Wintrust Mortgage Review 2022

Good for: first-time home buyers and those seeking specialty mortgages like construction loans.
Jan 4, 2022

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Our Take

4.5

NerdWallet rating 

The bottom line:

Wintrust Mortgage offers a wide variety of loan products, including home equity lines of credit, construction loans and loans for investment properties, while providing a number of online conveniences, such as loan process updates.

Wintrust Mortgage
Wintrust Mortgage: NMLS#449042
Min. credit score
620
Min. down payment
3%
Loan types and products
Purchase, Refinance, Home Equity, Jumbo, Fixed, Adjustable, FHA, VA, USDA

Pros & Cons

Pros

  • Online application and progress tracking are available.
  • Offers specialty loans, such as construction and renovation loans.
  • Participates in some first-time home buyer assistance programs.

Cons

  • Sample rates for some loan products are available only by contacting a loan officer.
  • Physical locations aren't available in all states.

Compare to Other Lenders

NerdWallet rating 
NerdWallet rating 
NerdWallet rating 
Min. credit score

620

Min. credit score

620

Min. credit score

620

Min. down payment

3%

Min. down payment

3%

Min. down payment

3%

Loan types and products

Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA

Loan types and products

Purchase, Refinance, Home Equity, Reverse, Jumbo, Fixed, Adjustable, FHA, VA, USDA

Loan types and products

Purchase, Refinance, Fixed, Adjustable, FHA, VA, USDA

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Full Review

Wintrust Mortgage at a glance

Based in a Chicago suburb, Wintrust Mortgage is a full-service home loan lender with a wide variety of mortgage products and online conveniences. It provides loans to customers in all 50 states, though physical locations aren’t available in every state. Wintrust has several hundred branches, with the largest concentration of offices in Chicago, Minneapolis and Los Angeles.

Here’s a breakdown of Wintrust Mortgage’s overall score:

  • Variety of loan types: 5 of 5 stars

  • Ease of application: 5 of 5 stars

  • Rates and fees: 3 of 5 stars

  • Rate transparency: 4 of 5 stars

Wintrust Mortgage loan types

Wintrust Mortgage offers the usual conventional fixed- and adjustable-rate purchase and refinance loans, as well as jumbo mortgages and loans backed by the Federal Housing Administration and the Department of Veterans Affairs.

Specialized loan programs include construction-to-permanent loans and FHA 203(k) home renovation loans. Construction-to-permanent mortgages allow you to finance the building costs and mortgage in one. FHA 203(k) loans allow for a purchase mortgage of a fixer-upper, with the cost of rehab built into the loan.

Additionally, Wintrust participates in several down payment assistance programs that can make it easier for first-time buyers in certain states to purchase a home. Loans for second homes and investment property loans are also available.

Wintrust Mortgage HELOC: The lender also offers a home equity line of credit, or HELOC. These second mortgages are one way for homeowners to access existing home equity without refinancing or selling their home. Funds obtained with a second mortgage can be used for expenses such as home improvements, education costs or debt consolidation. Wintrust Mortgage’s HELOC offers a draw period of 10 years followed by 10 years of repayment.

Wintrust Mortgage ease of application

Selecting "Get started" on Wintrust's homepage leads you to the beginning of an online mortgage application. Depending on where you are in your homebuying journey, various prompts will lead you through tasks like entering your financial information, choosing the right loan option, and uploading and electronically signing documents. Wintrust also provides borrowers with loan process updates.

Wintrust Mortgage rates and fees

One of the most important considerations when choosing a mortgage lender is understanding what the loan will cost. In order to provide consumers with a general sense of what a lender might charge, NerdWallet scores lenders on two factors regarding fees and mortgage rates, according to the most recently available Home Mortgage Disclosure Act data:

  • Wintrust earns 2 of 5 stars for average origination fee.

  • Wintrust earns 4 of 5 stars for offered mortgage rates compared with the best available rates on comparable loans.

Wintrust Mortgage is a division of Barrington Bank & Trust Co. Our scoring reflects data reported by Barrington.

Borrowers should consider the balance between lender fees and mortgage rates. While it's not always the case, paying upfront fees can lower your mortgage interest rate. Some lenders will charge higher upfront fees to lower their advertised interest rate and make it more attractive. Some lenders just charge higher upfront fees.

You can decide to buy discount points — a fee paid with your closing costs — to reduce your mortgage rate.

Deciding whether to pay higher upfront fees is a matter of considering how long you plan to live in your home and how much cash you have to apply toward closing costs when you sign the loan paperwork.

Wintrust Mortgage rate transparency

For prospective home buyers and refinancing homeowners looking to get an idea of Wintrust's mortgage rates, the website offers sample rates for several products with a calculator that allows you to adjust for multiple factors but doesn't account for location. You can access the calculator from the homepage by clicking on "Mortgage Payment Calculator," then selecting "Customize" on the next page. You’ll have to work with a loan officer for mortgage rates more specific to your financial situation and location.

More from NerdWallet

Methodology

NerdWallet’s overall ratings for mortgage lenders are evaluated based on four major categories: variety of loan types (purchase, refinance, fixed and adjustable, for example), ease of application, rates and fees and rate transparency. Among the factors we consider when scoring these categories are options to apply for and track loans online, the level of detail about mortgage rates on lender websites and our analysis of the rates and fees lenders reported in the latest available Home Mortgage Disclosure Act data. These scores generate ratings from 1 star (poor) to 5 stars (excellent).