Wyndham Capital Mortgage Review for 2022

Wyndham Capital is a primarily online mortgage lender with a wide range of home buying and refinance loan options. Learn more about Wyndham Capital here.

Wyndham Capital
Minimum down payment3%
Minimum credit score580
Loan Products Offered

Conventional mortgages
FHA, VA, and USDA loans
Jumbo loans

Best Features

  • Rate transparency and no loan origination fee
  • On-time closing guarantee
  • Wide selection of home loans for purchases and refinances

Drawbacks

  • Limited number of branch locations
  • Not licensed in every state
  • No home equity loans

Overview

Wyndham Capital uses innovative digital tools to create an online mortgage experience that’s fast and transparent.

Whether you’re buying a home or refinancing your mortgage, Wyndham Capital’s knowledgeable loan experts can help you find the right loan for your needs. Options include conventional loans, fixed- and adjustable-rate mortgages, jumbo loans, and government-backed loans.

The company also offers online tools such as affordability calculators and plenty of resources to help you understand the loan process.

But while Wyndham Capital receives positive reviews from customers, the lender has few physical branches. So borrowers should expect a mostly digital experience.


Wyndham Capital mortgage rates

In 2021 (the most recent data available), Wyndham Capital’s average 30-year mortgage rates were on-par with larger mortgage companies. Indeed, a competitive rate wasn’t the only place homeowners saved; borrowers didn’t pay any lender fees with Wyndham Capital. This is a unique benefit, considering how many underwriters charge an origination fee of around 1% of the loan balance.

Average mortgage rates at major lenders

Wyndham CapitalRocket MortgageWells FargoFreedom Mortgage
Avg 30-Yr Interest Rate, 202113.00%3.00%3.14%2.66%
Median Total Loan Costs, 20211$1,763$4,670$3,600$3,880
Median Origination Fee, 20211$0$2,430$1,330$0

Average rate and fee data were sourced from public rate and fee records required by the Home Mortgage Disclosure Act (HMDA).

Mortgage interest rates vary from lender to lender, so it’s important to shop around to see which can offer you that great rate. Factors that influence rates include trends in the real estate market, your history, and the size of your down payment.

Wyndham Capital mortgage review for 2022

Wyndham Capital Mortgage is an online mortgage lender based in Charlotte, North Carolina. It uses a variety of digital tools to simplify the mortgage application process, often allowing its customers to close faster and more easily.

Wyndham offers conventional loans, jumbo loans, and adjustable-rate mortgages, as well as government-backed FHA, VA, and USDA loans. Borrowers can also choose from a variety of mortgage loan terms. A 15-year and 30 year-mortgage are common products, yet Wyndham Capital also gives the option of a 10-year and 20-year term. Unfortunately, the company doesn’t offer home equity loans.

Wyndham advertises its current mortgage rates online, so you can easily compare it with other lenders at a glance. Keep in mind, though, that rates are unique to each borrower and yours could be very different from what you see advertised. So be sure to get a custom rate quote if you’re considering working with the company.

Another notable feature is the company’s $5,000 “on-time closing guarantee” for home purchase loans. If your loan isn’t underwritten by the closing date, you can receive up to $5,000, split evenly between you and the seller.

Although Wyndham Capital has a few physical branches across the nation, the entire mortgage loan process can also be handled online, anywhere and at any time.

Working with Wyndham Capital

Start your mortgage journey by comparing Wyndham Capital mortgage rates with those of other lenders. You can check your rates easily on Wyndham’s website.

Provide your ZIP Code and choose the type of loan you need (new purchase or refinance). Next, enter information about your down payment, credit score, and financial background. You’ll then receive a customized rate quote without having to submit a full loan application.

To proceed with a mortgage, complete the online application and upload your supporting documents to the lender’s secure portal for preapproval. This lender’s Priority Purchase Program can create preapproval letters on the spot.

You can also take advantage of Wyndham’s online tools such as refinance calculators, affordability calculators, and a rent vs. own calculator. This can help you make an informed decision about buying or refinancing.

Wyndham Capital’s online mortgage experience — from digital preapproval letters to eClosing — allows many of its customers to close up to one to two weeks faster than the industry average, according to the company’s website.

Wyndham Capital customer service reviews

Wyndham Capital doesn’t have a J.D. Power Satisfaction score, but it has only five complaints lodged against it with the Consumer Federal Protection Bureau (CFPB). This is far less than some other mortgage companies.

Customer service reviews at major lenders

CFPB Complaints, 20214Complaints Per 1,000 Mortgages, 20215J.D. Power Satisfaction Score, 20216
Wyndham Capital50.14Not Rated
Rocket Mortgage3760.24876/1,000
Wells Fargo4880.58832/1,000
Freedom Mortgage2620.35829/1,000

Generally speaking, customers have been satisfied with the level of service and speed of their closings.

