Wyndham Capital Mortgage Pros and Cons
- Instant pre-approvals
- On-demand pre-approval letters
- Fast closing with a $10,000 closing guarantee if you use the loan management portal
- Option to work directly with a loan officer
- E-closing capabilities for even faster closing
- Only online options are available
- Not available in all states
Wyndham Capital Mortgage Overview
If you’re looking for a fast mortgage process that’s completely digital, you found it with Wyndham Capital Mortgage.
Wyndham offers purchase and refinance mortgage loans from a large variety of loan products with affordable terms and fees.
If you don’t mind working mostly online with accessibility to a loan officer if/when needed, you may just like what Wyndham Capital Mortgage offers.
What Types of Mortgages Does Wyndham Capital Offer?
Something we love about Wyndham Capital Mortgage is the large selection of loans they offer. Whether you have great credit and a large down payment or mediocre credit and low-down payment, they have a loan program for you.
Wyndham Capital Mortgage offers conventional loans for borrowers with good credit and at least 3% down for first-time homebuyers or 5% for subsequent home buyers.
The loans have excellent terms, flexible underwriting guidelines, and PMI only until you owe less than 80% of the home’s value.
If you have less than perfect credit or have other ‘unique’ qualifying factors, Wyndham Capital Mortgage offers a large selection of government-backed loans too including:
- FHA loans for borrowers with at least a 580-credit score
- VA loans for veterans or current military members with enough time served
- USDA loans for borrowers with low to moderate incomes and living in a rural area.
Other Loan Options
In addition to conventional and government loan options, Wyndham Capital Mortgage offers:
- Home equity loans
- Non-QM loans for borrowers who need bank statement loans
- Investment property loans
Wyndham Capital Mortgage Qualification Requirements
Like any lender, Wyndham Capital Mortgage has a variety of loan programs, each of which has different qualifying requirements.
To increase your chances of approval, aim for the following qualifications:
- Good credit – The higher your credit score is, the more loan programs you’ll qualify for. A 580-credit score qualifies for an FHA loan, but if you want a conventional loan with mortgage insurance, you can cancel. You’ll need at least a 660.
- Low debt-to-income ratio – Your DTI measures your debts to your gross monthly income. The less debt you have, the easier it is to qualify. Lenders want to know you aren’t in over your head in debt and have all of your income committed, leaving no money for the daily cost of living.
- High down payment – You don’t need a 20% down payment, but the more money you put down, the better your chances of approval. At a minimum, you’ll need 3.5% for an FHA loan and 3% – 5% for a conventional loan. If you need a non-QM loan or investment property loan, you may need as much as 20% down.
- No public records – Keep your credit history as clean as possible before applying for a mortgage. If you had a BK or foreclosure, wait 2 to 3 years before applying for a mortgage with Wyndham Capital Mortgage.
Wyndham Capital Mortgage Rates and Fees
We love how transparent Wyndham Capital Mortgage is with its rates. You can visit their website daily and see updated rates in real-time.
We also love that Wyndham Capital Mortgage doesn’t charge any lender fees. You may pay a fee to lock in your interest rate, especially if you need a longer lock period, but they don’t charge the standard lender fees most lenders charge.
Refinancing Mortgages with Wyndham Capital
Just like Wyndham Capital Mortgage offers a large selection of purchase mortgages, you can use most of the same programs to refinance.
If you have an FHA or VA loan, you can take advantage of the FHA or VA streamline refinance if you just want to lower your rate or term.
If you need cash out or want to refinance out of an FHA loan into a conventional loan to get rid of PMI, they offer those options too.
Wyndham Capital offers mortgage refinances in terms of 10 – 30 years and in both fixed and adjustable rates.
Wyndham Capital Mortgage Features and Benefits
Fully Digital Mortgage Process
Wyndham offers a fast full digital mortgage process. You complete an online application, and within minutes you’ll have your mortgage pre-approval (if approved). You can even get a pre-approval letter to print within minutes, which is great if you’re ready to look at homes.
