Finding a loan option that perfectly matches your financial goals isn't easy, especially if the mortgage providers in your area offer a limited range of options. You might end up taking out a mortgage that doesn’t have flexible terms or will force you to compromise on the property you can buy.
Thankfully, there are lenders like Northpointe Bank that offer an extensive range of mortgage products. Whether you're a first-time homebuyer or a homeowner wanting to refinance your property, you'll find what you need at North Pointe Bank.
In this review, we'll break down the mortgage products offered by this lender. We'll also review their rates and fees to see if they're the right fit for you.
Before we move forward, let's take a look at the factors we look at when evaluating a lender.
Every borrower has unique needs and circumstances. The best lenders are those that offer a wide selection of loan types and can cater to a diverse range of borrowers.
Generally, lenders offer the following:
Conventional loans refer to mortgages that are not backed by the federal government. While you'll need a moderate to high credit score to secure a conventional loan, it also comes with a few benefits.
First, conventional loans come in a variety of terms. You can choose from 15-year, 20-year, or 30-year fixed-rate terms. Some lenders also offer adjustable-rate conventional mortgages.
The second benefit of getting a conventional mortgage is that it comes with less paperwork and requirements. You'll be able to close your loan in fewer business days than usual.
Government-backed loans are those that are insured by the U.S. government. In case borrowers fail to make their monthly payments, the government can step in to help the loan company recover losses. Because of this, government-backed loans have more lenient credit requirements.
Government-backed mortgages include FHA loans, VA loans, and USDA loans.
The best lenders offer low and fair mortgage rates. These rates determine how much you'll pay every month for your property.
However, rates aren’t the only determinant of your expenses – fees (which vary per lender) can also drive up your monthly payments. Here are some of the fees that you'll typically have to pay upon closing:
In today’s digital world, lenders should have a simple and convenient application process. Fortunately, most lenders allow borrowers to start the process online, although some of them require you to work with a loan officer to complete your application.
Generally, we consider the following factors when reviewing a lender’s process:
Client satisfaction is always important, but it’s especially essential for lending companies. After all, mortgages are multi-year commitments – you’ll want a lender that can support and assist you throughout the life of the loan.
We look at the following when reviewing a company's service:
Northpointe Bank is a regional lender that's headquartered in Grand Rapids, Michigan. Its services are available online in all 50 states plus Washington, D.C. Brick-and-mortar branch locations are also available in more than 20 states.
The best part about Northpointe Bank is that it offers a full suite of loan options. That makes them stand out from other lenders that may only provide a limited range of loan products.
At NorthPointe Bank, borrowers can take their pick from the following:
Northpointe Bank offers conventional loans to borrowers for as little as a 5% down payment. They can choose from 15 or 30-year fixed-rate terms or 5/1 adjustable-rate terms. They may also borrow up to $484,350 for single-family homes.
If you need to close your mortgage deal quickly, SimpleLoan is ideal for you. This is a streamlined Northpointe Bank mortgage product that guarantees a close within 15 days from the receipt of the borrower's complete application.
If you want to use the equity in your home to finance a large expense, you can turn to Northpointe Bank for help. The company offers two home equity loan options:
NorthPointe offers jumbo loans for people looking to buy a larger and more expensive property. The loan amount can reach up to $3 million with a 10% minimum down payment.
Whether you want to buy a fixer-upper or renovate your current property, you can take out a loan that's right for you at NorthPointe Bank. You can choose from the following:
One unique Northpointe Bank mortgage product is the doctor loan. With this mortgage loan, physicians can get up to 100% financing without having to purchase private mortgage insurance. Loan amounts can reach up to $1.3 million and various loan terms are available.
This type of mortgage is designed for attorneys and other self-employed professionals. Qualified individuals can secure a home loan for as little as a 3% down payment without monthly mortgage insurance.
At NorthPointe Bank, you can find loan options if you want to purchase, refinance, or renovate an investment property.
If you're interested in purchasing a property in a rural area, you can take advantage of Northpointe Bank's special rural development loan for low- and moderate-income borrowers. It comes with flexible credit guidelines and fixed interest rates.
EquityBuilder is a zero-down payment mortgage product with a shorter rate term. While there are no income restrictions, this is only available to first-time homebuyers for home purchase transactions. There’s a maximum loan amount of $700,000, and you can buy discount points to lower the interest rate
Instead of the usual 30-year fixed mortgage, EquityBuilder has 15-year and 20-year loan options. While the shorter term may increase the monthly payment, you'll be able to save on interest payments over the life of the loan. Shorter terms also help you build home equity as soon as possible.
This Fannie Mae program is designed to help low- and moderate-income individuals purchase a home. You'll need to make a down payment of 3% of the property's price. Once you reach 20% home equity, you can cancel your private mortgage insurance.
These specialized programs help homebuyers get loans with low-interest rates and low down payment requirements. NorthPointe offers these in the following states:
Like most lenders, Northpointe Bank offers products that are backed by the federal government. These include the following:
The bank's interest rates are slightly lower compared to mortgage rates offered by other lenders. If you want to further lower your interest rate, you can purchase discount points.
Northpointe Bank's fees are pretty standard for the industry. You should prepare to pay the following:
Northpointe Bank has an easy-to-navigate and responsive website. You can use it to initiate the process, message your loan officer, upload documents, and get updates on your mortgage.
The bank begins the underwriting process immediately after receiving your application. In some cases, the bank can close loans within 15 days.
Since NorthPointe only has branches in a few states, you might not be able to consult with representatives face-to-face. Still, you can complete transactions through their website without any problems.
NorthPointe's online system allows you to message your loan advisor. It also sends you automated notifications in case there are updates related to your loans.
NorthPointe Bank has an A+ Rating with the Better Business Bureau. It has received a total of 27 complaints in the past 3 years.
NorthPointe is a regional lender that offers a diverse selection of mortgage products. Whether you want to purchase a new property or renovate an existing one, you'll find loans that are suitable for you. They can also refinance your current property and help you get better terms on your existing mortgage.
If you want to learn more about mortgage products, get in touch with Wesley Mortgage, LLC. We’ll match you with lenders that can help you achieve your homeownership goals!