J.G. Wentworth Review

J.G. Wentworth Home Lending at a Glance

 Loan TypesHome Purchase, Home Refinance
 Featured LoansVA, FHA, HARP 
 Repayment Terms   Fixed terms of 15, 20, and 30 years
 Down PaymentAs low as 3.5%
 Credit Score630+ accepted
 Best ForCustomers looking for a reliable home financing solution

Visit J.G. Wentworth

Overview  

Founded over 20 years ago, J.G. Wentworth Home Lending, LLC. NMLS ID # 2925 started its corporate life offering structured settlement payments to help customers improve their access to financing. Since then, it has helped customers sell more than $8 billion in annuities and settlements. In 2014, J.G. Wentworth decided to expand its financing solutions. Today, the company offers mortgages and home refinancing loans for customers looking to purchase a home or consolidate their existing mortgage payments into favorable rates and terms.

Best for?

Thanks to a broad range of fixed-rate term options, J.G. Wentworth’s mortgages are an excellent choice for customers seeking a steady payment schedule and stability over the long-term. The company’s terms are designed to fit a variety of needs, from customers looking to repay their homes as quickly as possible to those who prefer to extend payments over several years. J.G. Wentworth delivers excellent service for customers, as well as in-person service at one of 14 branches across the United States, making it ideal if you want a straightforward online application but prefer not to sacrifice the level of service from brick-and-mortar locations.

Loan Features  

J.G. Wentworth’s mortgage services are impressive. The company offers:

  • The ability to choose from fixed-rate or adjustable-rate mortgages. This is an advantage for customers who prefer to front-load their payment and get the lowest rates possible to start their repayment terms.
  • J.G. Wentworth also issues loans for specific needs, servicing first-time buyers’ loans and mortgage refinancing loans that help consolidate an outstanding mortgage at more favorable conditions.
  • It underwrites Veterans’ loans (VA), Federal Housing Act (FHA) loans, and Home Affordable Refinance Program (HARP) loans to customers who are unable to access traditional financing.
  • Apart from issuing loans, J.G. Wentworth hosts educational resources for its potential borrowers, including a knowledgebase of articles on mortgages and home refinancing, as well as access to a live chat function where representatives answer customers’ questions in real-time.

Some excellent features from J.G. Wentworth: 

  • A variety of fixed and adjustable-rate mortgages
  • Refinance homes at favorable rates
  • Take advantage of a variety of federal financing programs
  • An extensive library on mortgages
  • Online mortgage calculator
  • Outstanding customer support
  • Low origination fees
  • Simple online application

The Application Process

Applying for a mortgage with J.G. Wentworth is straightforward. The company does not cover its application process in detail on its website, but it does employ an efficient system that helps customers reach the approved stages quickly. J.G. Wentworth places great emphasis on automating their application system, and this is clear when getting started with the process.

Fill in your paperwork online through the company’s web portal, and and submit documents digitally, avoiding the need to visit one of the company’s physical locations. J.G. Wentworth even allows you to e-sign documents, eliminating the need to print and sign several documents before rescanning them later. The company does prefer to work with customers the have good to excellent credit, asking that customers for the conventional mortgage loans have FICO scores of at least 620.

Loan Terms – The Bare Basics

J.G. Wentworth is at the forefront of the industry, offering several kinds of loan options and terms that can fit in with any home buyer or refinancer’s budget and financial circumstances. The company offers both fixed-rate and adjustable-rate mortgages, with both alternatives featuring different terms. More than simple mortgages, however, the company stands out for its excellent offerings of non-conventional home loans.

J.G. Wentworth issues several federally-backed loan options for customers that qualify. These include:

  • FHA loans, which offer mortgages for customers looking to purchase a first-time home but who cannot always afford large down payments. These loans start with as little as a 3.5% down payment and are ideal for customers with less than perfect credit or a limited credit history.
  • VA loans for military members and their families, including widows and spouses. These loans include no down payment for private mortgage insurance, and come with competitive interest rates.
  • HARP loans, which offer customers who closed on their mortgages before March 2009 the ability to refinance their loans at more favorable rates.
  • USDA loans for rural borrowers who have moderate or low income, and are still looking to finance the purchase of a home.

Customers can opt for a traditional refinancing loan, which can lower their interest rates and monthly payments alongside helping borrowers save money to pay for other things like home improvement costs. Customers can also use refinancing to switch from adjustable-rate loans to a fixed-rate mortgage that will keep their rates from rising in the future.

Repayment Terms

When applying for a mortgage or refinancing with J.G. Wentworth, customers have an excellent range of options to repay their loans. It offers:

  • fixed-term mortgages
  • adjustable-rate mortgages 

The company’s fixed-rate offerings can have repayment terms of:

  • 15 years
  • 20 years
  • 30 years

This provides customers with an impressive range of alternatives, although longer terms have slightly higher interest rates. For adjustable-rate mortgages, customers can select from:

  • 5 years
  • 7 years
  • 10 years

Federally funded programs such as the FHA and HARP have unique terms, which J.G. Wentworth explains to customers who are eligible to select those routes.

Help & Support

You can reach J.G. Wentworth via email, telephone, and in some cases via a live chat feature directly on their website. Representatives are all knowledgeable about the services while able to confidently answer queries quickly and efficiently. Customers looking for help with their mortgages may not be able to use the live chat functionality, as the specifics of their service vary from state to state, requiring a call to a local loan officer. However, calls are responded to in short order, and emails are generally replied to in as little as one business day.

Deep Dive into Pros and Cons

ProsCons
  • Variety of loan and term options
  • Federally-backed programs cater to a variety of needs
  • Effective and quick support
  • Simple online application process
  • Information regarding interest rates and terms difficult to find on website
  • No live chat support for mortgage related inquiries
  • Services are not available in all 50 states
  • Only has 14 physical locations

Summary

 J.G. Wentworth offers an intriguing alternative if you're looking for mortgages or refinancing loans. The company’s diversity of mortgages lets a variety of customers find the financing they need to purchase a home. It has offerings for Federal loan programs including FHA and HARP loans, as well as the assistance provided for military veterans and their families. With efficient support and a great range of loan terms, both fixed and adjustable, J.G. Wentworth is an outstanding mortgage solution for customers from all walks, regardless of their credit status.

Physical Address

J.G. Wentworth Home Lending, LLC. NMLS ID # 2925

3350 Commission Court

Woodbridge, VA

22192

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