Requirements
Wintrust Mortgage follows the conforming loan requirements for mortgages that Fannie Mae and Freddie Mac have approved, as well as the requirements set by the Federal Housing Administration (FHA) and the US Department of Veterans Affairs (VA).
Critical requirements for conventional mortgage loans are good credit (usually a FICO score of 620 or higher) and at least a 3% down payment. If the customer's down payment is less than 20%, you'll have to pay private mortgage insurance (PMI). Most of the time, the requirements for FHA-backed loans are less strict (a 580 credit score and a 3.5 percent down payment), while VA-backed loans don't require a down payment. Also, Wintrust Mortgage's website doesn't list specific requirements for borrowers, but it does say that there are options for loans that don't meet "standard guidelines."
Application details
Wintrust Mortgage has an easy online application. You can also visit a branch if that's more convenient. You'll need these documents:
- Driver's license or state ID
- Employment and income documents
- Bank statements
- Investment account information
- Monthly expenses
- Real estate contract or recent property appraisal.
How to apply for a loan
- Fill up an online application form on their website or visit one of their 65 loan offices in the country.
- Provide as much personal information as possible, including your employment history and financial stability.
- Prove that you can afford the down payment, closing expenses, and monthly loan payments by submitting documentation to the lending institution.
- Pay stubs, bank statements, and other papers prove your income. They will request information about the property and its pricing.
- A Wintrust loan officer will contact you to assist you with the remaining steps.
- The bank's officer will give you all the information you need to get a mortgage and buy a house if the bank accepts your application.
