Northpointe Bank: 2023 Home Equity Review
The Bankrate promise
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here's an explanation for .
At a glance
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Star ranking and total number reflects the lifetime customer reviews received while this lender has been an advertiser on Bankrate.
To help serve you with relevant information, the customer reviews shown are limited to only those that this advertiser has received during the past 12 months.
$10,000-$500,000 for HELOC; $10,000-$250,000 for home equity loan
Min. credit score required
5 years to 30 years
Funds available in
Northpointe Bank features
Here's a breakdown of some of the benefits and drawbacks of Northpointe Bank home equity loans.
Northpointe Bank overview
Northpointe Bank has been serving borrowers out of Grand Rapids, Michigan, since 1999, and is now available to borrowers across the U.S. Among its financial products and services, the bank offers both home equity loans and lines of credit (HELOCs) with flexible borrowing limits.
Northpointe Bank snapshot
|Home equity loan types||Home equity line of credit (HELOC)
Home equity loan
|Loan amounts||$10,000-$500,000 for HELOC
$10,000-$250,000 for home equity loan
|Credit score minimum||Undisclosed|
|Repayment terms||5 years to 30 years|
|Average time to approval||Undisclosed|
How Bankrate rates Northpointe Bank
To create our Bankrate Scores, we evaluated lenders based on availability, affordability and customer experience. Availability was assessed based on the minimum loan amount required, time to approval, days to close, minimum draw requirements, minimum credit score requirements and loan types offered. Affordability was assessed based on minimum APR, discounts and promotions offered and associated fees. Customer experience was assessed based on online application and account availability, customer support, auto payment availability and mobile app availability and ratings.
- Unlike some home equity lenders, Northpointe Bank offers both home equity loans and HELOCs.
- The bank’s HELOC includes the option of interest-only payments during the draw period.
- Northpointe Bank provides some information about its home equity products online, but doesn’t disclose minimum eligibility criteria for borrowers nor minimum draw requirements.
- The bank doesn’t allow you to complete your loan application online. Instead, you’ll need to fill out an online form to proceed with connecting to a loan officer.
Types of fees charged
Northpointe Bank doesn’t disclose the exact fees associated with its home equity products online. You might be subject to an annual fee on HELOCs, however, and 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.
Home equity 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.
How to qualify for a home equity loan with Northpointe Bank
To find out if you’re eligible for a home equity line of credit or loan with Northpointe Bank, you’ll need to first fill out an online form, then discuss your options 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 a Loan Advisor” feature on its website or fill out an online form to start the prequalification process. A loan officer will then contact you to move the process to the next step. If you have a general question, you can contact the bank at 888-672-5626 Monday through Friday between 8 a.m. and 6 p.m. ET.
Northpointe Bank/MTG customer ratings and reviews
This lender has 0 reviews.
Be the first to write a review of your experience with Northpointe Bank/MTG.