J.G. Wentworth Review

J.G. Wentworth at a Glance

Loan TypesPurchase, Refinance
Featured LoansJumbo, VA, FHA, Home Improvement, HARP
Repayment Terms10, 20, 30 years
Down Payment0-20%
Credit Score520-620+
Best ForHomebuyers looking for choice and convenience

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Overview

Founded more than 25 years ago, J.G. Wentworth began its existence as a merchant bank specializing in structured settlements and prepaid credit cards. In 2015, it added mortgages to its portfolio. Today, J.G. Wentworth offers a wide range of mortgages and refinancing solutions, issuing more than $3 billion in home loans loans every year to customers around the United States.

Best For?

J.G. Wentworth is a top mortgage lender for home buyers and home owners who want their lender to offer them choice and convenience. The choice comes from the many loan types on offer, including:

  • Fixed and adjustable-rate conventional loans
  • Government-backed loans
  • Refinancing

The convenience comes from being able to apply for a mortgage online, over the phone, or in person. Whereas most lenders offer a choice of one or the other, J.G. Wentworth offers easy online applications and maintains a physical presence in 15 states.

Types of Loans

As mentioned above, J.G. Wentworth offers a large range of mortgage products, including:

  • Fixed-rate mortgages: Conventional home loan with a fixed rate that stays at the same level for the duration of the loan. Minimum credit of 620. Minimum down payment of 20%. Terms of 15, 20 or 30 years.
  • Adjustable rate mortgages (ARMs): Conventional home loan with a fixed interest rate for an introductory period, then a variable rate for the remaining lifetime of the loan. Minimum credit of 620. Minimum down payment of 20%. Introductory periods of 3, 5, or 7 years.
  • Jumbo loans: Home loan for property whose price is higher than the maximum covered by a regular fixed-rate mortgage or ARM. Credit not specified, although most lenders require at least 700. Minimum down payment of 20%. Same terms apply as for conventional mortgages.
  • VA loans: Government-backed loans for active and former members of the Military, National Guard, and Reserve, and surviving spouses who meet qualifying guidelines. Borrowers with lower-than-average credit accepted. Low interest rates, zero down payment, no PMI, low closing costs.

J.G. Wentworth Pre-Qualification

Getting pre-qualified before you apply for a mortgage with J.G. Wentworth can give you an idea how much you can borrow. It also gives you a leg up when putting an offer on the house you'd like to buy--the owners will understand they can rely on you to have the funding for their property. To pre-qualify, you will review your financial information with one of the loan specialists. Based on that information, J.G. Wentworth will give you an estimate of how much you can borrow.

Once you're ready to make an offer on a home, a pre-approval can give you a leg up, showing owners that you are a serious candidate for their property. Unlike pre-qualification, pre-approval requires a formal application and a hard credit check. 

The Application Process

The steps to taking your mortgage

Home buyers can apply for a mortgage online, over the phone, or in physical locations in some states. The online application breaks things down to the bare essentials, with minimum documentation and a relatively quick turnaround compared to the average mortgage lender. However, J.G. Wentworth makes no promises in regards to how quickly it can close individual loan applications. Applicants may go through the entire process online, from getting a quote through to final e-signature, or speak to a loan agent at any time via J.G.’s toll-free number.

To apply online for a conventional loan, follow these steps:

1) Click “Get My Rate”

Fill in basic information, including: zip code; type of home; how you intend to use the property (primary home, vacation, or rental); purchase price and intended down payment; military history, if any; and estimated credit score. On the final screen, you’ll see a list of pre-qualified APRs for fixed-rate loans and ARMs. Select your preferred loan offer, then enter your contact details to have a loan agent call you or hit “Apply Online Now” to continue the process online.

2) Create a username and password

You’ll be asked to enter the following information: loan profile, including loan purpose and property information; details about yourself, your dependents, and current residence; a financial asset breakdown; and a checklist of income sources. Finally, you’ll be asked to authorize your submission.

3) Submit your documents

Shortly after entering the above information, you’ll receive a list of documents to provide to J.G. Wentworth, including proof of ID and address, Social Security number, payslips, and tax forms. You may upload these online or by mail or fax.

4) Get approved

A J.G. Wentworth loan agent will review your loan application and run a credit check. Within a few weeks, you should find out if your mortgage has been approved and be given a breakdown of final rate and closing costs.

5) Close your loan

Approved borrowers may e-sign the closing documents.

