Wintrust Mortgage Review: A Variety of Loan Options to Choose From
Review
Updated
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Wintrust Mortgage is part of Barrington Bank & Trust Company and is headquartered in Illinois. While it is definitely a regional bank with a narrow geographic presence, Wintrust originates a wide variety of mortgage loans in all 50 states. Read on for our breakdown of Wintrust Mortgage.
Wintrust Mortgage
Bottom Line
Wintrust Mortgage is a good option for refinancing and an even better pick for home buyers building a new home who want a construction loan that turns into a mortgage upon completion.
Min. Credit Score 600 FHA 620 Conventional
Min. Down Payment 0% (VA and USDA loans) 3% and higher (FHA and other loan programs)
Key Features
Loan Types
Fixed Rate Terms
Adjustable Rate Terms
It's important to consider multiple mortgage lenders to find a good fit for you. We've listed one of our favorite lenders below so you can compare your options:
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4.5/5
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This mortgage lender is a good fit for: Borrowers who want to purchase a home or refinance a mortgage, especially those who live in Illinois or Wisconsin, where the company offers assistance programs and special loan types. It can also be a great choice for those looking to build a house from the ground up, as Wintrust offers an excellent construction-to-permanent loan program, or for borrowers looking for a jumbo or super-jumbo loan.
Wintrust Mortgage offers a wide variety of mortgage loans. In addition to standard conventional mortgages, Wintrust offers FHA, USDA, and VA loans. The lender also offers special first-time home buyer programs, construction loans, investment property loans, jumbo and super-jumbo loans, and more. You can also get a HELOC from Wintrust Mortgage if you're happy with your current mortgage and don't want to opt for a cash-out refinance loan.
Wintrust offers construction loans that are designed to turn into a traditional mortgage when the home is completed. These loans are set up as adjustable-rate, interest-only loans until the project is completed, and they can be made in amounts of up to $5 million with as little as 15% down. This can be a very advantageous arrangement as opposed to getting a construction loan and then having to go through the application process all over again when the home is move-in ready.
Wintrust is a regional financial institution, with branches concentrated in the Illinois and Wisconsin markets, though it has a sprinkling of branches in a handful of other states as well. Wintrust Mortgage lends in all 50 states and originates almost $4 billion in annual loan volume, making it one of the larger bank-owned mortgage originators in the U.S.
For customers buying homes in the Wisconsin or Illinois markets, Wintrust offers two down payment assistance programs that can provide grants ranging from $3,000 to $6,000 to help borrowers come up with the funds needed to close on their homes.
Many mortgage lenders have pumped the brakes on high-balance loans in recent years, but Wintrust still offers jumbo and super-jumbo loans. It even offers interest-only jumbo loans for buyers who really want to get as much house as their budget allows.
Wintrust's website is very light on details when it comes to loan qualifications and the loan programs it offers. There's nothing mentioned about down payment requirements or credit score thresholds, and while Wintrust's interest rate calculator provides ballpark estimates on the interest rates borrowers can expect, the bank doesn't publish its current interest rates like some of its competitors do.
To be fair, Wintrust makes it easy to contact a loan officer, but many people don't want the added step of having to track down information that many originators provide easily.
Some of Wintrust's competitors let prospective borrowers get customized rate quotes online, and some even allow it without a hard credit pull. Wintrust doesn't. While the website allows users to get a general idea of the rates they can expect based on home price, down payment amount, and their approximate credit tier, they aren't actual loan offers. To get your rate, you'll need to apply and work with one of Wintrust's loan officers.
Wintrust has a branch network of about 175 locations, but they are mostly concentrated in Illinois and Wisconsin. If getting in-person help is important to you and you don't live near a branch, you might be better off looking elsewhere. Most of the assistance programs and unique loan options Wintrust offers are specific to Illinois and Wisconsin as well.
Qualifications depend on the type of loan you're applying for, such as a minimum credit score of 620 for a conventional loan or 580 for a low down payment FHA loan. What's more, Wintrust uses a combination of modern lending technology and human assistance in the application process. The company's WintrustZoom application platform puts most of the process online, and Wintrust has many mortgage professionals who can assist applicants with any questions or concerns throughout the process.
It's tough to say how competitive Wintrust's mortgage rates are. The rates provided by its mortgage payment calculator are in line with the national average, but the company doesn't publish a list of its actual current mortgage rates, nor does it provide a way to quickly get a customized rate quote. To find out what your mortgage refinance rate will be, you'll have to submit an application and submit to a full credit check and analysis of your financial condition.
Wintrust doesn't publish its current interest rates on its website, and only gives ballpark examples of the rates borrowers can expect within its mortgage payment calculator. That said, customer reviews indicate that Wintrust's rates trend about the same as the national average.
You're looking for a purchase or refinance mortgage, especially if you live in Illinois or Wisconsin. It can also be a great choice for borrowers looking to build a house, as Wintrust offers an excellent construction-to-permanent loan program.
Wintrust doesn't publish its current interest rates on its website, so it's tough to say. Plus, the company only gives ballpark examples of the rates borrowers can expect within its mortgage payment calculator. Customer reviews indicate that Wintrust's rates and fees are in line with the national average.
Yes. Wintrust offers a variety of mortgage loan types, including specialized products like construction-to-permanent, jumbo, and interest-only loans. It has a branch network in a few states and loan officers that are easily accessible from anywhere in the U.S.
Yes. Wintrust offers a variety of refinancing loan types, including conventional and FHA loans, in both fixed-rate and adjustable-rate formats.
To qualify, you'll need:
You can start the Wintrust application process online and complete most of the steps through the company's online application portal. However, to finalize your application, you'll need to work with one of Wintrust's loan officers to get your rate offer.
Wintrust Mortgage offers:
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