What Is Wintrust Mortgage?
Wintrust Mortgage was founded in Denver, Colorado in 1979. They provide a wide array of mortgage loans which include:
- Conventional Loans
- Government backed loans
- Adjustable rate mortgages
- Fixed Rate Mortgages
As one of a relatively few mortgage houses in the United States, Wintrust is responsible for more than $4 Billion worth of loan originations per year. In addition, Wintrust also provides individual banking solutions in over 175 branch locations throughout Wisconsin, Illinois and Indiana.
You can contact a Wintrust Mortgage loan officer in any of their 65 lending offices operating in all 50 states. To contact Wintrust Mortgage in order to kick off the home mortgage process, you can visit any of these Wintrust offices, call them at 800-999-2649 or 847-939-5000, or visit them at their website.
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Table of Contents
Who Owns Wintrust Mortgage?
A subsidiary of Barrington Bank & Trust Company, Wintrust Mortgage is affiliated with Wintrust Financial Corporation and Wintrust Community Bank. Its center of operations are located in Rosemont, Illinois and offers loan products specializing in:
- Community and Business Banking
- Wealth Management Services
- Insurance Premium Financing
- Business Loans Resources
- Personal Loans Resources
- Credit Cards Resources
Full Wintrust Mortgage Review 2021
What Are The Kinds of Wintrust Mortgage Loan Type And Products Being Offered?
A conventional loan is typically used with mortgages that are not government-insured, such as with the Federal Housing Administration. These loans will require a 10-20% down payment and have a fixed rate.
The Federal Housing Administration offers buyers, who are considered moderate to high risk for a home loan, backing for lender approval. This is referred to as an FHA loan and is common for first time home buyers.
Home Equity Line Of Credit:
Otherwise referred to as a HELOC, is a great way to get money using home equity for collateral
Wintrust Mortgage Rates & Fees
It’s important to know cost of a loan when you choose a mortgage lender. So, to help our readers, ScamRisk scores potential lenders based on the following guidelines for mortgage rates and fees:
- Their average origination cost compared to other lenders.
- Their best mortgage rates in comparison loans from other lenders
ScamRisk is unable to corroborate the mortgage rates that are offered by Wintrust since they don’t report directly to the HMDA, the national database. Since Wintrust is owned by Barrington Bank & Trust Company, their mortgage rates may be reported by them instead.
It’s a good idea to weigh out mortgage rates and fees. Though it is possible to lower the interest rate on your mortgage by paying initial fees, it’s common for lenders to inflate their fees in order to make their promoted interest rate more appealing. Or you could just decide to purchase points in addition to your closing costs so you can lower your mortgage rate.
Of course this all depends on how long you’re going live in your home and how much money you have to apply to your loan.
How To Lower Your Mortgage Rates And Fees
When you plan on getting a new loan, it’s always a good idea to know that can help you get low mortgage rates, your credit score being paramount… but there are other factors to consider when searching for lower rates:
7 Strategies For Lowering Mortgage Rates
1. There’s more than one mortgage lender in the sea.
Although most potential borrowers like the idea of fixed rate mortgages, you can get a lower rates with other mortgage products… at least in the beginning. With fixed rates, you’re pretty much locked in but a higher rate than adjustable rate mortgages, but depending on the market, you could see those adjustable rates increase over time.
2. Credit score is king.
It may not sound fair, but people with the highest credit scores get the best mortgage rates. All things being equal, if your score is 720 or higher, you’ll typically have lenders beating down your door with mortgage rates that would make Warren Buffet jealous.
3. What’s the point?
A mortgage “point” is a fee you pay up front for lowering your mortgage interest rate. It’s usually calculated as 1% of the loan amount. So for a $300,000 mortgage loan, a point would be about $3,000.
So, determining how long you plan on staying in the home is crucial. If you plan on moving shortly afterwards, then buying points may not make much sense.
4. What programs can help?
Many programs are available to help make home buying more available to borrowers in the form of special financing and low down payments. Programs such as:
- FHA Loans
- VA Loans
- USDA Loans
- First time home buyer loans
5. The upsides of down payments
If interest rates are keeping you up at night, consider a large down payment. Lenders love a large down payment because they consider you to be a lower risk for defaulting on the loan… and they’ll go out of their way lower your interest rates accordingly.
In addition to that, if you have a large down payment, it can also help you to avoid paying PMI (private mortgage insurance). If you can save at least 20% for a down payment, then you could save yourself at least 1% of the total loan amount of the life of the loan.
6. Go Shopping
Don’t play favorites with your mortgage lenders. I know we all have our favorite credit unions and banks, but looking for the best deals on mortgage rates should be your highest priority.
Now, that doesn’t mean you can’t go to them first to start the process. You should always check with your local mortgage lender to get initial quotes on interest rates to see if you can get a better deal or not.
7. Shorting the mortgage
So, we know that a 30 year mortgage is the industry standard, but that doesn’t mean you have to go that long. What about a 15 year loan?
The great thing about a shorter mortgage term is that you can pay off your home sooner, get the best interest rate available, and save yourself a huge amount of interest over the term of the loan.
Of course, the downside of a short term mortgage is that you’ll have a much larger monthly payment… but if you can swing it, go for it. The money you’ll save on interest rates alone will be well worth it.
Wintrust Pros And Cons
- You can get special loans for new constructions and fixer uppers.
- You can get in on first time home buyer programs
- You have a wide rang of mortgage to choose from
- You can apply for you mortgage online
- They offer mortgages in all 50 states
- Down payment support is available to first time homebuyers
- You have to call a loan officer to get mortgage rate quotes
- You have to provide personal information to get a up-to-date interest rate data.
- Fixed rates on home equity loans are not an option
Helpful Tips For Other Loans
Wintrust currently doesn’t offer products in any of the follow areas, but you can check out some of our recommendation…
PenFed Credit Union is a great option for good auto loan rates. They provide many low rates for 36 month new loans starting as low as 2.14% while competitor loan rates start at 2.99%
Business Loans / Student Loans
BlueVine is a company that got started in 2013 and has provide over 125,000 small and local businesses more than $6.5 Billion in loans and credit lines of $5 Million.
Student loan provider, SoFi, has given over 375,000 individuals of $30 Billion in refinancing for student loans, including parent and graduate loans which they now offer as their own financing products.
LightStream is a fabulous option if you have a good credit score. For a personal loan, their rates are comparatively low with no origination fees.
Who Are The Worst Mortgage Lenders?
Being a homebuyer can be stressful enough, however some of the worst issues begin well before even stepping in the front door…
For future reference, below are the top 3 mortgage lenders by number of complaints filed.
- Bank of America: Number of Complaints – 9,930
- Wells Fargo: Number of Complaints – 5,051
- J.P. Morgan Chase: Number of Complaints – 3,714
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How Can I Make Money With It?
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Now a typical roofing job is around $10,000.
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