Founded in 1999, Northpointe Bank is headquartered in Grand Rapids, Michigan. Since its founding, Northpointe has expanded its service area and options for customers across the country.
Whether you’re looking to improve your home, pay for education expenses or consolidate debt, a home equity loan or line of credit from Northpointe Bank might be an option.
Northpointe Bank snapshot
| Loan types offered | Home equity loan, HELOC |
| APR range | Not specified |
| Loan amount range | Not specified |
| Minimum credit score required | Not specified |
| Repayment terms | Not specified |
| Average time to approval | Not specified |
Benefits
Northpointe Bank has a couple advantages when it comes to home equity products:
- Both home equity loans and HELOCs: Unlike some lenders, Northpointe offers both home equity loans and home equity lines of credit (HELOCs) so that borrowers can choose the right loan product for them.
- Interest-only payments: Northpointe’s HELOC offers the option of interest-only payments during the draw period.
Drawbacks
In addition to its benefits, Northpointe Bank does have some downsides worth considering:
- Lack of transparency: Northpointe provides very little information about its home equity products. It doesn’t disclose interest rates, repayment terms, loan amounts or qualifications for borrowers.
- Limited online capabilities: Northpointe doesn’t allow you to complete your loan application online. Instead, you fill out an online form that indicates you’d like to speak to a loan officer.
Types of fees charged
Northpointe doesn’t disclose the fees associated with its home equity products. According to the company’s website, there may be an annual fee on HELOCs. The bank also charges a $9.95 fee for one-time payments made over the phone, a 2.9 percent fee for one-time payments made with a credit or debit card and a $3 fee for payments made with MoneyGram. Insufficient funds fees vary by state.
Loan products offered
Northpointe Bank offers both home equity loans and HELOCs. Its home equity loans offer a lump-sum payment and a set repayment period. Its HELOCs only require interest payments during the draw period, which is followed by a repayment period.
Northpointe doesn’t disclose its home equity loan or HELOC interest rates or available loan amounts, so borrowers will have to fill out the online form to connect with a loan officer.
How to qualify for a home equity loan with Northpointe Bank
Northpointe doesn’t disclose the minimum credit score or maximum debt-to-income ratio required for a home equity loan or HELOC. To find out if you’re eligible, you must fill out an online form to connect with a loan officer.
How to get started
To get started with applying for a home equity loan or HELOC with Northpointe Bank, you can either use the “Find an Advisor” feature on its website or fill out an online form to start the prequalification process. You’ll provide information such as your estimated credit score and desired loan amount. A loan officer will contact you to move the process to the next step.
How Bankrate rates Northpointe Bank
| Overall Score | 3.1 |
|---|---|
| Availability | 3.2 |
| Affordability | 2.6 |
| Customer Experience | 3.5 |
Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.
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