Wintrust Mortgage Review 2024
Not disclosed
0% to 3.5%
Conventional, FHA, VA, USDA, jumbo, HELOCs, construction loans
See how we reached our verdict below.
- Offers a variety of loan types
- Available in all 50 states
- Participates in several down payment assistance programs
- Must contact a loan officer for sample interest rates and origination fees
- Doesn’t disclose minimum credit scores
- Limited discount programs
Wintrust Mortgage overview
Wintrust Mortgage is a retail mortgage company owned by Barrington Bank & Trust Company, N.A. It has more than 65 lending offices across the U.S. and more than 175 bank branch locations.
- Areas of service: All 50 states and Washington, D.C.
- Digital service: Offers WintrustZoom, a digital mortgage application tool
- Headquarters: 9700 W. Higgins Road, Ste 300, Rosemont, IL 60018
- Website: WintrustMortgage.com
Wintrust Mortgage rates, terms and fees
Rates
Wintrust Mortgage does not share mortgage interest rates on its website. It’s also exempt from Home Mortgage Disclosure Act (HDMA) reporting requirements, so no data is available to compare its rate competitiveness to other mortgage lenders.
Fees
Wintrust Mortgage does not share mortgage interest rate or fee information on its website. It’s also exempt from Home Mortgage Disclosure Act (HDMA) reporting requirements, so no data is available to compare its rate competitiveness to other mortgage lenders.
You’ll have to wait until you get preapproved for a loan to see your estimated closing costs listed out, but that isn’t uncommon.
What discounts does Wintrust Mortgage offer?
The Wintrust Employee Mortgage Benefits Program is available to employees of certain participating employers, including Deloitte, Target and the Chicago Police Memorial Foundation.
Although the program doesn’t offer a discount on the mortgage rate or closing costs, eligible employees who apply through the right channels receive a $500 gift card after loan closing.
What types of mortgage loans does Wintrust offer?
Wintrust Mortgage offers a variety of home loans including:
Conventional loans
Wintrust Mortgage offers conventional loans, including fixed-rate mortgages and adjustable-rate mortgages (ARMs).
Conventional loan qualification requirements
Wintrust doesn’t disclose its minimum loan qualification requirements, but the standard minimum requirements for conventional loans are:
- 3% minimum down payment
- 620 minimum credit score
- 0.14% to 2.33% private mortgage insurance (PMI)
- Maximum 45 % debt-to-income (DTI) ratio
FHA loans
Wintrust Mortgage offers loans backed by the Federal Housing Administration (FHA). Options include loans for purchasing a home and FHA 203K loans, which borrowers can use to purchase and renovate a property.
FHA loan qualification requirements
- 3.5% minimum down payment
- 580 minimum credit score (or 500 with a 10% down payment)
- 1.75% upfront mortgage insurance premium (MIP) plus annual MIP of 0.15% to 0.75%
- Maximum DTI ratio of 43%
- Maximum loan amount ranges from $498,257 to $1,724,725, depending on location
VA loans
Wintrust Mortgage underwrites VA loans, which are purchase mortgages guaranteed by the U.S. Department of Veterans Affairs (VA). The company also offers VA interest rate reduction refinancing loans (VA IRRRL). Borrowers can use a VA IRRRL to lower the interest rate on their existing VA loan or refinance an existing adjustable-rate VA loan to a fixed-rate VA loan.
VA loan qualification requirements
- 0% down payment
- No minimum credit score set by the VA, but 620 is standard
- 1.40% to 3.60% VA funding fee
- Maximum DTI ratio of 41%
USDA loans
For homebuyers in rural areas, Wintrust offers USDA loans, which are backed by the U.S. Department of Agriculture (USDA).
USDA loan qualification requirements
- 0% down payment
- No minimum credit score set by the USDA, but 640 is standard
- Upfront guarantee fee of 1% of loan amount, plus annual guarantee fee of 0.35%
- Maximum DTI ratio of 41%
Jumbo loans
Wintrust Mortgage’s jumbo loan offerings include fixed-rate, adjustable-rate and interest-only loans.
Jumbo loan qualification requirements
Wintrust doesn’t disclose its jumbo loan requirements, but most lenders offering jumbo loans require:
- 20% minimum down payment
- 700 minimum credit score
- Cash reserves for future mortgage payments
- Maximum DTI ratio of 45%
Home equity lines of credit
Wintrust Mortgage offers a home equity line of credit (HELOC) with a 10-year draw period and a 10-year repayment period.
HELOC qualification requirements
- 80% loan-to-value (LTV) ratio maximum
Wintrust mortgage qualifications
| Credit score minimum | Not disclosed |
| DTI ratio Debt-to-income (DTI) ratio compares your monthly gross income to your monthly debt payments. maximum | Conventional: 45%FHA: 43%VA: 41%USDA: 41% |
| Down payment minimum | Conventional: 3%FHA: 3.5%VA: 0%USDA: 0% |
Don’t know your credit score? Get your free score on LendingTree Spring today.
How to boost your loan approval odds
Wintrust doesn’t disclose the exact minimum requirements it uses to approve or deny your application, and it’s not required to disclose data from loan applications and originations — such as borrower credit scores, LTV ratios, or DTI ratios to the Federal Financial Institutions Examination Council (FFIEC), so we can’t base out recommendations on that data.
