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Wintrust Mortgage Review
Wintrust Mortgage’s most prominent presence is in the Chicago area, but the lender provides mortgages for homebuyers in all 50 states. If you’re looking for a 1-year ARM, Wintrust Mortgage has this rare mortgage product, in addition to most other types of home loans.
Wintrust Mortgage offers a variety of home loan products, with terms ranging from 1 year to 30 years.
Wintrust Mortgage, headquartered in Rosemont, Illinois, has more than 65 lending offices across the United States and originates more than $4 billion in loans every year. The short 1-year ARM option is one of the most uncommon Wintrust home mortgage products you’ll find, while the lender’s Construction-to-Perm “All in One” loan is an ARM with jumbo financing for new construction.
Despite the benefits, the lender doesn’t disclose its Wintrust Mortgage rates online, so it’s not listed among the best mortgage rates. Wintrust ratings also don’t land among the best mortgage lenders, as the existing Wintrust reviews and customer satisfaction ratings with Better Business Bureau average 1 out of 5 stars.
Wintrust at a glance
| Lender | Loan Amount | APR Range | Terms | Key Benefit |
|---|---|---|---|---|
| Wintrust | Up to $453,100 | Not listed* | 1 — 30 years | Flexible terms for loan length |
What we like about it
Wintrust Mortgage offers a wide variety of mortgage products, more than many other lenders. The 1-year and 3-year ARM terms are not frequently found, so borrowers looking for these types of ARMs may want to consider Wintrust Mortgage. Other notable mortgage products Wintrust Mortgage offers include the VA IRRRL, the USDA loan and the FHA 203(k) Limited and Standard loans for both property purchase and subsequent renovations.
For Illinois and Wisconsin homebuyers, Wintrust Mortgage offers down payment assistance through its Cook County Homebuyers Assistance Program and the Federal Home Bank of Chicago Downpayment Plus Program.
Things to consider
Wintrust Mortgage is not transparent about its current mortgage rates or fees online. If you want that information, you’ll have to engage with the lender personally.
According to Better Business Bureau complaints as of June 2020, one of the most common issues with the lender is poor customer service, regarding lack of communication and misinformation provided. If customer service and transparency are important to you when you’re looking for a home loan, you may be better off considering one of J.D. Power’s highly rated mortgage companies instead.
What you need to know
Wintrust Mortgage lends out mortgages up to $453,100 for its jumbo loans. The lender does not disclose its rates online, which is a big downside if you’re looking to compare lenders. Wintrust Mortgage offers home loans for lengths of one to 30 years.
You can start the Wintrust mortgage application process online or connect with a Wintrust mortgage representative to begin in person. To process the mortgage application, you’ll need the following:
- a contract for the purchase
- your last two W2s and tax returns
- your last two bank statements
- your last 30 days of pay stubs
- business tax returns and K1s for two years if you’re self-employed
- your real estate attorney’s phone number
- your realtor’s phone number
- your insurance agent’s phone number
Once you apply, you’ll have an online account for your mortgage application that you can access with your email. You can check the status of your application online.
Collateral and criteria
To get a mortgage loan with Wintrust, you’ll need to demonstrate good financial standing and credit history. That will require submitting proof of income and assets, as well as undergoing a credit report check.
Typically, you’re required to have a credit score of at least 620 to get most conventional loans with this lender. You may be eligible for an FHA loan with a credit score of at least 580.
Wintrust alternatives
Wintrust vs. Citibank
Citibank has diverse mortgage and refinance options, including 3/1 ARM mortgages and a unique HomeRun Mortgage for 3% down and no mortgage insurance requirements. Customer service ratings are lacking, however, and borrowers will need to watch out for application fees and other fees.
The well-known bank has a wide variety of mortgage options, including those for short terms and low down payments without required mortgage insurance.
