requirements online, here’s what you can generally expect when applying for financing:

• DTI: Your DTI must be no higher than 50% to qualify for most forms of financing. Specific loan programs may have different requirements.
• Credit score: You’ll need a minimum score of 620 in most cases. Some programs, like Northpointe’s Conforming Advantage program, require a 680+ credit score. Others, like FHA loans, may have lower requirements.
• Down payment: USDA, VA loans, and Doctor loans do not require a down payment. Certain options, like conventional loans, usually require at least 3% down. Others, like state bond programs, come with low down payment requirements for first-time and repeat buyers.
• Assets and liabilities: You’ll need to provide proof of employment — like bank statements or pay stubs — and any assets or liabilities you have.
• Other requirements: Every loan program has its own requirements. Speak with a Northpointe loan officer to learn more.
   

How to refinance with Northpointe Bank

Northpointe Bank offers several refinancing options. Refinancing your existing mortgage could get you a better interest rate or lower monthly payment. However, it can also reset your loan term.

To refinance your loan with Northpointe, you’ll need to either visit a branch in person or log into your account online. From there, select “apply for a new loan” and choose “refinance your home.” You’ll then need to provide the same information as you would for a home purchase. This includes:

• Personal identifying information
• Employment and income details
• Information about your assets and liabilities
• Any declarations you might have

Once you’ve filled out the application, submit it and wait for a loan officer to contact you about your options. They might request additional information before approving your application, so be prepared to provide it.

Northpointe Bank offers two specific refinancing programs:

• Delayed Financing: This program allows you to cash out immediately after purchasing a home by refinancing. This could be a good option if you have a high cash offer but want to replenish your funds after closing.
• Rate Refresh: This option lets you waive specific fees — including one appraisal, your credit report, tax service fees, and deed and mortgage recording fees — when you refinance your loan through Northpointe. It comes in the form of a rate/term refinance or a cash-out refinance.

Before refinancing, review your options carefully to find the best one for you. If you have any questions, reach out to one of Northpointe’s loan specialists for additional assistance.

How Northpointe Bank compares

Northpointe Bank offers a variety of loan options with low or no down payment, rate locks, and fast closing. It also boasts a streamlined online process. However, if you’re looking for in-person help, you’ll be slightly limited depending on your location. See how Northpointe’s rates and loan programs compare to other lenders before you make your decision. 
 

Methodology 

To determine the best mortgage companies, Fox Money evaluated lenders based on several different categories: rates and fees, reputation, eligibility, efficiency, customer experience, and discounts and perks. We also looked at the types of loans offered by each lender for research purposes only, they did not factor into the overall score. We assigned a score out of five stars to each lender based on our findings.

Learn more about how Fox Money rates lenders by checking out Mortgage Lender Rating Methodology.