On Zillow’s forum, Wyndham Capital has 4.96 stars out of 5 based on thousands of reviews. Most customers described working with the lender as an “excellent experience” and felt their loan officer offered them a “great rate” and closing costs were reasonable and lower than expected. Similarly, the lender receives 4.9 stars out of five from reviewers on Lending Tree.

Mortgage loan products at Wyndham Capital

Here’s a look at home buying and refinance options with Wyndham Capital:

  • Conventional loan: A loan conforming to guidelines set by Freddie Mac and Fannie Mae. First-time home buyers can qualify with as little as 3% down and a 620 minimum credit score. You can usually stop paying private mortgage insurance (PMI) after a few years
  • Jumbo loan: Higher loan amounts than conforming loans, generally for mortgages over $. You can qualify at Wyndham with a minimum 10% down payment and a credit score of 700 or more
  • FHA loan: These loans are popular with first-time home buyers and repeat buyers. You can get an FHA loan with a credit score as low as 580 and a minimum down payment of 3.5%. These loans are backed by the Federal Housing Administration
  • VA loan: These zero-down mortgage loans are available to active-duty military members, veterans, their surviving spouses, and other select service members. According to a company representative, there isn’t a minimum credit score required for a VA loan with Wyndham Capital
  • USDA loan: This is another zero-down mortgage loan, but to qualify you must purchase a home in an eligible rural area. You need a minimum credit score of 640 and your annual household income cannot exceed the income limit for your area
  • Fixed-rate mortgages (FRMs): Fixed-rate loans allow you to secure a mortgage rate for the life of the loan. Choose between 15 and 30-year loan terms. This loan type is ideal for those who want regular monthly mortgage payments
  • Adjustable-rate mortgages (ARMs): Adjustable-rate loans let you fix your rate for the first five, seven, or 10 years of your loan. After that, your rate will float with the market

Wyndham offers home purchase loans for condos, townhomes, and mobile/manufactured homes in addition to the traditional, single-family home.

Refinancing with Wyndham Capital Mortgage

Besides home purchase loans, Wyndham also offers refinancing. Homeowners can choose between refinance loans that will lower their monthly payments, reduce interest repayment, or tap home equity.

  • Rate-and-term refinance: Exchange your original mortgage with a new one that offers more favorable loan terms or a lower interest rate
  • Cash-out refinance: Access your home’s value by replacing your current mortgage with a new, larger loan amount, and then receiving the difference as a lump sum of cash
  • FHA Streamline Refinance: This is a low-cost refi loan that allows borrowers to lower either their interest rate or monthly payment
  • VA IRRRL: Also known as the Veterans Affairs Interest Rate Reduction Refinancing Loan, this is a low-doc, low-cost mortgage refinance

If you’re still uncertain about which purchase or refi loan program is right for you, a Wyndham loan officer can help you determine which mortgage product is best suited to your financial situation.

Where can I get a mortgage with Wyndham Capital?

Wyndham Capital is licensed to underwrite mortgage loans in most states and Washington D.C. Borrowers can apply online, get preapproval letters digitally, and close electronically. The company also has branches in a few select states, including Arizona, Georgia, Kansas, Maryland, Missouri, North Carolina, South Carolina, and Utah.

However, home buyers in Hawaii, Massachusetts, and New York will need to look elsewhere — Wyndham is not licensed in those states.

Is Wyndham Capital the best mortgage lender for you?

Wyndham Capital offers a generous selection of mortgage programs and loan terms as well as lower mortgage fees. This lender may be worth a look if you want to reduce your out-of-pocket costs without skimping on service or options.

You can use the lender whether you’re buying or refinancing. But if you’re looking to get cash from your equity, it doesn’t offer home equity loans. Your only option is a cash-out refinance.

Although Wyndham Capital is licensed in most states, it has few physical branches. Only apply if you’re comfortable with a fully digital experience, which involves uploading documents to an online portal and scheduling eClosings.

Sources:

  1. Average mortgage rates and fees sourced from self-reported data mortgage lenders are required to file under the Home Mortgage Disclosure Act. Rates and fees shown reflect the previous year’s data and may not align with today’s mortgage rates
  2. Monthly principal and interest payments calculated using TheMortgageReports.com mortgage calculator. Payments shown are based on a $200,000 loan amount and assume a “very good” credit score. Property taxes and homeowners insurance are not included. Your own monthly payment will vary
  3. Number of mortgage originations for the previous year sourced from self-reported data mortgage lenders are required to file under the Home Mortgage Disclosure Act
  4. CFPB Complaints reflect the number of mortgage origination or closing-related complaints filed with the Consumer Financial Protection Bureau for the previous year
  5. Complaints per 1000 mortgages reflect the number of official complaints filed against a lender with the CFPB for the previous year, compared to the lender’s total number of mortgage originations for the previous year
  6. JD Power Rating reflects the company’s customer satisfaction score according to JD Power’s most recent Primary Mortgage Origination Satisfaction Study. Survey respondents score their lenders in four areas: application/approval process, communication, loan closing, and loan offerings