Wintrust Mortgage Review 2023
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Our Take
4.5
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 an easy online application process.
Full Review
Pros & Cons
Pros
- Offers specialty loans, such as construction and renovation loans and loans for second homes and investment properties.
- Participates in first-time home buyer assistance programs in Illinois, Indiana and Wisconsin.
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
Min. credit score620 | Min. credit score620 | Min. credit score620 | Min. credit score620 | Min. credit score620 |
Min. down payment3% | Min. down payment3% | Min. down payment3% | Min. down payment3% | Min. down payment3% |
Loan types and productsPurchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA | Loan types and productsPurchase, Refinance, Home Equity, Reverse, Jumbo, Fixed, Adjustable, FHA, VA, USDA | Loan types and productsPurchase, Refinance, Fixed, Adjustable, FHA, VA, USDA | Loan types and productsPurchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA, Home Equity | Loan types and productsPurchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA |
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Full Review
What borrowers say about Wintrust Mortgage
NerdWallet’s lender star ratings assess objective qualities, including rates, fees and loan offerings. NerdWallet assesses borrowers’ subjective experiences with lenders using customer satisfaction scores from J.D. Power and Zillow. Wintrust Mortgage didn’t have sufficient data from either source for NerdWallet to share.
Wintrust Mortgage variety of loan types
5 of 5 stars
Wintrust Mortgage offers the usual conventional fixed- and adjustable-rate purchase and refinance loans, as well as jumbo mortgages and VA and FHA loans.
Specialized loan programs include construction-to-permanent loans and FHA 203(k) home renovation loans.
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 first or second mortgages are a 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.
» MORE: Best HELOC lenders
Wintrust Mortgage ease of application
5 of 5 stars
Wintrust offers a full suite of online conveniences for borrowers. You can upload documents, download loan disclosures, track the progress of your loan and e-sign most required paperwork.
Wintrust Mortgage rates and fees
3 of 5 stars
Wintrust Mortgage earns 3 of 5 stars for average origination fee.
Wintrust Mortgage earns 3 of 5 stars for average mortgage interest rates.
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.
Wintrust Mortgage rate transparency
4 of 5 stars
The Wintrust website features a mortgage payments calculator, which includes sample rates for several (but not all) loan types. You can adjust for multiple factors such as credit score, but prospective borrowers need to submit a contact form or speak to a loan officer to see customized rates for all available products.
Alternatives to Wintrust Mortgage
Here are some comparable lenders we review that borrowers can consider.
Flagstar Bank also offers renovation and construction mortgages, as well as FHA, VA and USDA loans for first-time home buyers. Bethpage Federal Credit Union also has options for jumbo loans.
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).
