Wyndham Capital Mortgage is a direct banker that offers a quick and easy mortgage process. This lender offers a wide variety of products and programs with no hidden fees. Its online offerings include on-demand approval letters and closing documents that are accessible on any device. Wyndham Capital Mortgage is also well known for its responsive customer service team.
- Borrowers looking for a quick process
- Borrowers who want an all-in-one experience
- Borrowers with poor credit who are looking to refinance
- Offers an app that allows you to search for your new home, request a realtor and access preapproval letters
- Offers a $10,000 guarantee that it will get your home purchase closed on time
- Allows you to sign all of your closing documents online
- Only licensed in select states
- Lack of specific information about loan products on its website
Who’s Wyndham Capital Mortgage for?
When you’re searching for a lender, there are a number of the best mortgage companies you can choose from. Your options may be limited by your location and the mortgage type you are looking for.
If Wyndham Capital Mortgage serves your state, we think this is a good lender to look into. It offers several mortgage products to meet most every need and has a few special offerings that can set it apart.
We would recommend this lender in particular for:
Savvy Buyers
Wyndham Capital Mortgage can offer a lot to the savvy buyer. If you’re already familiar with the mortgage and closing process, this lender can make these steps move along quickly and conveniently. The tools offered by Wyndham Capital Mortgage allow for a great all-in-one experience to the savvy buyer.
Home Owners Looking to Refinance
Wyndham Capital Mortgage offers a few unique refinancing options. If you’re hoping to refinance for lower interest rates or to tap into your home equity, this lender probably has a refinancing product for you, such as their home equity loan.
Home Buyers with a Tight Timeline
One of the most unique things about Wyndham Capital Mortgage is its on-time closing guarantee. This guarantee may offer peace of mind if you’re on a strict timeline when it comes to your closing. For this reason, this Wyndham Capital Mortgage is among some of the better lenders for first time home buyers.
Wyndham Capital Mortgage Products
Wyndham Capital Mortgage offers several mortgage types. Here’s some information about each of its options.
Adjustable-rate mortgages: Wyndham Capital Mortgage offers 5-, 7- and 10-year adjustable-rate mortgages (ARMs). The starting interest rate on this mortgage type is typically lower than the fixed-rate mortgage options. The rate will then adjust after 5, 7 or 10 years, depending on which term you choose. This mortgage product offers flexibility, which can be useful if you’re planning to move and want to pay less interest before selling your home.
Conventional: This lender offers fixed-rate conventional mortgages in 15-, 20- and 30-year repayment terms. With conventional mortgages, it’s important to understand the repayment term options. If you choose the 15-year option, you can expect higher monthly payments than you would with the 20- or 30-year option. With this, you will be making monthly interest payments as well. To pay the least amount of interest over the lifetime of your loan, you will want to choose the 15-year repayment term.
FHA: FHA loans are a mortgage type that is insured by the Federal Housing Administration. This is a popular loan option among first time home buyers and buyers with lower credit scores. This mortgage type offers down payments as low as 3.5%. You may also be able to qualify for an FHA loan with a credit score as low as 580.
Jumbo: Jumbo loans allow you to borrow a larger amount of money than a traditional mortgage. The Federal Housing Finance Agency sets a maximum loan limit each year. In most areas of the country in 2019, that limit is $484,350. If you are planning to borrow above this limit for your home loan, you will likely need to take out a jumbo loan. This mortgage type is available in both adjustable and fixed mortgage rates. You should also know that you will need a higher credit score and income level to get approved for a jumbo loan.
VA: VA loans are guaranteed by the U.S. Department of Veterans Affairs. This mortgage type is available to military members and families who meet the service requirements. This mortgage type offers 0% down payments and flexible minimum credit requirements. Wyndham Capital Mortgage also offers fast approvals and higher loan-to-value ratios for VA loans. Your loan-to-value ratio is the amount you take out as a loan divided by the monetary value of your home.
Cash-out refinance: Cash-out refinancing allows you to turn your home equity into cash. Your home equity is the difference between the current market value of your home and the amount still left to pay on your mortgage. You can use this money to make repairs on your home, pay off other debts or make a purchase on a vehicle or other necessities. This mortgage product is available in 15-, 20- and 30-year repayment terms.
DU Refi Plus: Wyndham Capital Mortgage offers a mortgage product called the Desktop Underwriter (DU) Refi Plus. If your mortgage is owned by Fannie Mae, you may be able to use this mortgage product to refinance your mortgage with flexible options. This product was designed for borrowers who have good payment histories on their mortgages. If you’ve been unable to refinance your mortgage elsewhere for a lower payment, the DU Refi Plus can allow you to get a lower mortgage rate without mortgage insurance.
Streamline refinance: Wyndham Capital Mortgage offers two types of streamline refinance mortgage products — FHA and VA. These refinance options allow you to refinance your mortgage without undergoing an extensive qualification process. This efficient option may allow you to lower your interest rate, monthly payments or both.
