Wintrust Mortgage Review 2023
Wintrust Mortgage at a glance
Lender rating: 4 out of 5
Minimum credit score: Not published
Minimum down payment: 0% to 3.5%
Available loan products and programs: Conventional, FHA, VA, USDA, HELOC, Jumbo
Offers a wide variety of loan programs
Construction loans are available for high-end home building projects
FHA renovation loan products available for small and large fix-up projects
No online mortgage rate information available
Very little information about available refinance programs
Doesn’t offer home equity loans
Wintrust Mortgage is a bank-owned retail mortgage company and loan service formed in 1979 and currently headquartered in Rosemont, Ill. The company has more than 65 lending offices and 175 bank branch locations nationwide.
Wintrust Mortgage products
Consumers can choose from a 30-, 25-, 20-, 15- or 10-year fixed-rate conventional loan term. Adjustable-rate mortgage (ARM) loan options are available with initial fixed rates for one, three, five, seven or 10 years. Borrowers can choose conventional loans to:
- Purchase an investment property
- Buy second or vacation homes
- Refinance into a better rate or shorter term
Borrowers who don’t qualify for conventional loan options can choose a loan backed by the Federal Housing Administration (FHA). Wintrust even offers two FHA 203(k) renovation loan types for borrowers who want to buy a fixer-upper and roll the costs of repairs into the same loan. Here are the details:
- FHA 203(k) limited. This option allows borrowers to buy a home and finance between $5,000 and $35,000 worth of repairs including new decks, patios or upgraded heating and plumbing.
- FHA 203(k) standard. This program is available to borrowers who need more extensive repairs than the limited program allows.
No-down-payment loans are available to eligible military borrowers. These loans are backed by the U.S. Department of Veterans Affairs (VA) with less stringent qualifying requirements than conventional loans. Refinance options include:
- VA IRRRLs. Short for interest rate reduction refinance loan, the VA IRRRL gives homeowners with current VA loans a way to save money on their payments with minimal paperwork. In most cases, no home appraisal or income documents are required.
Wintrust offers home equity lines of credit (HELOCs), which give borrowers the flexibility to use and pay down their credit lines as needed.
Luxury homebuyers looking for loans above their local conforming loan limits can choose a jumbo loan, with options including:
- Fixed-rate loans
- Adjustable-rate loans
- Interest-only payments
- USDA loans. Buyers searching for homes in rural parts of the country may qualify for a no-down-payment loan backed by the U.S. Department of Agriculture (USDA). Income limits apply.
- Construction loans. If you’re building a home, you can choose an adjustable-rate construction loan for a loan amount of up to $5 million and a 15% down payment. You’ll make interest-only payments on the amount used until the home is complete, and you can also use the loan to buy the land the home is built on.
- Renovation loans. Borrowers can take advantage of the FHA 203(k) programs Wintrust offers to spruce up an outdated home or make some major changes to meet a growing family’s needs. These types of renovation loans may be a good fit for borrowers with not-so-perfect credit to buy and renovate a home.
Wintrust Mortgage rates and fees
No mortgage rate or fee information is featured on Wintrust’s website.
|Mortgage rates published online?|
|Rate information updated daily or weekly?|
|Lender fees disclosed?|
Wintrust Mortgage’s application experience
The “Start the Process” button takes you to the Wintrust Zoom loan application where you’ll enter information about your income, assets and any real estate you own. You can also upload documents through the application portal.
Wintrust Mortgage’s customer service experience
Consumers can call 800-999-2649 with general support questions or email [email protected]. Regular hours are Monday through Friday from 8:30 a.m. to 5 p.m. CT.
You can track the progress of your application or check on next steps by clicking on the “Check Application Status” button and logging into your Wintrust Zoom account.
How does Wintrust Mortgage compare to other lenders?
|Minimum credit score||Not published||580 to 620||Not published|
|Minimum down payment||0% to 3.5%||0% to 3.5%||0% to 3.5%|
|Loan products and programs|| |
How we rated Wintrust Mortgage
LendingTree’s mortgage lender rating is based on a five-point scoring system that factors in several features, including digital application processes, available loan products and the accessibility of product and lending information.
LendingTree’s editorial team calculates each rating based on a review of information available on the lender’s website. Lenders receive a half point on the “offers standard mortgage products” criterion if they offer only two of the three standard loan programs (conventional, FHA and VA). In some cases, additional information was provided by a lender representative.
Wintrust Mortgage’s scorecard: 4/5
Publishes rates online
Offers standard mortgage products
Includes detailed product info online
Shares resources about mortgage lending
Provides an online application