If you feel better talking to a ‘live’ person, Wyndham matches you with a loan officer right after its system approves you so you can ask questions or get help choosing the right loan.
Choose a Loan Officer
Wyndham matches you with a loan officer that understands your needs and financial situation. You can work completely online or directly with the loan officer if you prefer more personal service.
Transparent and Trustworthy
Wyndham capital is 100% transparent with its entire process and interest rates. There aren’t hidden fees or any reason to be skeptical.
You can do the entire process online and come out with a loan much faster than a traditional lender or go the traditional route and work with a loan officer and still get done faster.
How Does Wyndham Capital Compare to Other Mortgage Lenders?
#1. Wyndham Capital Mortgage vs. Quicken Loans
Quicken works like Wyndham with its online portal and access to loan officers when necessary. In addition to processing the loan online, Quicken can even automatically verify employment with thousands of American companies.
Quicken specializes in FHA loans but offers a large number of other loans except for home equity loans and home equity lines of credit.
>> More: Quicken Loans Mortgage Review
#2. Rocket Mortgage vs. Wyndham Capital Home Loans
Rocket Mortgage is another fully online mortgage lender. Rocket Mortgage offers a large selection of loans, like Wyndham Capital.
They also offer instant online pre-approval and e-signing capabilities. You can get on-demand support if you need help from a human advisor, and you can get a customized loan term ranging from 8 – 29 years based on your needs.
>> More: Rocket Mortgage Review
#3. Wyndham Capital Mortgage vs. Better Mortgage
Better Mortgage also offers an online mortgage experience. As the name suggests, Better Mortgage promises that their closing costs are lower than any other company.
If you find cheaper closing costs elsewhere, they’ll try to beat them by $100. They don’t charge origination fees, and you can lock your rate in on-demand. If you need access to a human loan officer, they offer that option too.
>> More: Better Mortgage Review
#4. New American Funding Mortgage vs. Wyndham Capital Mortgage
New American Funding Mortgage offers an online application process, but they also have 200 branches throughout the country. You get a hybrid approach to the loan process, with faster closing times, lower fees, and more loan options.
What sets New American apart from other online lenders is the manual underwriting option they offer that gives more borrowers a chance at approval even if they don’t meet the common requirements.
>> More: New American Funding Mortgage Review
Wyndham Capital Mortgage FAQs
Is Wyndham Capital a Good Choice for Mortgages?
If you’re comfortable with a 100% online mortgage process, yes, Wyndham Capital is a great option for mortgages.
You’ll get fast service, on-demand pre-approvals, and instant pre-approval letters. You can get help from a loan officer when necessary and know that you’re getting some of the lowest fees in the industry.
How Do Wyndham Capital Mortgage Rates Compare to the National Average?
Rates can change at any time, but generally, Wyndham Capital Mortgage rates are lower than most other lenders, including other online lenders.
Does Wyndham Capital Offer Mortgage Refinance?
Wyndham Capital Mortgage offers a variety of mortgage options, including purchase and refinance options. You can even take a cash-out refinance if you qualify.
What Credit Score Do You Need for a Wyndham Capital Mortgage?
Every mortgage has different credit score requirements. But Wyndham Capital Mortgage offers FHA loans that typically allow a credit score as low as 580. It’s best to maximize your credit score as much as possible before applying for a mortgage.
Does Wyndham Capital Charge a Mortgage Origination Fee?
No, Wyndham Capital doesn’t charge any lender fees, however, the lender that funds your loan may charge fees. Always read the fine print or ask questions before accepting a loan.
Bottom Line: Wyndham Capital Mortgage Review
Wyndham Capital Mortgage is a great option for anyone comfortable applying for a mortgage online. You get the best of both worlds with low fees and instant approvals.
You may be able to close faster than any other lender allows and have more loan options at your disposal.