Wintrust Mortgage Review 2024
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Our Take
3.5
Wintrust offers a solid variety of loan types, with expertise in government-backed mortgages. Nearly half of the mortgages it originated in 2023 were VA, FHA or USDA loans. But its website lacks some common do-it-yourself features, including the ability to customize rates online. Most likely to appeal to borrowers in Illinois or Wisconsin who qualify for down payment assistance.
Pros
- Highly rated mobile app.
- Has construction-to-permanent loans.
- Offers up to $6,000 in down payment assistance to borrowers in Illinois and Wisconsin.
Cons
- Can’t customize rates online.
- No chatbot or live chat for customer service.
- Average origination fee is on the high side, according to the latest federal data.
Lender | Min. credit score | Min. down payment | |
|---|---|---|---|
580 | 3% | Visit Lenderat New American Funding at New American Funding | |
620 | 3% | Visit Lenderat NBKC at NBKC | |
580 | 3.5% | Visit Lenderat Rocket Mortgage, LLC at Rocket Mortgage, LLC |
Full Review
Wintrust is a large national bank based in Rosemont, Illinois. Loans are available nationwide.
🏠 Popular loan types include: Fixed or adjustable rate; conventional; FHA; VA; USDA; jumbo; refinance
🔑 Specialty loan options include: Construction-to-permanent loans; loans for investment properties or second homes
💵 Home equity borrowing options: HELOC
Wintrust also participates in two down payment and closing cost assistance programs to make homebuying more affordable.
The Cook County Homebuyers Assistance Program serves borrowers in the Chicagoland area.
The Federal Home Bank of Chicago Downpayment Plus Program supports borrowers in Illinois or Wisconsin.
Borrowers must meet requirements to qualify, including income limits and location of the property.
» MORE: How to apply for a mortgage
How we score Wintrust mortgages
Every year, NerdWallet writers and editors use the latest data and independent research to score lenders on an overall rubric, reflecting factors that are most important to mortgage borrowers. Select Why This Category Matters below to learn more.
Wintrust has a NerdWallet home loans rating of 3.5 stars overall. Here’s a breakdown of this year’s score.
Category | Star rating |
|---|---|
Average mortgage rates and fees | |
Mortgage rate transparency | |
Variety of loan types | |
Customer experience |
- Why This Category Matters
Why This Category Matters
Average mortgage rates and fees (30%)
Our team analyzes federal data to compare mortgage lenders’ origination fees and offered mortgage rates, measuring annual averages across all loan types, as reported by the lenders. The lowest combination of average rates and fees earns the highest star rating in this category. (It’s worth noting that loans considered higher risk, including those such as FHA loans that are easier to qualify for, often have higher interest rates and fees.) Pro tip: In some cases, paying upfront fees may lower a borrower’s mortgage interest rate.
Mortgage rate transparency (25%)
We check how straightforward it is to comparison-shop rates online. NerdWallet’s transparency ratings are higher for lenders that post sample rates on their sites, and highest for sites with self-serve tools that allow shoppers to see what rates might be like for their particular loan. Pro tip: Borrowers who compare customized rate quotes by applying to three or more lenders could save thousands of dollars over the life of their loan.
Variety of loan types (25%)
Finding the right mortgage is different for each borrower. The highest star ratings in this category are awarded to lenders that our research shows offer a wide range of loan types, improving the odds that a borrower will find the best match for their needs: options for purchase and refinance; fixed-rate and adjustable-rate loans; government-backed FHA, VA or USDA loans; renovation or construction loans; and home equity loans or HELOCs.
Customer experience (20%)
How easy is it to interact with this lender? The highest-rated lenders in this category offer features that are convenient and clarifying for borrowers, such as: an online application, multiple customer service options, a helpful mobile app and candid closing timeline communications.
Wintrust’s average mortgage rates and fees score is based on data from its parent company, Barrington Bank & Trust Co.
What borrowers say about Wintrust mortgages
NerdWallet's lender star ratings assess objective qualities, including rates, fees and loan offerings. To help you understand borrowers' subjective experiences, NerdWallet gathers customer satisfaction ratings from J.D. Power and Zillow, but Wintrust didn't have sufficient data from either source for NerdWallet to share. We also contacted Wintrust customer support.
🤓 Our Nerds say ...
While we couldn’t find a corporate Zillow page for Wintrust or its parent company Barrington Bank & Trust, we did find reviews for a few dozen loan officers at the local level. When we called, a representative confirmed that Wintrust offers in-person service at its network of local branches. On the website, you can look up a branch or a loan originator near you.
Alternatives to a home loan from Wintrust
We recommend comparing mortgage rate offers from three or more lenders.
Flagstar Bank dedicates a good portion of its business to government-backed loans, but its mobile app doesn’t offer many features to manage your mortgage.
PNC Bank offers a wide range of mortgage types and an online rate tool, but its average mortgage interest rates are on the high side.
» MORE: Best mortgage lenders
More from NerdWallet
NerdWallet’s overall ratings for mortgage lenders are evaluated based on four major categories: average mortgage rates and origination fees, rate transparency to consumers, variety of loan types (purchase, refinance, fixed and adjustable, for example) and customer experience. Among the factors we consider in these categories are: options to apply for home loans online, typical time to close, mobile app experience, level of detail about mortgage rates on lender websites, and NerdWallet’s own analysis of the rates and fees lenders reported in the latest available Home Mortgage Disclosure Act data. These and other items inform detailed rubrics, which generate ratings from 1 star (poor) to 5 stars (excellent). Read more about how we rate mortgage lenders here.
