Unless you have money for a cash offer, buying a home usually involves applying for a loan. Touring homes on the weekend can be fun, but applying for a mortgage and having someone scrutinize your finances is less enjoyable. One of the keys to having a smooth mortgage experience is choosing an experienced, reputable lender.
In this review, we explore what Wyndham Capital Mortgage has to offer and what its customers are saying so you can make an informed decision about the lender.
- An overview of Wyndham Capital Mortgage
- Which loan products does Wyndham Capital Mortgage offer?
- Conventional mortgages at Wyndham Capital Mortgage
- FHA mortgages at Wyndham Capital Mortgage
- VA mortgages at Wyndham Capital Mortgage
- Jumbo mortgages at Wyndham Capital Mortgage
- Cash-out refinancing at Wyndham Capital Mortgage
- What Wyndham Capital Mortgage customers are saying
- FAQs about Wyndham Capital Mortgage
- The final word on Wyndham Capital
An overview of Wyndham Capital Mortgage
Wyndham Capital Mortgage is a mortgage company based in Charlotte, North Carolina,
established in 2001 by Jeff Douglas with a goal of offering top-notch customer service and competitive deals. Douglas founded the company to make the mortgage process less cumbersome by using fintech.
One way Wyndham Capital Mortgage sets itself apart is with its On-Time Closing Guarantee. This guarantee could give you up to $5,000 if you turn in the documents required to close but your closing date gets pushed back (of course, it also notes that exclusions may apply).
WCM also claims it doesn’t charge any lender fees such as application fees, processing fees, or underwriting fees. It also notes that there may be fees charged by third parties for your appraisal, title, and taxes. In other words, while Wyndham Capital doesn’t charge fees, other providers it works with could charge you fees.
Today, Wyndham Capital Mortgage employs more than 700 people, has closed on over 76,000 loans, and is licensed in 47 states and Washington, D.C.
Which loan products does Wyndham Capital Mortgage offer?
Wyndham Capital Mortgage offers a variety of loan options for new home purchases and refinances, including conventional, Federal Housing Administration, Veterans Affairs, and jumbo loans.
Conventional mortgages at Wyndham Capital Mortgage
You may not need a huge amount of money saved to qualify for a Wyndham Capital Mortgage conventional loan. As little as 3% down may be enough to get approved, as long as you agree to make private mortgage insurance (PMI) payments.
Conventional conforming loans through Wyndham Capital Mortgage offer flexible repayment terms and a fixed interest rate and adjustable-rate options. However, these mortgage loans are geared toward borrowers with decent credit. Although a minimum score of 620 may be enough to qualify, and a higher score could help you land a more competitive interest rate.
|Loan term||10 to 30 years|
FHA mortgages at Wyndham Capital Mortgage
For homebuyers with less-than-perfect credit, Wyndham Capital Mortgage offers FHA loans backed by the Federal Housing Administration. With this loan, you may qualify with a credit score of 500 as long as your FHA loan down payment is 10% or more. If you have a credit score of 580 or higher, you may qualify with a down payment of as little as 3.5%.
FHA mortgages do require upfront and annual mortgage insurance premium (MIP) payments. The upfront MIP is 1.75% of your loan, and the annual MIP varies depending on your loan amount and your down payment. Rather than paying MIP at once each year, it’s typically broken into monthly installments paid with your mortgage.
If you put 10% or more down, your MIP payments may be removed after 11 years. If you put less than 10% down, MIP stays around for the life of the loan — but you could get rid of this extra monthly cost by refinancing to a conventional loan after you build up 20% equity.
In addition to providing FHA loans for new purchases, Wyndham Capital Mortgage offers FHA streamline refinances to help you secure a better rate or payment on an existing loan.
|Loan amount||For 2022, up to $420,680 or $970,800 in high-cost of living areas|
|Loan term||Up to 30 years|
VA mortgages at Wyndham Capital Mortgage
Wyndham Capital Mortgage also offers VA loans, which are backed by the Department of Veterans Affairs and may provide up to 100% financing to qualifying service members, veterans, and spouses. That means that you may not be required to make a down payment. In order to qualify, you must turn in a certificate of eligibility, which you can get from the VA or through the lender.
