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Lender
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Wintrust Mortgage

Finanso.Multilogin™

About lender

Wintrust Mortgage, founded in 1979 in Denver, Colorado, provides a wide range of mortgage loans, including conventional, construction, government-backed, and home equity line of credit (HELOC). There are various mortgage loan options available from Wintrust Mortgage, whether you're looking to buy a house, refinance your current mortgage, or do some home renovation loan.

Wintrust is one of the country's top 20 bank-owned mortgage brokers, generating more than $4 billion in specialty loans yearly. Wintrust Community Bank, which has 150 branches in Illinois, Indiana, and Wisconsin, provides personal banking and mortgage services.

Barrington Bank & Trust Company operates Wintrust Mortgage. The lender is based in Rosemont, Illinois, and is licensed in all 50 states, albeit physical locations are unavailable. It has over 65 loan offices and 175 bank locations, with the most offices in Chicago, Minneapolis, and Los Angeles. According to the 2021 Scotsman Guide rankings, it is the 35th largest lender by volume, with over $8 billion in specialty loans.

Pros and cons

Pros

  • Simple online application
  • With 175 physical branches
  • Available in all 50 states
  • Construct-to-permanent mortgage loans
  • A wide range of lending options
  • Participates in a $2,000 grant program for the down payment and closing charges
  • Offers jumbo mortgage, super-jumbo, and interest-only loans
  • A+ rating from the Better Business Bureau.

Cons

  • Not all states have physical locations
  • Not accessible to loan officers during non-banking hours
  • Unavailable current rates and fees online
  • The loan representative needed to get sample rates from some loan products.

Terms and conditions

Customers of Wintrust Mortgage can buy a house with traditional fixed-rate loan terms of 10, 15, 20, 25, and 30 years. Short-term savings can be found in adjustable-rate mortgages (ARMs), which have lower introductory rates and can last for one, three, five, seven, or ten years, depending on the term chosen. Borrowers with less-than-perfect credit may benefit from FHA-guaranteed mortgages. Military personnel who meet specific requirements may be eligible for a mortgage with no down payment secured by the Department of Veterans Affairs of the United States (VA).

A USDA-backed loan allows low- to moderate-income homeowners to purchase a home with no down payment in a selected rural area (USDA). Wintrust Mortgage offers fixed-rate, adjustable-rate, and interest-only payment choices on jumbo loans for over $647,200. With a VA interest rate deduction refinance loan, homeowners with a current VA loan may be able to save money without the headache of income verification or an appraisal (IRRRL). It is possible to borrow money against your home equity line of credit (HELOC) and pay it back over time, using only your home as security.

The down payment for a construction loan is as low as 15% for borrowers wishing to borrow up to $5 million. A variable-rate loan with interest-only payments is available, and you can even include the cost of your land in the loan. They can finance renovation loans costing between $5,000 and $35,000 with an FHA 203(k) rehab loan from Wintrust Mortgage. Investing and second-home buyers may be able to deduct some of their assets from their taxes. It is also possible to employ this asset-based income program to increase the size of your current residence.

Mortgage rates are not advertised on Wintrust Mortgage's website. An application is required to get the rate you might be eligible for. The fee structure of Wintrust Mortgage is also not available online. If any, loan origination fees and administrative fees should be explained to you in detail by a loan officer.

Funding a loan

Wintrust Mortgage provides several financing packages, including those tailored to first-time homebuyers who may be challenging to save for a down payment. Once Wintrust Mortgage has all the information it needs, it will send you a letter within 30 days to tell you about the mortgage help options for which you qualify. Make sure to look over each choice, including its benefits and what you should do next, to choose the best one.

Following submitting your application, a Wintrust loan officer will contact you and assist you with the remainder of the process. If the bank approves your application, your officer will give you all the information you need to secure your mortgage and buy your property. Wintrust Mortgage is open Monday through Friday, 8:30 a.m. to 5:00 p.m. Central Time. You can also get your loan at the branch closest to you.

FAQ

Who owns Wintrust Mortgage?

Barrington Bank & Trust Company, NA, a Wintrust Community Bank, owns Wintrust Mortgage.

What loan options does Wintrust Mortgage have?

You can get conventional mortgage loans, VA loans, VA IRRRL loans, USDA loans, Jumbo loans, FHA loans, FHA 203(k) loans, fixed-rate loans, refinance loans, and home loans equity lines of credit through Wintrust Mortgage.

Does Wintrust Mortgage require a down payment?

Excellent credit (usually a FICO credit score of 620 or above) and a 3 percent down payment are required for standard Wintrust Mortgage loans. Private mortgage insurance (PMI) is required if you put down less than 20% of the purchase price (PMI).

Company documents

Privacy Policy
California Consumer Privacy Notice

Your calm, clear guide through the mortgage process.

© Wintrust Mortgage

Credit rating

i

Shows the level of financial reliability of a credit company

Fitch BBB+ Good credit quality

The rating indicates that expectations of default risk are currently low. The capacity for payment of financial commitments is considered adequate, but adverse business or economic conditions are more likely to impair this capacity.

Calculate loan payments at Wintrust Mortgage

Wintrust Mortgage calculator will allow you to calculate an approximate payment schedule for the loan

Wintrust Mortgage calculator
Interest rates are given in accordance with the rates of the Wintrust Mortgage in Washington, D.C. as of 30.09.2022
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What to focus on before applying for a loan with Wintrust Mortgage

To ensure the lender is legitimate, check if it meets the following criteria:

How do you know if a loan company is registered?

The lending company is registered with the US Securities and Exchange Commission (SEC) and has a tax identification number (EIN). Note that tribal lending companies operate under the jurisdiction of tribal laws, and they don't have to register with the SEC. But still, tribes must act under federal consumer protection laws enforced by the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC).

According to the FTC requirement, the lending company is registered in your state, excluding tribal lenders abiding by tribal and federal laws only. That is why tribal lending companies can charge interest rates exceeding your state's maximum.

Finally, the State Attorney General can verify the registration of the lending company if you need additional proof of whether it is legitimate.

If a US lending company scams you, please report to local law enforcement, your state attorney general, CFPB, or FTC.

Finanso® also recommends

Learn the total cost of a loan, including:

It will be best to read a loan agreement carefully before signing it. If any part of the agreement seems incomprehensible, do not hesitate to ask the lender about particulars.

Remember that you don’t have to make an immediate decision when considering getting a loan. However, you must be sure that you are ready to repay following your loan documents. If the lender’s terms and conditions are uncomfortable for you, you are free to search for another proposal, as there are about 780 lending companies in the US.

What’s the difference between Wintrust Mortgage and a bank?

  1. You need to have a good credit history to qualify for a credit card with a bank. In contrast, even bad credit history debtors can borrow money from US lenders with personal or payday loans. 
  2. Interest rates and annual percentage rate for a loan with an online lending company are significantly higher than with a credit card released by a bank.
  3. Applying for an online loan with a lending company doesn’t require paperwork or even visiting their office. Instead, a borrower can apply entirely online and receive money via direct deposit on the next business day.
  4. The online lending business is high-risk for investors, and their capital is not protected from unfair borrowers.
  5. A loan with legitimate loan companies for bad credit is a simple but expensive form of borrowing to resolve financial hardship.
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