Wintrust Mortgage Review 2020
Editor’s note: The overall conclusions, recommendations and opinions are the author’s alone. The information in this article is accurate as of the date of publishing.
Wintrust Mortgage is a national mortgage lender headquartered in Rosemont, Ill. The company was formed in 1979 in Denver and now originates more than $4 billion in mortgages each year.
Wintrust offers a range of mortgage products including conventional and government-backed loans.
Working with Wintrust Mortgage
Wintrust Mortgage is licensed to lend home loans in all 50 states. The lender has more than 65 lending offices across the United States, and more than 150 branch locations.
The loan processing, underwriting, closing and funding processes all happen in-house at Wintrust. The company provides both residential and commercial lending options.
Wintrust Mortgage borrowing requirements
The minimum credit score required depends on your loan type. For example, conventional loan borrowers need at least a 620 credit score and a 3% down payment. Those who want a loan backed by the Federal Housing Administration (FHA), on the other hand, need just a 580 credit score to put down the 3.5% minimum. If they have at least a 10% down payment, they can qualify for an FHA loan with a score as low as 500.
Wintrust Mortgage products
- Fixed-rate mortgages, which have 10-, 15-, 20-, 25- and 30-year repayment term options.
- Adjustable-rate mortgages (ARMs), which include 1/1, 3/1, 5/1, 7/1 and 10/1 ARMs.
- Conventional loans, which conform to guidelines set by Fannie Mae and Freddie Mac.
- FHA loans, which are ideal for borrowers with less-than-perfect credit and limited down payment funds.
- FHA 203(k) loans, which allow borrowers to buy a home or refinance a mortgage and make home improvements with the same loan.
- VA loans, which are zero-down payment loans available to military service members and eligible surviving spouses.
- USDA loans, for prospective homebuyers who desire a home in a designated rural community.
- Jumbo loans, for homes valued at prices above conforming loan limits.
- Construction loans, which are available for up to $5 million and suitable for new construction homes.
- Investment property or vacation home loans, for those who want to become real estate investors or buy a second home.
- Conventional and FHA refinances, which can be traditional or cash-out refinance loans.
- VA interest rate reduction refinance loans (IRRRLs), which require reduced paperwork and underwriting.
- Home equity lines of credit (HELOC), which allow you to borrow against the home equity you’ve built as a revolving credit line.
Wintrust Mortgage special mortgage programs
If your loan needs fit outside of standard guidelines for any of the products listed above, Wintrust may be able to offer a customized loan solution through one of its local offices.
The mortgage application process
- How to apply. Borrowers can start a Wintrust Mortgage application online or by contacting a loan originator via phone. The online application form will collect your basic contact information and details about your assets, income and any other real estate you own. If you haven’t yet identified the property you want to purchase, you can work on a mortgage preapproval, which gives you an estimate of how much house you can afford and demonstrates that you’re a serious buyer.
- Disclosure process. Once you’ve completed the application, you can securely upload supporting documents for your loan officer to review. You can also download and review the documents your loan officer sends.
- Submitting loan for approval. Once the loan officer has everything needed to underwrite the loan, he or she will finalize your approval. Your loan officer will help you decide when it’s time to lock your mortgage rate during this process.
- Final approval. Once you’ve identified the property you want to buy, made an offer and agreed upon the price with the seller, it’s time to finalize your application. Three days before closing, you will receive a closing disclosure that details the final terms of the loan, your monthly payments and closing costs.
- Closing. On closing day, you will sign the final documents at the title company, an attorney’s office or your real estate agent’s office, depending on the laws of your state. You’ll work with your lender to set a date and time.
- Servicing. Wintrust Mortgage has an in-house residential loan servicing department. You can make mortgage payments, apply for mortgage assistance and take advantage of other services through the online portal. The loan servicing department can also be reached by phone at (866) 718-7899.
Communication during the process
You can reach Wintrust Mortgage by phone at (847) 939-9500 or email at [email protected]
Pros and cons of a Wintrust Mortgage loan
- Offers a variety of mortgage programs.
- Offers an online mortgage application process.
- Originates mortgages in all 50 states.
- Provides down payment assistance to eligible first-time homebuyers.
- No available information about current interest rates without providing personal info.
- No available fixed-rate home equity loan options.