Northpointe Bank Mortgage Review 2022: Everything You Need to Know

Pros

• State Bond programs. Northpointe’s website lists low down payment options for homebuyers, organized by state. , Furthermore, an officer works with you to see what down payment assistance is available in your area.

• A suite of 20+ loans. Northpointe Bank’s many options range from conventional to government-insured as well as special financing for established professionals, investors, and low-credit borrowers.
• A loan program for fast closing. Borrowers with straightforward documentation can qualify for a loan program that closes within 15 business days or you’re eligible for a $300 rebate.

Cons

• Limited branch locations. Northpointe Bank branches are in 24 states only, limiting face-to-face for those who live elsewhere.
• No online application. You must work with a loan officer to finish your application.

Loan Features

Northpointe offers the following loans:

• 15- and 30-year fixed-rate mortgages
• 30-year fixed-rate construction mortgages
• 5-year adjustable mortgages
• VHA loans
• FHA loans
• Jumbo loans
• Homeownership Opportunities Program, with up to $10,000 in federal grants assistance

Depending on the borrower’s needs, it can wrap up the loan with one of its tailored “smart programs.” These include:

• EquityBuilder: Rather than using cash for a down payment, borrowers can apply it toward a lower interest rate and shorter loan term. Less upfront cash is needed, and the total interest payments are lower. Available in AL, AZ, CA, GA, IL, IN, KY, MI, NC, OH, SC, TN, UT, VA

• Conforming Advantage: Offers a lower rate to borrowers with qualified credit who make at least a 5% down payment

• Construction & Vacant Land: Combines the best features of a construction loan and a permanent loan to help borrowers who are looking to purchase a lot or land. Also, vacant land can be financed for as little as a 20% down payment. Available in AI, CO, FL, GA, IN, MI, NC, OH, SC.

• Renovation: Ideal for up to 180 days of work on kitchen or bathroom renovations. Includes up to 50% of the appraised value on the home loan for renovations. Available in AL, CO, FL, GA, IN, MI, NC, OH, SC.

• Rural Development: Offers low rates, $0 down payment, and flexible credit requirements to eligible low-income and moderate-income buyers in rural areas.

• Non-Warrantable Condominium: Enables financing for new condo projects that meet certain requirements, i.e. more than 20% of the units are commercial or mixed-use; development has a high concentration of renters. Available in AL, AZ, CA, GA, IL, IN, KY, MI, NC, OH, SC, TN, UT, VA, WA.

Northpointe Bank Fees

Like many other banks, Northpointe Bank doesn’t disclose a list of potential fees online. But it recommends homebuyers prepare for:

• $400 nonrefundable application fee.
• $300 to $400 appraisal in most areas.
• Origination fee around 1% of the purchase price.
• Title search fee.
• Attorney fees.
• Survey fee.
• Recording fees.
• Escrow fees.

Homeownership Opportunities Program (HOP)

Qualified homebuyers who have not owned a home in the past three years may receive up to $8,000 toward a new down payment or closing costs with Northpointe.

However, you can speak with a representative to learn more about eligibility.

Requirements

Credit score and other financial requirements depend on the loan:

• Conventional loans require a credit score of 620 or higher and a debt-to-income ratio of 43% or lower.
• Construction loans require a credit score of at least 700.
• Accelerated loans require a credit score of 680 and a debt-to-income ratio of up to 41%.

Documentation

Personal and financial documents required with your loan application include:

• Last two years of W-2 statements.
• Two most recent pay stubs.
• Total assets from the past two months, such as bank statements.
• Most recent Social Security award letter, if applicable
• Also contact information of your homeowner’s insurance agent

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How to Get a Home Loan with Northpointe Bank

You can’t complete a loan application on Northpointe Bank’s website, but when you apply for prequalification, a loan officer will help you fill out the rest:

1. Go to Northpointe Bank’s homepage.
2. Click the Home Lending tab.
3. Under Buy or Build a Home, click Get Pre-qualified.
4. Complete details about your loan’s purpose and personal questions. Click Get Started.

However, a loan officer will review your application and follow up with your prequalification.

Loan Terms – The Bare Basics

Northpointe’s home loans range from small mortgages to Jumbo loans of up to $2.5 million. Even more, term lengths are restricted to 15 and 30 years for fixed-rate mortgages, and 5 years for adjustable mortgages.

However, down payments range from as low as 0% for qualified borrowers to 20%. Borrowers must be US citizens or permanent residents aged 18 or more.

Repayment Terms

Northpointe offers 15-year and 30-year fixed-rate mortgages, 5-year adjustable mortgages, and 30-year construction loans.

Also, its rates are typically a little higher than the national average, although it compensates for this by offering lower down payments and other benefits in comparison to its competitors.

FAQs