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Wintrust Mortgage is a division of Barrington Bank & Trust Company. The lender is headquartered in Rosemont, Illinois and licensed in all 50 states. It has more than 65 lending offices, and 175 bank locations. It is the 35th largest lender by volume with over $8 billion in loans originated, according to the 2021 Scotsman Guide rankings.
Wintrust Mortgage offers a wide range of mortgage loans, including government-backed, conventional, construction, and home equity lines of credit (HELOC). It has an online application process where you can track the progress of your application. It offers no current mortgage rate or fee estimates online, but customer service representatives are relatively easy to contact during business hours.
Pros and Cons of Wintrust Mortgage
Has standard conventional loan options in addition to jumbo loans and loans for second homes or investment properties
Offers a variety of construction and rehab loans, including HELOCs
FHA loans, VA loans, and USDA loans are all available
Online application available in all 50 states
Limited footprint for physical locations
No rate or fee information available online
Wintrust Mortgage: Loan Types and Products
Wintrust mortgage has a number of mortgage loan products for those looking to purchase a home, refinance an existing home loan, or to renovate. It also offers mortgages for second homes, investment properties, and jumbo loans.
The specific types of loans you can get through Wintrust Mortgage include:
- Conventional loans
- VA loans, including VA IRRRL
- FHA loans, including FHA 203(k) loans
- USDA loans
- Jumbo loans
- Fixed-rate loans
- Refinance loans
- Home equity line of credit
- Fixed-rate mortgages
- Construction loans
If you need a loan that doesn’t quite meet a traditional mortgage program’s guidelines, you may want to work with a local loan officer. The Wintrust Mortgage website says that “there are a large selection of loan options served locally” for non-standard loans.
Wintrust Mortgage Transparency
Wintrust Mortgage’s website offers little in the way of details about what your loan may cost. It has several FAQ videos detailing certain steps in the application process, general mortgage questions, and types of mortgages. But other than a basic list of the types of loans it offers, there is no information available on its site about minimum qualifications or down payment amounts for any of its loans.
However, it is fairly easy to get a hold of an actual person to talk with at Wintrust Mortgage to answer your questions. You can call or submit questions through an online form. We were easily able to connect with a loan officer to answer our questions by calling. Questions we submitted online received an emailed response, with contact information for someone to talk to, within a few hours.
Part of the reason some costs and qualifications aren’t published on its website is likely because they can change and differ depending on your situation. A loan officer told us that the minimum credit score required for an FHA loan is 620 and for a conventional loan is 640. But it’s possible for those numbers to shift. Even the types of mortgages it offers can vary. For example, the Wintrust mortgage website listed adjustable-rate mortgages (ARM) at the time of researching, but we were told that it wasn’t offering those loans at the moment because mortgage rates are so low.
Wintrust Mortgage: Rates and Fees
To get an accurate estimate of what mortgage or refinance rate you’re eligible for or the loan’s closing costs, you’ll need to submit an application with Wintrust Mortgage. Once you’ve had your financials verified and your credit pulled, you’ll have an offer that you can compare with other lenders.
When analyzing your mortgage offer, review the Loan Estimate to get a good idea of what your upfront costs will be. Pay attention to not only the interest rate but also the annual percentage rate (APR), which will factor in not only your mortgage rate but also fees. Sometimes discount points, or mortgage points, may be included. These points are extra fees you pay upfront in exchange for a lower interest rate. If they are included, be sure that it makes sense for you in the long run.
Other than the standard closing costs and fees, which typically range from 2%-6% of your loan amount, Wintrust Mortgage doesn’t have many other fees. There are no prepayment penalties or application fees. Although, certain standard costs may apply, such as private mortgage insurance (PMI) if your loan-to-value ratio is above 80%.
Refinancing With Wintrust Mortgage
Refinancing with Wintrust Mortgage is a similar process to what you’ll need to do with other top mortgage lenders. Refinance rates and fees aren’t available online, but you can talk with a loan officer to get a basic quote. It offers cash-out refinance options, and with that loan type, your rate will be adjusted up by 0.50%.
As part of the closing costs, there is an administrative fee of $1,315, and we were quoted $465 for an appraisal. In some circumstances, the appraisal may be waived, and you might have the option of rolling the closing costs into your new loan.
Once you’ve submitted your application and received your quote, you can get a rate lock for 60 days. The loan officer we spoke with said closing on a refinance loan currently takes around 45 days. Wintrust Mortgage offers several refinance loan terms, including 30-, 25-, 20-, and 15-year loans. It also has conventional loan refinance options and government-backed refinance loans, such as VA Interest Rate Reduction Refinance Loans.
Wintrust Mortgage Compared to Other Mortgage Lenders
|Wintrust Mortgage||Movement Mortgage||Wells Fargo|
|Minimum credit score||620 for FHA, 640 for conventional||580 (some mortgage programs may require a higher score)||620|
|Minimum down payment||Varies by loan program, but VA loans require 0% down||0% to 3.5%||0% to 3.5%, depending on the loan program|
|Where does the lender operate?||All 50 states||All 50 states||All 50 states|
|Major loan types||Conventional, jumbo, FHA, VA, USDA, construction, renovation, refinance, HELOC, construction, cash-out refinance||Conventional, jumbo, VA, FHA, USDA, various renovation loans, adjustable-rate, fixed-rate, refinance, cash-out refinance, reverse mortgages||Conventional, jumbo, VA, FHA, adjustable-rate, fixed-rate, refinance, cash-out refinance, construction loans|
How to Shop Around to Get the Best Mortgage Rate
Every mortgage lender will evaluate your personal situation differently, so it’s important to comparison shop when you’re trying to get the best mortgage rate. Rates vary from day to day, but also be sure to pay attention to the fees. You may end up with two loan offers with the exact same interest rate but wildly different closing costs.
When you’re asking for a rate quote, be sure to ask if the rate includes any points, which are extra fees you pay in exchange for a lower rate.
Some of the factors that influence your interest rate are out of your control, such as the broader economy. But you can control what matters the most – your credit score and loan-to-value ratio (LTV). As you increase your credit score, the interest rate you pay should decrease. And as you increase your down payment or increase your home’s equity if you’re refinancing, your interest rate will also decrease. Having a credit score over 740 and an LTV of 80% or less are both good benchmarks to aim for.
Wintrust Mortgage offers an extensive array of loan options for homeowners and homebuyers. It offers home equity lines of credit for homeowners looking to tap their equity without paying for a full refinance loan.
While specific rates, fees, and requirements aren’t easily available online, it does have responsive customer service during normal business hours. Wintrust Mortgage lends in all 50 states but doesn’t have an extensive footprint in every region. So if you prefer an in-person experience, it may be better suited to those who live in areas where it has a stronger presence, such as Chicago or Los Angeles.