Average Days to Close Loan
If you’d like to take advantage of Wyndham Capital Mortgage’s on-time closing guarantee, you should be aware of the requirements and restrictions.
During your closing process, you can expect to go through a few stages. After the seller has accepted your offer on the home, you will want to schedule a home inspection. This inspection will highlight any potential issues with the home so they can be fixed before the home becomes yours. You can negotiate with the seller to request to have them pay for the necessary repairs.
You can expect to pay a down payment of 3.5% or more of your home’s purchase price, depending on the mortgage type and terms you’ve chosen. Closing costs will also be paid during this process. You can expect your closing costs to equal anywhere from 2% to 5% of your home’s purchase price.
The average length of time to close a loan with Wyndham Capital Mortgage is 21 days. This timeline could vary, and you can expect a longer closing process for VA and jumbo loans.
Wyndham Capital Mortgage Credit Score Minimum
Your credit score can have a big effect on your mortgage approval and mortgage rate. When you submit your mortgage application, the lender will pull a credit report for you and any co-borrower on your application. The lender uses this application to determine your reliability and whether they can accept the risk of lending to you.
The score on your credit report is affected by several financial factors. To keep your credit score in good standing, be sure to make on-time payments on all of your loans and credit cards. You should also try to keep plenty of credit available on your cards and avoid applying for new lines of credit. If you send out several applications for new lines of credit and loans within a short time, that can hurt your credit score.
Wyndham Capital Mortgage requires a minimum credit score of 620 for its conventional mortgage products. If you are interested in an FHA loan, they may accept credit scores as low as 580.
Preapproval Documents
Before you begin the application process for your mortgage, you should gather the necessary documents. Wyndham Capital Mortgage requires the following:
- Your Social Security number and driver’s license
- Home addresses for the past 2 years
- The account numbers and balances for any checking, savings and retirement accounts
- Information about your credit card limits and balances
- Paycheck stubs detailing your monthly income
- W-2s from the past 2 years
- Federal income tax returns
- If applicable, a purchase contract for the home you’re buying
Customer Service
Wyndham Capital Mortgage offers direct access to its many loan officers on its website. From here, you can review each loan officer’s profile and access direct contact information for the loan officer you’d like to work with. Your loan officer will be your point of contact if you select Wyndham Capital Mortgage as your lender. They will evaluate your loan application and answer any questions you may have about Wyndham Capital Mortgage’s products and mortgage process.
Otherwise, you can speak with the customer service team at Wyndham Capital Mortgage via these methods:
By phone: 888-923-9911
By email: marketing@wyndhamcapital.com
Is Wyndham Capital Mortgage the Right Lender for You?
When purchasing a home, you should pay careful attention to each mortgage companies loan types and requirements. Wyndham Capital Mortgage has plenty of offerings to make it an attractive option for any home buyer. If you’re a savvy buyer who would like to take advantage of its on-time closing guarantee and the all-in-one home buying experience, Wyndham Capital Mortgage might be the right lender for you.
When choosing your lender, be sure to select one that offers you the level of customer service you want to receive. Reading customer complaints and understanding the industry standard is important in choosing the right lender. If you are comfortable with a mostly or all-digital mortgage process, Wyndham Capital Mortgage can meet those needs. However, if you prefer to have loan officers and a customer service team you can meet with in person, you should look for a lender who can offer that experience.
When you’re ready to move forward in your home-buying process, the first thing you should do is understand your financial situation and get a quote. Remember, your quote will vary depending on whether you are making a home purchase or if you would like to refinance. This information can help get you to choose a lender who can meet your needs.
Frequently Asked Questions
How do I get pre-approved?
First, you need to fill out an application and submit it to the lender of your choice. For the application you need 2 previous years of tax returns including your W-2’s, your pay stub for past month, 2 months worth of bank statements and the lender will run your credit report. Once the application is submitted and processed it takes anywhere from 2-7 days to be approved or denied. Check out our top lenders and lock in your rate today!
How much interest will I pay?
Interest that you’ll pay is based on the interest rate that you received at the time of loan origination, how much you borrowed and the term of the loan. If you borrow $208,800 at 3.62% then over the course of a 30-year loan you will pay $133,793.14 in interest, assuming you make the monthly payment of $951.65. For a purchase mortgage rate get a quote here. If you are looking to refinance you can get started quickly here.
How much should I save for a down payment?
Most lenders will recommend that you save at least 20% of the cost of the home for a down payment. It is wise to save at least 20% because the more you put down, the lower your monthly payment will be and ultimately you will save on interest costs as well. In the event that you are unable to save 20% there are several home buyer programs and assistance, especially for first time buyers. Check out the lenders that specialize in making the home buying experience a breeze.
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