Wintrust Mortgage Overview
Formed in 1979 in Denver, Colorado, Wintrust Mortgage offers a variety of mortgage loans, including conventional loans, government-backed loans, adjustable-rate mortgages (ARMs) and fixed rate mortgages.
Wintrust is one of the 20 largest bank-owned mortgage originators in the country, originating more than $4 billion in loans each year. In addition to its mortgage services, Wintrust Community Bank also offers personal banking services with 150 branch locations in Illinois, Indiana and Wisconsin.
|30 year fixed||3.32%||3.24%||+0.09|
|15 year fixed||2.84%||2.84%||+0.00|
|30 yr fixed mtg refi||2.66%||3.22%||-0.56|
|15 yr fixed mtg refi||2.95%||2.95%||+0.00|
|7/1 ARM refi||3.88%||3.25%||+0.63|
|15 yr jumbo fixed mtg refi||3.00%||3.00%||0.00|
National Mortgage Rates
Regions Served by Wintrust Mortgage
Does Wintrust Operate in My Area?
Wintrust Mortgage operates in all 50 states, and it has 65 lending offices across the country. To contact a Wintrust representative and start the mortgage process, you can visit one of these offices in person or call the toll-free number (800) 999-2649. You can also begin your application online by visiting the Wintrust website.
What Kind of Mortgage Can I Get With Wintrust?
Fixed Rate: The interest rate won’t change for the entire term of a fixed-rate mortgage, meaning your monthly payments will remain “fixed.” This mortgage option is available in 10-year, 15-year, 20-year, 25-year or 30-year terms, and it could be a good choice if you’re planning to stay in your home for a long period of time.
ARM: The rate and monthly payment are fixed for a specified period of time (one, three, five, seven or 10 years), and the rate will adjust periodically after that, following along with a certain index that is chosen ahead of time. With ARMs, the initial rate is often lower than the fixed alternative, which means you may be interested in this option if you know you’ll be selling your house in a few years.
Jumbo: A jumbo loan is any loan with an amount above the conventional loan limits that Fannie Mae and Freddie Mac set. Currently, that amount ranges by state from $453,100 to $679,650. With a jumbo loan, you must pay a down payment of at least 20%.
Construction-to-Perm “All in One” Loans: This type of loan is designed for new construction. It’s an ARM with jumbo financing up to $5 million and down payments as low as 15%. The loan is interest-only during construction, and once construction of your home is completed, your loan will be converted into a traditional ARM.
Conventional Loan: The FHA or any other type of government adminsitration doesn't back this type of loan, which means its qualification standards are among the highest of any mortgage type. Rates are typically fixed.
FHA: Backed by the Federal Housing Administration, these types of mortgages allow individuals with lower credit scores to obtain loans when they otherwise might not.
VA: A VA mortgage is available to United States veterans to assist them in purchasing a home. Most of the time, you won’t need a down payment for this loan, and many of the conditions and parameters are a bit more relaxed in comparison to other mortgages. VA loans are backed by the U.S. Department of Veterans Affairs.
Home Equity Line of Credit (HELOC): A HELOC is a line of credit issued to you for a range of purposes that uses your home equity as collateral. This differs from the other loans offered in that you won’t be using the money you borrow to purchase a home. Instead, you are simply using your home as a way to borrow money for something else.
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What Can You Do Online with Wintrust?
While you can do a fair bit online with Wintrust Mortgage, there is limited information available to help you in doing so. Brief descriptions of each type of loan are available on the site, but no rate information is included.
Despite the lack of information, you can apply for a mortgage online through the Wintrust website. All you have to do is click the "Start The Process tab" and follow the instructions. If you’d rather apply in person, you can also use the website to help you find the Wintrust representative closest to you.
Once you’ve opened a mortgage, you can also access and manage your account online, making payments and reviewing your loan details.
Would You Qualify For a Mortgage from Wintrust?
In order to determine whether you qualify for a mortgage, you’ll need to fill out an application. You can do this online or by visiting a Wintrust office. Your eligibility will depend on a number of factors, including credit score, income and the down payment and loan amount you’re looking for.
What’s the Process of Getting a Mortgage with Wintrust?
The first step of obtaining a mortgage loan with Wintrust is to fill out an application. This can be done either on the Wintrust website or by visiting of the 65 loan offices across the country. As part of your application, you’ll need to supply a good deal of information about you, your work history and your ability to make your monthly payments.
The most important aspect of the application will be your ability to show proof that you'll be able to pay the down payment, closing costs and the monthly payments on your loan. Most often, this entails providing documentation like paystubs, bank statements and other documents that prove your income. You'll have to provide information about the property you plan to purchase and its price.
Once you've submitted your application, a Wintrust loan officer will contact you and help you navigate the rest of the process. If the bank accepts your application, then your officer will provide you with all the instruction you need to secure your mortgage and purchase your home.
How Wintrust Mortgage Stacks Up
Wintrust offers a wide variety of mortgage options, making it so that a wide range of people with a wide range of credit scores can apply. From an accessibility standpoint, Wintrust fares well.
The rates for Wintrust mortgages aren’t made available on its website, so you’ll need to contact a loan originator to find what your rate would be. This lack of information makes it difficult to compare Wintrust to other mortgage lenders from strictly a rates standpoint.
Tips For Managing Your Mortgage
- Before you begin your mortgage search in earnest, you should make sure you have a few key details nailed down. Do you have a rough price range established? Are you looking to stay in your home for just a few years or the long haul? Having answers to these types of questions can help you determine what type of mortgage will make the most sense for you.
- Navigating the morass of rules, options and acronyms that come with a mortgage search can be overwhelming. If you're looking for some assistance, talking with a financial advisor can be a big help. SmartAsset's advisor matching tool can pair you with up to three qualified advisors in your area who can help you through the mortgage process and all other areas of your finances.