VA loans may come with low closing costs and do not require mortgage insurance, but there is a funding fee you can either pay upfront at closing or finance with your mortgage. If you do finance the fee, your monthly payment may be higher.
The VA doesn’t set minimum requirements for what credit score you need to qualify for a VA loan; instead, lenders can set minimums. Shopping around with multiple lenders could help you find one that may accept your credit profile. Wyndham Capital Mortgage also offers VA Streamline Refinances, which could help decrease your rate or payment on an existing loan.
|Loan term||Up to 30 years|
|Credit needed||No minimum|
Jumbo mortgages at Wyndham Capital Mortgage
Jumbo mortgages are loans that exceed the loan limits set by the Federal Housing Finance Agency, Fannie Mae, and Freddie Mac. The loan limits are $647,200 in most areas but can go up to $970,800 in higher-cost areas.
To qualify for a jumbo loan, lenders usually want to see that you have strong credit and stable finances. For example, Wyndham Capital Mortgage recommends a minimum credit score of 700, a low debt-to-income ratio, plus some money socked away in cash reserves to get approved.
|Loan amount||Higher than conforming limits|
|Loan term||Up to 30 years|
Cash-out refinancing at Wyndham Capital Mortgage
Homeowners might be interested in Wyndham Capital’s cash-out refinance options. This type of refi lets you take money out of your home equity during the refinancing process if you qualify. Unlike a home equity loan where you’re taking out a separate, second loan, a cash-out refinance bundles what you borrow into your new mortgage.
This is done by offering you a new loan with a higher loan amount than what you currently owe and you get the difference in cash. This new loan replaces your current mortgage. For example, if you have a home loan of $350,000, you could refinance to a $375,000 loan and take out $25,000 if you met Wyndham Capital’s requirements.
Just keep in mind that you may be limited to taking out up to 80% of your home’s equity, and there may be closing costs involved. These costs could mean you get less cash in hand, so factor that into the equation when deciding how much to borrow.
|Loan term||15, 20, 30 years|
|Credit needed||Not disclosed, but lenders typically allow fair and poor credit|
What Wyndham Capital Mortgage customers are saying
Wyndham Capital Mortgage gets an A rating from the Better Business Bureau and has mostly positive remarks from customers on the Better Business Bureau site. It’s been awarded 4.58 out of 5 stars as of March 31, 2022, by respondents who say communication from loan officers is clear and the mortgage processes are quick.
A few negative reviews about the company discuss concerns with data security, document errors, poor communication with their underwriter, and financing delays. However, Wyndham Capital Mortgage appears to monitor Better Business Bureau complaints actively and follows up with people who’ve had a bad experience.
FAQs about Wyndham Capital Mortgage
How big is Wyndham Capital Mortgage?
Wyndham Capital Mortgage is a large business that’s closed on more than 76,000 loans and provided borrowers over $22 billion. In 2020 alone, it funded 14,000 loans.
What is the average down payment for a Wyndham Capital mortgage?
Wyndham Capital Mortgage doesn’t publish the average down payment for loans. But if you’re wondering how to get a loan with flexible down payment requirements, Wyndham Capital Mortgage has several options to consider.
With a conventional loan, you may be able to put down just 3% with PMI. An FHA loan allows a down payment as low as 3.5% down with mortgage insurance premiums, and a VA loan may let qualifying service members buy a home with no down payment at all.
That said, if you have access to more cash, it could make sense to bring more to the table than the bare minimum. That’s because a higher down payment could help you land a better mortgage rate, and borrowing a smaller sum could mean a lower monthly payment.
How many employees does Wyndham Capital have?
Wyndham Capital Mortgage has more than 700 employees.
The final word on Wyndham Capital
Wyndham Capital Mortgage says it uses bots for automation, and that this tech helps them speed up the mortgage application process. Once preapproved for a loan, you may be able to close with Wyndham Capital Mortgage in 30 to 45 days, but this time frame could vary.
If you’re looking for a fast and digital way to take out a new loan or refinance an old one, Wyndham Capital Mortgage could be a good choice. As with many lenders, it offers rate quotes and preapproval letters online. It also has its closing guarantee.
If you want to compare Wyndham Capital Mortgage offers with other options (it’s generally best to get quotes from multiple lenders), our roundup of the best mortgage lenders highlights other lenders to consider.