Wyndham Capital Mortgage

Wyndham Capital Mortgage

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Written by Sandy Baker
Edited by Cassidy McCants

About Wyndham Capital Mortgage

Wyndham Capital Mortgage (NMLS #2948) is a fully online mortgage lender with a broad selection of loan types for purchasing and refinancing, including conventional, FHA, VA, USDA and jumbo loans. The company charges zero “junk lender fees” and promises a $5,000 credit if you don’t close on time. Wyndham is available to customers in all states except Hawaii, Massachusetts and New York.

Pros

  • Highly automated application process
  • No application, processing or underwriting fees
  • Full preapproval for home shopping
  • Emphasizes fast closing

Cons

  • No branches with in-person service
  • Not available in all states

Bottom Line

Wyndham Capital Mortgage provides a fully digital mortgage lending experience, featuring online rate quotes, streamlined preapproval and electronic closing. It doesn't charge lender fees and guarantees you close on time. Wyndham has a variety of conventional and government-backed loan options for purchasing and refinancing.

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Looking to refinance your mortgage?

See which lender is best for you!

View Rates

Rates

Wyndham Capital Mortgage provides initial rate information online when you click on “Online Rate Quote” and enter details. You can see rates by answering questions about the following:

  • Whether you want a purchase or refinance loan
  • The type of property securing the loan
  • How you plan to use the property
  • The property ZIP code (or address if refinancing
  • Property value (if refinancing)
  • Mortgage balance (if refinancing)
  • Your credit score range
  • The purchase price
  • Your employment status
  • Your down payment amount
  • Whether you’ve filed for bankruptcy or foreclosure in the past seven years
  • Whether you’ve served in the military

When you’re comparing mortgage rates, it’s important to keep in mind the difference between interest rate and APR. (Wyndham Capital shows both.) The interest rate is the cost of borrowing, while the APR includes interest plus other fees associated with the loan, so it better reflects total costs. Both are expressed as annual percentages of the amount borrowed.

Also, note the difference between a fixed- and adjustable-rate mortgage. Because rates have been rising in 2022, we’re likely to see more interest in adjustable-rate mortgages (ARMs), which start with an initial period of a relatively low fixed rate before resetting. When rates are lower, fixed-rate options tend to be the safer way to go — if you start with a low rate, you might not want to risk your rate increasing over time.

In 2021, Wyndham Capital’s average home purchase rate was 0.12% below the national average. Over the past three years, it’s remained close to the average nationally.

Wyndham Capital average home purchase rate vs. national average

YearDifference from national average
2021-0.12%
2020-0.03%
2019+0.08%
Information pulled from public Home Mortgage Disclosure Act data. Rates reflect noncommercial home purchase loans only.

Application process

Wyndham Capital Mortgage’s application is fully digital. To get the process started on the company’s website, you click “Apply” and start answering questions about whether you want to purchase or refinance, your identity, your assets and other information. You can request an online rate quote first.

As part of the application, you can upload documentation relating to your ID, income and other personal and financial information. If the company has questions, you’ll receive an email or phone call to clarify.

Wyndham Capital Mortgage application features

FeaturesAvailability
Online application
Mobile document upload
Physical branchesNone
Publishes minimum rate on website
Rate lock30 to 45 days
Pre-qualification (no hard credit pull)
Certified approval letter

Loan types

Wyndham Capital Mortgage offers conventional loans with fixed and adjustable rates ranging from 10 to 30 years. The company offers jumbo loans, FHA loans, VA loans and USDA loans.

In 2021, Wyndham Capital received 3,650 home purchase applications. That year it closed 2,048 purchase loans (56% of applications) and denied 195 (5%) home purchase applications.

Loan applications for home purchases only by year

202120202019
Home purchase applications3,6502,1472,846
Home purchase loans closed2,0481,2181,494
Home purchase applications denied19555119
Home purchase preapprovals denied000
Information pulled from public Home Mortgage Disclosure Act data. Includes conventional, USDA, VA and FHA mortgages.

Refinancing

As rates dropped to historic lows in 2020 and 2021, more borrowers looked to refinance existing loans. Homeowners refinance to get better terms and lower payments or to get cash out of their home equity.

In both 2020 and 2021, a majority of the home loans Wyndham Capital Mortgage made were refinance loans.

Home purchase vs. refinance loans by year

202120202019
Home purchase loans10.98%8.32%21.05%
Refinance loans49.97%38.78%22.77%
Cash-out refinance32.88%52.9%26.75%
Information pulled from public Home Mortgage Disclosure Act Data. Includes conventional, USDA, VA and FHA mortgages.

Requirements

To apply for a mortgage with Wyndham Capital Mortgage, you need:

  • Pay stubs covering the past month
  • W-2s from the last two years
  • Tax returns from the last two years (if you’re self-employed)
  • Bank statements from the past two months
  • Proof of employment
  • Investment statements from the last two months (if you’re using them to qualify)

Wyndham uses this information, your credit and details about the property to determine what loans you qualify for and how much you can borrow.

National mortgage requirements by type

Min. credit scoreMin. down paymentCompare with other lenders
ConventionalTypically 620Typically 3%Mortgage lenders
FHA5003.5% with 580 credit scoreFHA lenders
VASet by lender (often 580)0%VA lenders
USDASet by lender (often 640)0%USDA lenders

Cost and fees

With Wyndham Capital, you pay no “junk lender fees.” The company states it doesn’t charge fees, including application, processing or underwriting fees, as part of closing costs. It does note, however, that you may be third-party fees, like title fees, settlement fees, appraisal fees, taxes and insurance.

After you apply for a loan with Wyndham, it will send you a Loan Estimate form within three business days. This form shows you the total costs associated with the loan; check the form to review the interest rate, estimated monthly payment and estimated cash due at closing.

FAQ

How does Wyndham Capital Mortgage work?

Wyndham Capital Mortgage is an online lender focusing on a digital lending experience. It offers both purchase and refinance loans. You can check your rate, apply, upload documents, communicate with a loan officer and even complete closing electronically. Wyndham doesn’t charge lender fees and promises on-time closing — or you get a $5,000 credit toward closing costs.

Is Wyndham Capital Mortgage legit?

Wyndham Capital is a legit lender. It has been in business for over 21 years and has closed on over 100,000 loans totaling $30 billion, according to the company.

Where is Wyndham Capital Mortgage available?

Wyndham is available in 47 states and Washington, D.C. It isn’t available in Hawaii, Massachusetts or New York.

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ConsumerAffairs writers primarily rely on government data, industry experts and original research from other reputable publications to inform their work. To learn more about the content on our site, visit our FAQ page. Specific sources for this article include:
  1. Federal Financial Institutions Examination Council, “HMDA Data Publication.” Accessed Aug. 29, 2022.

Wyndham Capital Mortgage Company Information

Company Name:
Wyndham Capital Mortgage
Website:
www.wyndhamcapital.com