Full-Service Financial Lending
Wintrust Mortgage is one of the most credible and renowned financial lenders in the Chicago and Los Angeles areas, extending a full-service home lending option with various home loan products.
Even though Wintrust Mortgage does not pride itself as an online banking organization, it has numerous additional web-based resources that are more efficient than most brick-and-mortar lenders. Wintrust Mortgage is a division of Trust Company and Barrington Bank – serving its customers since 1991, making it one of the largest bank-owned mortgage lenders in the US.
Wintrust Mortgage operates over 65 lending offices and 150 bank branch locations across the US. Wintrust Mortgage offers various mortgage loans, including government-backed, conventional, fixed-rate, and adjustable rates loan types.
Additionally, Wintrust Mortgage provides personal banking services through branches spread all over the US. Wintrust Mortgage allows online loan applications, or you can decide to visit their offices, which makes them accessible and convenient. Wintrust Mortgage also offers reverse loans and specialized loan programs to cater to the needs of different Wintrust Mortgage customers.
Types Of Wintrust Mortgages
Fixed-Rate Loans are loans whose interest rates do not change for the entire mortgage term, so the monthly payments will remain fixed until you complete the payments, which can be an option from 10 – 30-year terms.
These loans have a fixed monthly payment for a specified amount of time. Afterward, the rates will adjust periodically using specific preset rates. The initial rates of ARM loans are lower than the fixed mortgages, which makes this option beneficial if, for example, you plan to stay in your house and then sell it after a few years.
Jumbo loans are loans with a higher initial amount than conventional loans, as set by Freddie Mac and Fannie Mae. It ranges from $453,100 to $679,650, depending on the specific state. To acquire a Jumbo loan, you must pay a down payment of at least 20%.
All-In-One Construction-To-Perm Loans
These loans are designed for new construction projects. It integrates ARM with Jumbo financing to provide up to $15 million in loans with a down payment as low as 15%. The loan will gain interest only during construction. After completion, you will transfer to a conventional ARM loan.
FHA Backed Loans
The Federal Housing Administration backs up FHA loans provided by lending organizations. These loans enable individuals with low credit scores to obtain loans.
The FHA and government organizations do not protect conventional loans, meaning qualifying for these loans is more straightforward than most mortgage loans. Conventional loans have a fixed rate that is payable over a stipulated period.
VA Mortgage Loans
VA loans are only available for United States veterans to help them purchase homes. Most of the time, you can acquire these loans without a down payment if you qualify. It offers more reasonable and relaxed parameters compared to other mortgages. The United States Department of Veteran Affairs protects these types of loans. They are perfect for a veteran’s first mortgage.
Home Equity Line Of Credit (HELOC)
A HELOC is a loan issued for various purposes, and it uses your home equity as collateral. The difference between this loan and other mortgages is that you will not use your borrowed money to purchase a home. Instead, you will use your home as collateral to borrow money for other financial purposes.
The Loan Process At Wintrust Mortgage
Wintrust Mortgage’s Pre-Flight program enables home buyers to navigate hectic loan application processes. The program has a profile report and a credit checklist that allows loan borrowers to know more about their loan qualification status. Borrowers can use this program to determine their potential credit obstacles and some opportunities they can use to cut the best deals during the loan application process.
You can access an application form on Wintrust Mortgage’s website homepage. As soon as you start the loan application process, the system will notify you of everything you need to make the process as seamless as possible. With everything in hand, it will take you less than 20 minutes to apply for a loan.
The site also has online document exchange capabilities, loan process updates, and e-signatures.
Wintrust Mortgage offers a convenient and straightforward loan application process that you can access using any device with a web browser application. To obtain a loan from Wintrust Mortgage, you will need to have a credit score of not less than 620. The most crucial aspect that Wintrust considers is your ability to pay back the loan.
Documentation that proves your income and pay stubs/bank statements will come in handy during the application process and hopefully shorten your qualification period.
Additional Benefits Offered By Wintrust Mortgage
- Specialty loans, like construction, reverse mortgages, and renovation loans.
- A simple, user-friendly online application process with progress-tracking features.
- A staff comprised of condo lending specialists.
- Always participates in first-time home-buyers assistance programs.
Ready To Get Started?
Wintrust Mortgage is a convenient option for first-time home-buyers or individuals in the market for various loans. Wintrust Mortgage provides borrowers the option to select what works best for them.
Its specialty loans also provide convenience if you qualify for them. Wintrust Mortgage is a reliable lender fully accredited with an A+ rating from the Better Business Bureau. Wintrust Community Bank focuses on community values and works with other organizations to provide convenient and reliable housing opportunities to individuals through strong links by investing in communities.
Currently, Wintrust has provided over $40 million in loans.
Compare Mortgage Providers
Mortgages are a big deal. It is good practice to compare mortgage providers to ensure that you select a partner best suited to your needs. One that aligns with your values and which you feel comfortable handling your mortgage.
Here are some other mortgage providers we have covered