However, the Wintrust Mortgage Homebuyer’s Mortgage Guide recommends a few things potential borrowers should avoid doing to increase your chances of a successful closing:
- Changing jobs before or during the loan process — especially if the new job is in a different line of work or at a lower pay rate
- Financing any major purchases
- Anything that would result in a hard credit inquiry, such as applying for a new credit card or asking for a credit line increase
- Switching banks or moving money between accounts
How to apply for a Wintrust mortgage
1. Choose your loan type
Navigate to WintrustMortgage.com and click “Get Started” in the menu at the top of the page. Then click on the blue “Start the Process” button.
If you’re not sure what type of loan you need, check out the lender’s “Find the perfect loan for you” page.
2. Get prequalified
You’ll need to create an account or log into an existing account if you’ve applied for a mortgage with Wintrust Mortgage before. Then go through the initial application process to get prequalified so you’ll know how much home you can afford and the mortgage rates you’ll likely qualify for. You’ll also get a rough idea of the amount of your down payment, closing costs and monthly payments.
3. Submit a loan application
Once you identify a home you want to buy and agree to the purchase price and terms, you’ll log back into the website to complete the loan application. You may be able to lock in your interest rate at this point or wait to lock it in later.
Documents you’ll need for prequalification or preapproval
- Identification
- Tax documents for the last two years
- Bank statement for the last two months
- Pay stubs for the last 30 days
- Debt and asset statements
- Gift letters (if you’re using gifted funds)
Find out more about how to apply for a home loan.Is it safe to get prequalified with Wintrust Mortgage?
Yes, it’s safe to get prequalified with Wintrust Mortgage. When you get prequalified online, you can check a box to authorize a hard pull on your credit or choose not to authorize a credit pull. Just keep in mind that Wintrust will eventually need to pull your credit to give you an accurate estimate of your mortgage rate, and any effects on your score are temporary.
Wintrust Mortgage’s customer service experience
You can contact Wintrust Mortgage through its toll-free support line Monday through Friday from 8:30 a.m. to 5 p.m. Central time.
- Email: [email protected]
- Phone: 800-999-2649
When you start the prequalification process online, you’ll also be assigned a Wintrust Mortgage loan originator. Click on the initials in the bubble at the lower right corner of your screen to get your loan originator’s name, phone number and email address.
If you’re already a customer and have questions about your loan, you can also reach out to Wintrust about your loan at:
- Phone: 866-718-7899
How does Wintrust Mortgage compare to other lenders?
|  |  |
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|---|---|---|---|
| LendingTree’s rating | |||
| Minimum credit score | Not published | 580 to 620 | Not published |
| Minimum down payment | 0% to 15% | 0% to 10% | 0% to 3.5% |
| Rate spread Rate spread is the difference between the average prime offer rate (APOR) — the lowest APR a bank is likely to offer any private customer — and the average annual percentage rate (APR) the lender offered to mortgage customers in 2023. The higher the number, the more expensive the loan. | Not available | -0.04% | 0.81% |
| Loan products and programs |
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|
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| Better for: | Borrowers who want multiple loan options for buying, fixing up, building or refinancing their primary, secondary or even investment properties. | Borrowers who are looking for a fully digital mortgage process and 24/7 customer service. | Borrowers who are looking for a lender that discloses its interest rates daily. |
Wintrust Mortgage vs. Better Mortgage
Both Wintrust Mortgage and Better Mortgage offer all the standard mortgage loan products, including conventional, FHA, VA, USDA, jumbo loans and home equity products. However, Better Mortgage is an online-only lender that specializes in digital mortgages. Wintrust Mortgage, on the other hand, operates 65 lending offices across the country. Although you can get prequalified and complete the loan application online with Wintrust, you will need to meet in person at closing. Meanwhile, Better Mortgage is a fully online experience and it’s transparent about minimum credit scores and interest rates.
→ Read more in our full Better Mortgage review.
Wintrust Mortgage vs. Mr. Cooper
Mr. Cooper doesn’t offer the breadth of loan options available from Wintrust Mortgage, but it discloses its interest rates daily. It also has extra programs to help homebuyers find an agent and save money on a local move.
However, Mr. Cooper doesn’t offer an online application process. Instead, you must provide some basic contact information and get a call back during the lender’s regular business hours.
→ Read more in our full Mr. Cooper mortgage review.
Ready to compare lender offers on LendingTree? Get Your Rates TodayHow LendingTree 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:
Publishes rates online
Offers standard mortgage products
Includes detailed product info online
Shares resources about mortgage lending
Provides an online application
= 0 points = 0.5 points = 1 point
Frequently asked questions
Wintrust offers an online portal where you can get prequalified, apply for a mortgage and check on the status of your loan application.
Wintrust Mortgage is a legitimate mortgage lender that has been in business for 45 years and is licensed to do business in all 50 states and Washington, D.C. It’s a division of Barrington Bank & Trust Company, and you can view more information about Barrington’s state licenses and registrations through the Nationwide Multilicensing System and Registry (NMLS) website.
Taking out a mortgage loan will affect your credit. According to a LendingTree study, your credit score is unlikely to fall by more than 20 points. Even if your score does fall by more than 20 points, it will likely rebound to pre-mortgage levels within a year.
Wintrust Mortgage has an A+ rating with the Better Business Bureau, but customers rate it an average of 2.04 out of 5 stars based on 24 customer reviews.
Of the customers who left critical reviews or complaints, many focus on customer service at bank branches rather than mortgages, which is understandable because Wintrust Mortgage is a division of Barrington Bank & Trust Company and Wintrust Community Bank.