We compare mortgage interest rate and loan related closing costs at Northpointe Bank with other lenders for mortgages with similar borrower characteristics:
Interest Rate: lower than average (-0.08%)
Loan Related Closing Costs: higher than average (+$273)
Assessment: this lender tends to be a cheap lender.
This scoreboard is based on data reported to FFIEC. In the data, Northpointe Bank originated 4956 mortgages, a national market share of 0.1%. It was most active in CO (0.6% market share), MI (0.4% market share), and GA (0.4% market share).
On average, Northpointe Bank’s interest rates were lower than those of comparable mortgages at other lenders (-0.08%).1The comparable mortgages control for Northpointe Bank’s distribution of loan term (e.g. 30 year vs 15 year), loan-to-value (LTV), debt-to-income (DTI), loan amount, loan program (e.g. Conforming/FHA), loan purpose (e.g. purchase/refinance), and county. Interest rate and loan related closing costs are estimated based on fixed rate mortgages only, whereas market shares include all purchase or refinance mortgages. Its average total loan related closing cost was $4781, which was higher than those of comparable mortgages at $4508, with a difference of +$273. Overall, we estimate that Northpointe Bank tends to be an cheap lender, with a cost-adjusted-rate difference of -0.06% compared to comparable mortgages at other lenders.2Cost adjusted rates were computed based on each percent of the loan amount in loan related closing costs being worth 1/6 of a percentage point in interest rate. Nevertheless, we recommend comparing your rate and fees with at least a few other lenders before signing with Northpointe Bank.
Northpointe Bank originated Conforming, FHA and VA mortgages for new home purchases. It also originated Conforming, FHA and VA mortgages for refinances. We breakdown its interest rate and total loan related closing cost on by each of the mortgage types it originated below:
Home Purchase Mortgages from Northpointe Bank compared to other lenders
|Interest Rate Difference||-0.08%||-0.02%||-0.10%|
|Loan related Closing Cost Difference||+$481||+$671||-$202|
|Cost Adjusted Rate Difference||-0.05%||+0.04%||-0.11%|
Based on the table above, Northpointe Bank is cheap for VA purchase mortgages. It is similar to other lenders for Conforming and FHA purchase mortgages.
Mortgage Refinancing from Northpointe Bank compared to other lenders
|Interest Rate Difference||-0.14%||-0.11%||-0.09%|
|Loan Related Closing Cost Difference||-$294||+$93||-$692|
|Cost Adjusted Rate Difference||-0.16%||-0.11%||-0.13%|
Based on the table above, Northpointe Bank is cheap for Conforming, FHA and VA mortgage refinance.
Other information about Northpointe Bank:
Regulator: Federal Deposit Insurance Corporation (FDIC)
Top holder: NORTHPOINTE BANCSHARES, INC.
Registered city and state: Grand Rapids, MI, 49546