Wintrust is a mortgage provider that emphasizes community values in its efforts to support affordable housing and provide a service-oriented mortgage experience. The bank was founded in 1991 and operates primarily in the Chicago area.
Over the years, Wintrust has developed a strong reputation for investing in communities and getting involved with local organizations.
This was headlined by a program to provide $40 million in below-market-rate mortgages in partnership with the Chicagoland Habitat for Humanity organization.
The lender focuses on personal interactions but still provides tools for you to explore mortgage options online. It offers a wide range of loan options, including conventional loans and access to federal and community programs.
Once you’re interested in the bank’s loan options, it can work with you to connect you with the right loan based on your financial situation and goals.
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Wintrust Mortgage Facts
- Operates as a community bank primarily in what is considered the Chicagoland region
- Recently expanded into new markets, particularly Massachusetts and California
- Works with a wide range of community organizations to provide mortgages focused on affordable housing
- Provides access to several federal loan programs, including FHA, VA, and USDA loans
- Is fully accredited by the Better Business Bureau with an A+ rating.
- While not an alternative lender, the bank works to function in a way that is distinct from big banks by focusing on personal, community-driven experiences
Overview
Wintrust Financial was founded in Chicago in 1991 and has grown into a mortgage provider heavily focused on making homeownership accessible.
With a wide range of loan options, Wintrust is a natural fit for first-time homebuyers, especially as the lender works to offer a particularly personalized experience.
Wintrust Loan Specifics
Wintrust’s mortgage products are heavily focused on giving home buyers as many options as possible to help them find a solution for their specific needs.
To this end, the lender offers a fairly robust collection of standard home loans, including fixed- and adjustable-rate mortgages.
On top of this, the lender connects with regional and community organizations to offer specialized loans and works with federal agencies to provide a variety of mortgage options.
With so many options on hand, Wintrust is a particularly natural match for first-time homebuyers who want to explore all of their options and get help along the way.
That said, the lender does offer a few products aimed at those at other stages of the home-buying process.
Wintrust mortgage rates aren’t advertised online, but the loan types available include:
Fixed-Rate Mortgage: Wintrust offers fixed-rate mortgages – loans with a constant interest rate over the life of the mortgage – available in 10, 15, 20, 25, and 30-year terms.
Adjustable-Rate Mortgage: The adjustable-rate mortgage from Wintrust can be configured to operate at a set rate for one, three, five, seven, or 10 years, after which the rate will adjust based on a lending index.
Conventional Mortgage: The lender offers conventional loans that are not guaranteed or insured by a government agency. This option is generally configured as a fixed mortgage.
Federal Housing Administration Mortgages: The FHA offers a program that backs loans with government funds, reducing the risk that lenders take on. This allows the loan to come with lower rates and fewer qualification requirements than typical mortgages.
Wintrust offers general FHA loans as well as the FHA 203K Limited and Standard mortgages, which are designed to be used for both the cost of properties and renovations that buyers want to complete once they own the home.
Jumbo Mortgages: Jumbo loans are designed for amounts of money that are larger than a typical conforming mortgage.
This figure currently stands at $766,550 but can vary depending on the state. Jumbo loans typically require larger down payments and a particularly strong credit history.
VA Mortgages: Wintrust also provides access to loans backed by the U.S. Department of Veterans Affairs, including standard VA loans that are available without a down payment required.
USDA Mortgages: The U.S. Department of Agriculture runs a Guaranteed Rural Housing Loan Program for those seeking affordable homes in rural communities. These mortgages tend to come with lower interest rates and waiving the need for personal mortgage insurance.
Construction-to-Permanent Loans: If you’re looking to build a home on a parcel of land, Wintrust offers a mortgage structured as a fixed-rate loan that can function as an all-in-one mortgage to cover the entire project.
Second Home Loan: While many of Wintrust’s mortgages are designed for those seeking accessible options for home ownership, the lender also offers a mortgage product designed for investment properties or second homes.
These loans can be designed to treat current assets as income sources when calculating rates and qualification requirements.
Wintrust Mortgage Customer Experience
Wintrust is heavily focused on providing a personalized, service-intensive lending process. You can initiate some aspects of your mortgage application online and use the lender’s Wintrust ZOOM application to interact with the lender.
