October 25


Wintrust Mortgage [Reviews 2021]: Is It A Legit Option For A Home Loan?

What is Wintrust Mortgage?

Wintrust Mortgage was established in Denver, Colorado in 1978. They offer a variety of mortgage loans, including:

  • Conventional loans
  • Loans backed by the government
  • Mortgages at adjustable rates
  • Fixed-rate Mortgages

Wintrust, one of the few mortgage houses in America, is responsible for over $4 billion worth of loan originations each year. Wintrust offers individual banking services in more than 175 branches throughout Wisconsin, Illinois, and Indiana.

Contact a Wintrust Mortgage loan officer at any of the 65 offices they have in each state. Wintrust Mortgage can be reached at any one of their 65 offices in the 50 states.

Who owns Wintrust Mortgage?

Wintrust Mortgage, a subsidiary of Barrington Bank & Trust Company is affiliated with Wintrust Financial Corporation & Wintrust Community Bank. Its headquarters are in Rosemont, Illinois. They offer loan products that specialize in:

  • Banking for the Community and Business
  • Wealth Management Services
  • Insurance Premium Financing
  • Resources for Business Loans
  • Personal Loans Resources
  • Credit Cards Resources

Full Wintrust Mortgage Review 2021

What are the Types of Wintrust Mortgage Loan Products?

Home loans:
Conventional loan:

An conventional loan can be used to finance mortgages that aren't government-insured such as the Federal Housing Administration. These loans require a 10%-20% downpayment and a fixed interest rate.


Buyers who are considered moderately to high-risk for a loan can get backing from the Federal Housing Administration. This is commonly known as an FHA Loan.

Home Equity Line Of Credit

A HELOC is another name for a great way of borrowing money from your home equity.

Wintrust Mortgage Rates and Fees

When choosing a mortgage lender, it is important to understand the cost of the loan. To help our readers, Steady Calls scores potential mortgage lenders using the following guidelines:

  • They have a lower average origination fee than other lenders.
  • Compare loans with other lenders to find the best mortgage rates

Steady Calls cannot verify the mortgage rates offered by Wintrust because they do not report directly to the HMDA (the national database). Their mortgage rates could be reported by Barrington Bank & Trust Company as Wintrust is owned and managed by Barrington Bank & Trust Company.

It is a smart idea to weigh mortgage rates and fees. Although it is possible to reduce the interest rate on your mortgage loan by paying an initial fee, lenders often inflate fees to increase their interest rates. You could also decide to buy points to lower your mortgage rate.

This will depend on how long you plan to live in your home, and how much you apply for your loan.

How to Lower Your Mortgage Rates and Fees?

It's a smart idea to find out what factors can help you secure low rates on a loan. Credit score is the most important factor, but there are other factors that you should consider when looking for lower rates.

7 Strategies to Lower Your Mortgage Rates

1. There are many mortgage lenders in the ocean.

While fixed-rate mortgages are popular among potential borrowers, there are other options that offer lower rates. Fixed rates lock you in, but you will pay a higher rate than with adjustable rate mortgages. However, market conditions could cause adjustable rates to increase over time.

2. Credit score is the king.

Although it may seem unfair, people with the highest credit scores receive the best mortgage rates. If your credit score is at least 720, lenders will typically knock on your door offering mortgage rates that would make Warren Buffet jealous.

3. What's the point?

A mortgage "point" refers to a fee that you pay upfront in order to lower your mortgage interest rate. It is usually 1% of the loan amount. A point is approximately $3,000. For a $300,000 mortgage loan.

It is important to determine how long you intend to stay in your home. You might not want to buy points if you are planning on moving soon.

4. What programs are available to help?

There are many programs that can help borrowers make home ownership more affordable, such as special financing or low down payments. These programs include:

  • FHA Loans
  • VA Loans
  • USDA Loans
  • First-time home buyer loans

5. Down payments have many benefits

Consider a large downpayment if interest rates keep you awake at night. Lenders love large down payments because they see you as a lower risk of defaulting on the loan... and will lower your interest rates accordingly.

A large down payment can help you avoid PMI (private Mortgage Insurance). You can save as much as 1% on your total loan amount if you save 20% on your down payment.

6. Shop

Do not play favorites with your mortgage lenders. While we all have our favourite banks and credit unions, your top priority should be finding the best mortgage rates.

However, this doesn't mean that you shouldn't first contact them to begin the process. To find out if there are better rates, you should check with your local mortgage lender.

7. The mortgage can be shortened

While a 30-year mortgage is the industry standard for most people, it doesn't necessarily mean that you should go that long. How about a 15-year loan?

A shorter term mortgage will allow you to pay off your house sooner, receive the best interest rate, and save a lot of interest over the life of the loan.

A short-term mortgage has the disadvantage of having a higher monthly payment, but it's worth it if you have the means. It will pay off in the end, just for the savings on interest rates.

Pros and Cons of Wintrust


  • Special loans can be obtained for fixer uppers and new constructions.
  • First-time homebuyer programs are available
  • There are many mortgage options to choose from
  • Online mortgage applications are possible
  • They offer mortgages across all 50 states
  • First-time homebuyers can get down payment assistance


  • To get mortgage rates quotes, you will need to contact a loan officer
  • To get the most current interest rate data, you will need to give personal information.
  • Fixed rates for home equity loans are not an option

Some helpful tips for other loans

Wintrust does not currently offer products in the following areas. However, you can see some of our recommendations...

Auto loans:

PenFed Credit Union offers great rates on auto loans. Their rates are very low for new 36-month loans, starting at 2.14%. Comparable loan rates start at 2.99%.

Student Loans and Business Loans

BlueVine was founded in 2013, and has provided loans and credit lines to over 125,000 local and small businesses totaling more than $6.5 billion. Credit lines up to $5 million have been extended to over 125,000 companies.

SoFi, a student loan provider, has refinanced student loans for over 370,000 people at $30 billion. This includes parent and graduate loans. They now offer their own financing products.

Personal loans:

If you have good credit, LightStream is a great option. Their rates for personal loans are very low and there is no origination fee.

Which are the Worst Mortgage Lenders in America?

It can be stressful enough to buy a home. But, the worst problems begin before you even step foot in the front door.

Below are the top three mortgage lenders based on number of complaints.

Source: BusinessInsider.com

  • Bank of America: 9,930 Complaints
  • Wells Fargo: 5,051 Complaints
  • J.P. Morgan Chase - Number of Complaints: 3,714

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