Pros and Cons

ProsCons
Variety of loan and term optionsNo rates without contact details
Streamlined applicationNot in New York, Missouri, Nevada, Idaho, Hawaii
Quick and effective supportNo home equity loans


J.G. Wentworth’s strength lies in its wide range of loan products, with options for every type of home buyer: from low-income borrowers to people buying expensive homes; from civilians to active military personnel; from buyers in the city to buyers in rural areas.

Although J.G. offers affordable rates, it doesn’t advertise any of these on its website. To find out what rate you can pre-qualify for, you’ll need to provide your contact details and offer some basic information about yourself.

J.G. Wentworth Review

Rates and Fees

The following table shows how J.G. Wentworth stacks up to some of the country’s best lenders. Rates were sourced on the same day, using the example of a home in Chicago, Illinois, with a value of $250,000, 20% down payment, and good credit (580-619). The figures are shown by “interest / APR.”

 Interest Rates
30-Year Fixed4.875%-4.91%
15-Year Fixed4.250%-4.309%
5-Year ARM4.875%-5.052%

 

Closing Costs

According to J.G. Wentworth, closing fees are usually around 3% of the value of the loan. The market average for closing costs ranges from 2%-5%.

Repayment Terms

All fixed-rate offerings, including FHA and VA loans, have repayment terms of 15, 20, or 30 years. For ARMs, customers can choose from introductory periods of 3, 5, or 7 years, after which the rate is changed on an annual basis according to market conditions. 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 contact J.G. Wentworth’s loan specialists and agents via the following channels:

  • Phone: Toll-free number open during extended business hours. You can also request a call using an online form on J.G.’s website.
  • Branch: J.G. Wentworth has physical locations in the following states: Arizona, California, Connecticut, Delaware, Florida, Georgia, Kansas, Maryland, Massachusetts, Michigan, Missouri, New Hampshire, Pennsylvania, Texas, and Virginia.

How J.G. Wentworth Compares

 J.G. WentworthQuicken Loans
30-year fixed 4.875%-4.910%4.625%-4.912%4.75%-4.85%
15-year fixed4.25%-4.309%4.125%-4.577%4.25%-4.34%
5-year ARM4.875%-5.052%4.125%-4.671%4.5%-4.59%
Min. Credit Score520+620+620+, 740 recommended
Min. Down Payment0%3.5%N/A
DTI Ratio45%50%55%
FeesNo hidden fees or pointsDeposit fee: $400-$750Instant closing cost estimate
Terms15, 20, 30 years5,7, 15, 30 years15, 20, 25, 30 years
Best forMany choices and convenient borrowingOnline government loansMiddleman-free mortgages that save you money

J.G. Wentworth's minimum credit score broadens its products to include loans for people with less than perfect credit, and they are upfront about all fees. If you're simply looking for the lowest rate, Quicken Loans, as of this writing, is the top choice.  Magnolia Bank allows the highest debt to income ratio, a full 10% more than J.G. Wentworth, which can help you qualify for a mortgage even if you have credit card or student loan debt

Comparing J.G. Wentworth to some of it's top competition, there are obviously a lot of good choices. J.G Wentworth is the most established name of these competitors, and offers a huge range of options along with the convenience of online borrowing and customer service. 

Summary

J.G. Wentworth offers a viable alternative to the biggest lenders if you’re looking for mortgages or refinancing loans. It offers affordable fixed-rate and adjustable-rate loans, as well as almost every type of government-insured loan—such as VA, FHA, and HARP. With a wide range of loan types, rates, and terms, J.G. Wentworth offers customers from all walks of life a path to home ownership.

J.G. Wentworth FAQ

  • Where does J.G. Wentworth rank among mortgage lenders?

It was one of 6 mortgage lenders inducted into the Ellie Mae Hall of Fame in 2018 for outstanding efficiency. It is ranked top 10 for customer satisfaction by LendingTree, an online lending marketplace.

  • What are some of the free tools and resources offered by J.G. Wentworth?

It offers a range of useful tools to do things such as calculate monthly payments, compare the benefits of renting vs. buying, and understand your purchasing power.

  • In addition to home loans, what other products does J.G. offer?

It also specializes in structured settlements, annuity purchasing, and prepaid cards.

  • Is J.G. Wentworth active in any community causes?

Among other things, J.G. Wentworth supports Homes for our Troops, a non-profit that builds and donates custom homes for severely injured veterans.

  • Where is J.G. Wentworth based?

Company headquarters are in Pennsylvania, but the lending division is based in Virginia.

Physical Address

J.G. Wentworth Home Lending, LLC

3350 Commission Court

Woodbridge, VA 22192

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