Viewing Your Wintrust Mortgage Statement: A Step-By-Step Guide

If you're looking to view your Wintrust Mortgage statement, there are a few steps you can take. Firstly, understand that a mortgage is a loan from a financial institution with a specific interest rate over a fixed period to help finance your home purchase. Your monthly statement will include portions of the principal (the amount borrowed), interest, property tax, insurance, and mortgage insurance. To request a payoff quote, which will give you the remaining balance on your mortgage loan, you can email Wintrust or visit a Wintrust Community Bank location. This quote will include your outstanding principal balance, accrued interest, late charges, and fees. It's important to note that interest accrues daily, so your payoff amount may differ from the principal balance on your monthly statement.

Prequalification and pre-approval

Prequalification is an early step in the homebuying journey. It is a quick and easy way to see how much you may be able to borrow for a mortgage. You will need to give your lender some basic financial information, such as your income and expected down payment, and you will get an estimated price range in minutes. Prequalification can be done online, in person, or over the phone. It is a good way to learn about different mortgage options and work with your lender to identify the right fit for your needs and goals. It is not a guarantee that you will get a mortgage, and it may not be necessary to get a credit check.

Pre-approval is a more official step that requires the lender to verify your financial information and credit history. You will need to provide documents such as pay stubs, tax returns, and your Social Security card. You will receive a pre-approval letter, which indicates that a lender has verified your financial information and that you can afford a mortgage. The letter will give an exact amount you can spend on a home purchase, pending final approval later on. Pre-approval gives you a competitive edge over other buyers in the market and lets sellers know that you already qualify for home financing. It is usually only valid for 90 days and will show as an inquiry on your credit report.

Payoff quotes and payoff amounts

To request a payoff quote to find out the remaining balance on your Wintrust Mortgage loan, you must email [email protected]. Be sure to include your name, account number, good-through date, and signed authorisation if the request is to go to a third party. The good-through date on your quote is the day your payoff must be received to pay off your loan. If you don't pay off your mortgage by that date, you'll need to request an updated quote and send the payoff by the new good-through date.

Your payoff quote will include your outstanding principal balance, accrued interest, late charges and fees, and any other amounts. Since interest accrues daily, your payoff amount will likely be different from the principal balance shown on your monthly statement.

Payments generally post overnight, so for an accurate payoff figure, request your payoff one day after making a payment. If you're refinancing your current Wintrust Mortgage with a new Wintrust Mortgage loan, your closing agent will guide you through the payoff process of your refinance.

To have your payoff applied on the same day, have your financial institution send your wire transfer before 6 pm Central Time (Monday through Friday) using the following instructions:

• Barrington Bank & Trust Account number: XXXXX
• ABA routing number: 071925651
• Account name: [Your name]
• Mortgage account number
• Property address
• Closing agent's contact information (if applicable)

To have your mortgage payoff applied on the next day, mail a personal check, cashier's check, or money order by FedEx, UPS, DHL, or Priority Mail Express to:

Wintrust Mortgage

Attn: Residential Loan Servicing Department

9700 W. Higgins Road, Ste. 300

Rosemont, IL 60018

Payoff methods

To pay off your Wintrust Mortgage, you must first request a payoff quote to find out the remaining balance on your mortgage loan. This will include your outstanding principal balance, accrued interest, late charges and fees, and any other amounts. As interest accrues daily, the payoff amount will likely differ from the principal balance shown on your monthly statement.

To request a payoff amount, email [email protected] with the name, account number, good-through date, and signed authorization if the request is to go to a third party. The good-through date on your quote is the deadline by which your payoff must be received to pay off your loan. If you don’t pay off your mortgage by that date, you’ll need to request an updated quote.

You can also mail a personal check, cashier’s check, or money order by FedEx, UPS, DHL, or Priority Mail Express to the following address:

Wintrust Mortgage

Attn: Residential Loan Servicing Department

9700 W. Higgins Road, Ste. 300

Rosemont, IL 60018

Checks and money orders must be issued within the United States and in US Currency. Payoffs made with international checks will not be accepted.

After you pay off your loan, Wintrust Mortgage will send you confirmation within 10 days. If you overpay, they will send you a refund by mail within 20 calendar days to the mailing address listed on your payoff quote. If you have money remaining in your escrow account, this will also be refunded by mail within 20 business days.

You can also make your mortgage payment online by logging on to Barrington Bank & Trust personal online banking.

What happens after you pay off your loan

Paying off a loan is a huge relief and a significant milestone. However, there are a few things to keep in mind and some steps to take to ensure everything is wrapped up. Firstly, contact your lender to get the final payoff amount, as it may differ from your previous payments, and you don't want to be caught off guard by extra interest charges. Once you've made the final payment, be sure to cancel any automatic monthly payments to avoid overpayment. It is also important to get proof or a certificate of satisfaction that the loan has been fully paid off for your records. You can request this from your local county recorder or clerk. Additionally, if you have an escrow account, you may receive a refund by mail within 20 business days of your payoff being processed.

While paying off a loan can improve your financial track record in the long term, it may not immediately increase your credit score. In fact, for some loans, a payoff can lead to a temporary decrease in your credit score due to factors such as the average account age and credit mix. Nonetheless, your score should recover quickly, and you can now focus on paying off other debts or making savings a higher priority.

It is worth noting that paying off a personal loan early may be subject to a prepayment penalty fee, which varies from lender to lender. This fee could be calculated based on a percentage of the loan balance or the lender's loss of interest. However, there are lenders, such as SoFi and LendingClub, that do not charge prepayment penalties.

Getting a mortgage lien release

To view your Wintrust Mortgage statement, you can log on to Barrington Bank & Trust personal online banking. Here, you can review your mortgage account information. Alternatively, you can request a payoff quote to find out the remaining balance on your mortgage loan. This can be done by emailing [email protected] and including your name, account number, good-through date, and signed authorisation if the request is to be sent to a third party.

A mortgage lien release is a document that proves the borrower has paid off the mortgage in full, removing the loan's lien on the property and transferring the title to the borrower. To obtain a mortgage lien release, the following steps should be taken:

Request a Payoff Letter

The first step is to request a payoff letter from your lender. This document details the exact amount of money needed to fully pay off your mortgage loan. It will include the deadline by which the specified payment must be made, as well as information on how to make the payment, any associated charges or fees, and prorated amounts.

Make the Payment

Once you have received the payoff letter, you can make the payment by the specified deadline. This can typically be done by wire transfer or check. It is important to note that if you are paying by check, you should be aware that the amount owed may change due to accruing interest. Therefore, it is recommended to use the loan balance shown on your last statement as a reference only.

Receive Payoff Verification

After your payment has been processed, you will receive a payoff verification letter from your lender confirming that your loan has been paid in full. This letter is important to keep for your records.

Official Recording of the Mortgage Lien Release

Even after receiving the payoff verification letter, the lien will remain on the property until the mortgage lien release is officially recorded. Wintrust Mortgage will send the applicable documents to your county recorder's office, and they will record the lien release and return the satisfaction document. This process typically takes 60-90 days from the date of your final payment.

It is important to note that until the mortgage lien release is officially recorded, the lien will remain on the property as a title defect. Therefore, it is crucial to follow these steps carefully and allow sufficient time for the process to be completed.

Frequently asked questions