However, filing a complete application and getting a quote requires interaction with the Wintrust team.
While Wintrust ultimately wants borrowers to work directly with them to identify the right loan for their needs, the lender does offer a wide range of resources to help those looking for a mortgage understand what they’re considering.
These include:
- Calculators for a variety of cost types and credit scores
- A glossary of key terms used through the mortgage process
- Content detailing various elements of obtaining a mortgage and managing the loan
- Details on down payment assistance programs and special loan programs available from local sources
Wintrust emphasizes a close relationship with the communities it serves, something that comes out in its mortgage process.
By maintaining close ties with communities and a highly personal lending process, the mortgage provider is particularly well suited for homebuyers who want to be able to talk openly with their lender and get help finding the best possible loan.
Wintrust Lender Reputation
Wintrust is a traditional community bank but with an extra emphasis on personal service. It was founded in 1991 with the intent to provide a robust alternative option relative to how big banks operate.
The organization still works with a heavy focus on local service, so it doesn’t get a great deal of national attention.
That said, the Better Business Bureau accredits the Wintrust Financial Corporation with an A+ rating. There have been few complaints made against the organization, with seven complaints closed in the last three years and two in the past 12 months.
Wintrust’s reputation also received a boost in 2017 when it solidified its position as a community-focused organization operating in the Chicago area.
According to the Chicago Tribune, the regional branch of Habitat for Humanity was working on getting out of the mortgage management business so it could focus more heavily on building homes to meet key needs.
Wintrust partnered with Habitat to provide $40 million in below-rate mortgages to help promote the goal of affordable housing.
Wintrust Mortgage Qualifications
Wintrust’s emphasis on a personalized, community-driven lending process is focused on helping to match borrowers with the right loan for their needs.
As such, qualification requirements for their loans aren’t widely publicized as the lender appears to be more geared toward working with you to find a loan fit than helping you search through options on your own and try to figure things out.
While specific qualification details are widely available, here are a few key attributes to keep in mind:
Special requirements for access to a loan
Down payment required
Community-specific loan options
| Special Requirements for Access to Loan | Down Payment Required | Community-Specific Loan Options | |
|---|---|---|---|
| Conventional loans | No | Yes | No |
| FHA and USDA loans | Yes | Variable | No |
| Affordable Housing Loans | Yes | Variable | Yes |
| VA loans | Yes | No | No |
| Jumbo loans | No | Yes | No |
Wintrust provides a wide range of options for borrowers, putting a strong emphasis on making homeownership accessible to as wide a range of buyers as possible.
Wintrust Phone Number & Additional Details
Homepage URL: https://www.wintrustmortgage.com/
Company Phone: 800-999-2649
Headquarters Address: 9801 W Higgins Rd, Rosemont, IL 60018
Conclusion
Wintrust Mortgage, as a key player in the mortgage industry, exemplifies commitment to customer satisfaction and offers a diverse range of mortgage solutions tailored to individual needs.
Their reputation for transparency, coupled with their vast array of loan options, showcases their dedication to being more than just a lender, but a partner in homeownership.
As with any financial institution, potential clients should weigh the benefits of Wintrust Mortgage against their personal financial needs and long-term goals.
Nevertheless, the article underscores the lender’s dedication to innovation, service, and fostering enduring relationships with its clientele.
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Product Name: Wintrust Mortgage Product Description: Wintrust Mortgage, a division of Wintrust Financial Corporation, stands as a reliable mortgage lender with a reputation for offering a diverse range of home financing solutions. Known for its commitment to personalized service, Wintrust Mortgage combines local knowledge with industry expertise to cater to varied borrower needs. Summary of Wintrust Mortgage Operating under the umbrella of Wintrust Financial Corporation, Wintrust Mortgage has carved a niche in the mortgage industry, blending its comprehensive portfolio of loan products with a hands-on approach. From conventional and government-backed mortgages to more specialized refinancing options, the company strives to meet the unique requirements of each borrower. Their integration of advanced digital tools, combined with a network of experienced loan officers, ensures that clients receive both technological efficiency and human insight. With its roots deeply embedded in community values, Wintrust Mortgage emphasizes building lasting relationships with its clientele, making home financing a collaborative endeavor. Pros Cons
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