Wyndham Capital Mortgage Review 2023

How we calculated this rating here

Editors note: Wyndham Capital was recently acquired by SoFi Mortgage in April 2023.

SoFi Mortgage is an online mortgage lender based in Charlotte, North Carolina. Founded in 2001, Wyndham Capital has closed over 76,000 loans worth $22.7 billion, including $5.4 billion in 2020 alone. 

The company offers fixed-rate and adjustable-rate mortgages, as well as jumbo loans and government-back loans. Wyndham Capital has been accredited by the Better Business Bureau since 2002 and has an A rating from the organization. 

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Regions Served by Wyndham Capital

Does Wyndham Capital Operate in My Area?

SoFi Mortgage is licensed to operate in 30 states, plus Washington, D.C. Residents of Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Washington D.C., Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin and Wyoming can get a home loan through this lender. The company does not current operate in Hawaii, Massachusetts or New York.

While Wyndham Capital is primarily an online mortgage lender, the company does have several branch locations throughout Arizona, Florida, Georgia, Kansas, Maryland, Missouri, South Carolina, Texas and Utah.

What Kind of Mortgage Can I Get With Wyndham Capital?

Fixed-rate mortgage: Wyndham Capital offers fixed-rate mortgages to customers who are seeking predictable monthly payments based on an interest rate that remains the same for the duration of the loan. For this reason, fixed-rate mortgages are the most common type of financing. 

Adjustable-rate mortgage: Unlike a fixed-rate loan, an adjustable-rate mortgage or ARM has an interest rate that changes, usually on a yearly basis. ARMs start off with an initial fixed-rate period during which the interest rate remains static for several years before periodic adjustments that are tied to a predetermined index. Wyndham Capital offers ARMs with initial fixed-rate periods of five, seven or 10 years. 

Jumbo loan: Wyndham Capital offers jumbo loans to qualified customers who require mortgages that exceed the conforming loan limits set by the Federal Housing Finance Agency. Homebuyers who require a loan of more than $647,200 in most areas of the country in 2022 will need a jumbo loan. For designated high-cost areas, that limit jumps to $970,800.

FHA loan: Guaranteed by the Federal Housing Administration, FHA loans help first-time homebuyers and people with lower credit scores purchase homes. While FHA loans require a down payment of just 3.5%, they also come with mortgage insurance.

VA loan: Veterans Affairs or VA loans are backed by the U.S. Department of Veterans Affairs and aim to help veterans, surviving spouses and current members of the military become homeowners. Unlike conventional and FHA loans, VA loans do not require a down payment or mortgage insurance. However, those who use a VA loan to buy a home will have to pay a funding fee. 

USDA loan: Like FHA and VA loan, U.S. Department of Agriculture (USDA) loans are government-backed mortgages aimed at helping certain people become homeowners. USDA loans are available in specified rural areas for buyers with low or moderate incomes. Similar to VA loans, USDA loans do not require a down payment or mortgage insurance.

Cash-out refinance: Wyndham Capital offers cash-out refinances to help current homeowners convert home equity into cash help for covering other financial needs, like college tuition or home improvements. 

What Can You Do Online With Wyndham Capital?

If you’re a prospective borrower, you can apply for a mortgage online through the Wyndham Capital website. Even if you haven’t already identified a property you wish to purchase, Wyndham Capital can supply you with a pre-approval letter that will indicate to sellers that you’ve already been approved for a specific loan amount. 

If you wish to contact a loan officer directly, you can find one in your area using the Wyndham Capital website. You can also get rate quotes on the company’s website and compare those rates to other lenders. Additionally, Wyndham Capital has several calculators on its website that can help prospective buyers or homeowners looking to refinance.

The company also has an eClosing feature that will allow you to finalize your purchase online by signing paperwork from the comfort of your home and forgo a traditional in-person closing. 

Would You Qualify for a Mortgage From Wyndham Capital?

To qualify for a mortgage with Wyndham Capital, the company will examine your credit by taking into account your history of payments, any outstanding debt, length of your credit history, types of credit and any new accounts you may have established recently. To qualify for a conventional loan, borrowers typically need a credit score of at least 620. However, the credit requirements for FHA loans are usually less stringent, dropping to 580. There is no minimum credit score requirement for VA or USDA loans, although the lender may impose a minimum. 

Wyndham Capital will also consider your debt-to-income ratio, the percentage of your monthly income allocated to debt payments. Like other mortgage lenders in the U.S., Wyndham Capital adheres to the government’s conventional loan limits. For purchases that require loans that exceed these limits, you’ll need to apply for a jumbo loan.

What’s the Process for Getting a Mortgage With Wyndham Capital?

Whether you’ve already found a home you want to purchase or haven’t started your search, the process with Wyndham Capital starts with pre-approval. Not to be confused with the less thorough pre-qualification process, Wyndham Capital’s Priority Purchase pre-approval will examine your credit history, paystubs, tax returns and other documents. If pre-approved, you’ll receive a letter from Wyndham Capital stating that you can get a loan for a specified amount, which may help your eventual offer stand out with a seller. 

Once you’ve found a property you want to buy, you’ll make an official offer to the seller. When a written agreement has been signed by both you and the seller, you’ll make your deposit of earnest money, a good faith deposit that's made during a process formally known as “opening escrow.” At this point, an underwriter will review the specifics of your loan and decide whether to approve or deny your mortgage. If approved, the company will send everything to its funding department. 

Wyndham Capital prides itself on its ability to close loans in a timely fashion. In addition to its eClosing feature, the company says you can expect your loan to close 15% faster than the industry average. In fact, if the company fails to close your loan on time as promised, Wyndham Capital will guarantee a credit of up to $10,000 toward your eventual closing costs. 

How Wyndham Capital Stacks Up

Wyndham Capital certainly fits the bill of a modern mortgage lender, integrating its technology and online platform into the mortgage application process. The company has a competitive lineup of mortgage products similar to most lenders, from conventional loans to government-backed mortgages and jumbo loans. 

What sets Wyndham Capital apart from other lenders is the company's eClosing feature that allows homebuyers to close from anywhere, as well as its promise to contribute $10,000 to your closing costs if your loan doesn't close on time. 

Tips for Finding the Best Mortgage

• When looking for a mortgage lender, shopping around for the best interest rate is an important part of the process. SmartAsset's rate comparison tool can help you survey the mortgage market and identify lenders you may want to work with. 
• A home can be the most valuable asset a person owns. A financial advisor can help you save for that big purchase and create a financial plan that takes your home's value into account. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.