Wintrust Mortgage Review 2021

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

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Our Take

4.0

NerdWallet rating 

The bottom line: Wintrust Mortgage offers a variety of loan products, including home equity lines of credit and even home-improvement loans, and provides a number of online conveniences, such as loan process updates. But you won’t find rates posted online.

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, renovation and reverse mortgages.
  • Participates in some first-time home buyer assistance programs.

Cons

  • Mortgage rates 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

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

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Full Review

Based in a Chicago suburb, Wintrust Mortgage is a full-service home-loan lender with a wide variety of mortgage products and online conveniences, but prospective borrowers won't find rates on its website. 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:

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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. The lender also writes second mortgages, specifically home equity lines of credit. One distinction sets it apart from many lenders: Wintrust also offers .

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

Additionally, Wintrust participates in several programs that can make it easier for first-time buyers in certain states to purchase a home.

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.

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:

NerdWallet can't verify Wintrust’s mortgage rates and fees in the latest HMDA data because the lender doesn't report directly to the federal database. Wintrust is a division of Barrington Bank & Trust Company, so its fees may be reported under that name instead. As a result, NerdWallet has awarded Wintrust a neutral score of 3 for origination fees and mortgage rates.

Borrowers should consider the balance between 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 — 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 when you sign the loan paperwork.

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For prospective home buyers and refinancing homeowners looking to get some idea about Wintrust's mortgage rates, the website is of no help. No mortgage interest rates or fees are displayed online for any loan product.

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