- Citibank also offers online and in-person options for getting a home loan throughout the country, with most of Citibank’s mortgage products overlapping with Wintrust, save for the 1-year ARM and USDA loan. Citibank’s mortgage rates range between 2.75% to 3.25%, and the lender discloses all its fees online, including appraisal, credit report and origination fees.
- Citibank offers its own version of mortgage assistance through its HomeRun Mortgage, requiring just 3% down and no mortgage insurance. You can also get a mortgage discount when you bank with Citibank. Wintrust Mortgage offers no such discount. If you bank with Citibank, getting a mortgage with this lender makes more sense than applying with Wintrust Mortgage.
Wintrust vs. Rocket Mortgage
Rocket Loans promises a “rocket fast” decision as well as quick access to your loan funds once you’re approved.
Rocket Loans is part of the Quicken Loans family, which was established back in 1985. Headquartered in Detroit, Rocket Loans aims to offer a quick and easy online personal loan and mortgage process that is unencumbered by the excess paperwork and minutiae required by traditional lenders.
- If you’re interested in getting a mortgage or refinancing a home through an online platform, Rocket Mortgage through Quicken Loans is an option. Rates ranged between 2.979% to 4.359% APR as of June 2020. The lender provides a similar mortgage product offering to Wintrust.
- The main difference between the lenders is customer satisfaction. Quicken Loans ranked first in the J.D. Power 2019 U.S. Primary Mortgage Servicer Satisfaction Study. If you want to work with the most reputable lender in the business currently, Rocket Mortgage / Quicken Loans is a better option than Wintrust Mortgage.
Compare top mortgage lenders
Too long, didn’t read?
Wintrust Mortgage’s 1-year ARM is a rare product for lenders to offer. For homebuyers who want low mortgage rates and don’t mind risking rates going up after a year of homeownership, or for homebuyers who know they’ll be selling their home in a year, Wintrust Mortgage is a good lender to check out for this particular product. But if you’re in your home for the long haul and want a mortgage with a company known for its high customer satisfaction scores, you may want to look at other lenders.
*Editors note: Unfortunately, we were unable to create a simplescore for this brand because APR’s were not available to the TSD team for consideration.
Keep Reading
Methodology
We’ve created the SimpleScore to help you objectively compare products and services here at The Simple Dollar.
Our editorial team:
- Identifies five factors to compare across each brand
- Determines the rating criteria for each factor
- Calculate an average of those five factor scores to get one SimpleScore
We break down each of these five factors and their rating criteria for our review of the best mortgage companies.
Why do some brands have different SimpleScores on different pages?
Some brands like Bank of America, Wells Fargo, and Chase have different SimpleScores because they offer more than one financial solution — like home loans, auto loans, personal loans and more.
For instance, in our Bank of America Mortgage Review, we give the company a 3.8 out 5 based on our five rating factors for mortgages. In our Bank of America Auto Loans Review, we give the company a 4.4 out of 5 based on our rating factors for auto loans. By tailoring our SimpleScore to each financial solution, we’re able to give you a more accurate view of a brand’s services and how it compares to competitors’ services.
Perks
Mortgage lending companies that provide more perks receive a higher score from us.
Hard/Soft credit checks
We know that credit checks affect your score –– that’s why we favor companies that offer soft credit checks or hard credit checks when you want to see your pre-approval rates.
Customer satisfaction
We use the J.D. Power 2019 Mortgage Origination Satisfaction Study℠ to find out how customers rate their experience with each company. (If a company is not included in J.D. Power’s study, we skip this rating factor and average the remaining factor scores.)
Product variety
Mortgage lenders that offer more products for their home loans are given higher scores.
Fees
Fees can add up fast. Companies that don’t require as many fees for your home loan receive a higher score with us.
Reviewed by
Adam Morgan
Senior EditorAdam Morgan is a senior editor at The Simple Dollar and an award-winning journalist who’s covered finance and culture for 15 years. His writing has been featured in The Guardian, Los Angeles Times, Chicago Tribune, The AV Club, and elsewhere.
