Wintrust Mortgage Review

About Wintrust Mortgage Corporation

Wintrust Mortgage Corporation

Our experienced loan officers handle hundreds of loan applications each month. We have originated over one billion dollars in loans in the last 5 years. Our commitment to excellence and customer service has helped us receive hundreds of referrals each year. We've been making loans all across America since 1994, and are one of the top mortgage companies in the areas that we serve. Our experience and customer focus is what keeps people coming back to us again and again for all their home loan needs.

Some of our programs include:

  • Conventional Mortgages
  • Adjustable Rate Mortgages
  • FHA Loans
  • Construction Loans
  • VA Loans
  • 100% Financing
  • Self Employment Programs
  • No Income Verification Loans
  • First Time Home Buyer
  • Condominiums
  • Vacant Land
  • Less Than Perfect Credit
  • Stated Income Programs
  • Jumbo Programs
  • Second and Vacation Homes

review breakdown

Recommended
53%
Interest Rates
Fees & Closing Cost
Customer Service
Responsiveness

What they're saying about Wintrust Mortgage Corporation

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What is Wintrust Mortgage?

Wintrust Mortgage launched in Denver, Colo., in 1979 but today is headquartered in Rosemont, Ill. As a division of Barrington Bank & Trust Company, it services more than $4 billion in loans annually.

The lender continues to grow organically and through acquisitions. In January 2018, Wintrust Mortgage announced it had completed the acquisition of Veterans First Mortgage, a consumer direct lender with two offices in Salt Lake City, Utah, and one in San Diego, Calif.


Working with Wintrust Mortgage

Wintrust Mortgage is licensed in all 50 states. It has more than 65 lending offices across the U.S. and more than 150 bank branch locations in Illinois, Indiana and Wisconsin.

The minimum credit score required for a loan with Wintrust Mortgage depends on the type of loan you choose. The company offers a variety of loan programs, including conventional loans and those backed by the FHA and VA. The minimum credit score required for a conventional loan is 620. For an FHA loan, the minimum credit score is 500.

If your credit score is on the lower side or you have other issues that make it difficult to get approved for a mortgage, Wintrust Mortgage consultants can manually underwrite loans and approve borrowers who might otherwise be denied by a computer model.

Wintrust Mortgage originates loans for:

  • Single-family homes, including townhomes and row homes
  • Multifamily homes (up to 4 units)
  • Modular homes, pre-cut homes, panelized homes
  • Condominiums (condos in Florida are not eligible)
  • Construction loans
  • Investment properties
  • Planned-unit developments

According to the website, borrowers looking for loans that don’t fit the standard guidelines will find that Wintrust Mortgage offers a large selection of loans served locally.


Wintrust Mortgage products

Wintrust Mortgage offers a wide array of mortgage products. These include:

Purchase

Refinance

Home equity

Wintrust Mortgage special mortgage programs

If your loan needs do not fit the 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 lender also offers down payment assistance. Aspiring homeowners struggling to come up with a down payment to buy a home may benefit from Wintrust Mortgage’s Homebuyer Grant Program. The lender partners with local nonprofits to help first-time homebuyers cover a down payment. The program offers up to $2,000 toward a down payment, and the funds may be paired with other federal, state and local grants or loans. To qualify, the borrower must:

  • Be a first-time homebuyer
  • Have an annual household income at or below 80% of the median income of the county in which the property is located
  • Contribute at least $1,000 of their own money toward the purchase of the home
  • Complete an approved homebuyer counseling program
  • Apply for a minimum five-year loan term; If the loan is an adjustable rate mortgage, the initial interest rate must be locked for at least five years

The mortgage application process

Borrowers can start a Wintrust Mortgage application by contacting a mortgage originator or registering online.

As with any mortgage application, the first step is gathering your information. The Wintrust Mortgage website recommends putting together:

  • Your driver’s license or state ID
  • Employment and income documents (such as W-2s and pay stubs)
  • Bank statements and investment account information
  • Monthly expenses
  • Real estate contract or recent property appraisal

If you’re missing anything, you can start an application anyway. The Wintrust Mortgage site allows you to save applications in process and go back in to add missing information as you gather it.

If you haven’t yet identified a Wintrust Mortgage professional you want to work with, the online system will assign one for you.

How to apply. The online application form will collect your basic contact information and details about your assets, income and any other real estate you own.

Once you’ve completed the application, you can securely upload supporting documents for your lender to review and download documents from your loan officer. Currently, the Wintrust Mortgage system does not support giving the lender digital access to your accounts.

If you haven’t yet identified the property you want to purchase, your loan officer will send you a pre-qualification certificate. This pre-qualification shows what you can afford and signals to real estate agents and sellers that you’re a serious buyer.

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. Again, you can do this online, in person or over the phone with your loan officer.

Disclosure process. After receiving your application, the lender will order your credit report and an appraisal on the property. They will also ask you to provide any other information needed to close. If your loan officer needs additional documentation to complete the underwriting process, you can upload those using the online portal.

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 to lock in your interest rate during this process. You may choose to lock your rate at the time of application or float your loan to be locked at a later time.

Submitting loan for approval. Once you receive the clear to close on your loan, an escrow officer will schedule the closing date. The closing date should allow enough time for all the required documentation to be gathered and any agreed-upon repairs to be made. Three days before closing, you will receive a closing disclosure that details the final terms of the agreement, 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. Be sure to set aside enough time to complete this step as it can be a lengthy process.

Communication during the process

Throughout the mortgage process, your Wintrust Mortgage loan originator will be your main point of contact, and you may communicate via phone or email. You may also send and receive documents through Wintrust Mortgage’s secure portal. The originator will help you select the best loan to fit your needs.

However, at different points in the process, you may work with other specialists, including an appraiser, a home inspector, real estate attorney and title company representative. Plus, you will likely have your own real estate agent and insurance agent.


Pros and cons of a Wintrust mortgage

Pros

  • Variety of loan options. Wintrust Mortgage offers a variety of loan programs to help borrowers purchase or refinance a home or tap their home’s equity.
  • Convenient application process. Borrowers can complete a mortgage application online, in person or via phone and send and receive documents to and from their loan officer via the online portal.
  • Nationwide lending. Wintrust Mortgage operates in all 50 states.
  • Caters to first-time homebuyers. Wintrust Mortgage works with several state and local down payment assistance programs and has its own homebuyer grant program to help first-time homebuyers afford a down payment.

Cons

  • Website lacks detailed information. While the Wintrust Mortgage website lists a variety of loan products, it does not provide any detailed information on interest rates or fees. To get that information, you’ll have to turn over some personal information online or talk to a loan officer.

Editorial Note: Parts of this article were reviewed by a lender to ensure accuracy prior to publication. The overall conclusions, recommendations and opinions are the author’s alone.

The information in this article is accurate as of the date of publishing.