J.G. Wentworth Mortgage Review: Easy Application & Exceptional Customer Service

J.G. Wentworth has served the community for over 20 years and is a direct lender that has funded $10 billion in loans since. The company boasts an easy and efficient application process and exceptional customer service for a wide range of mortgage products. Keep reading for all you need to know about mortgages with J.G. Wentworth.

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Mortgage Options

From conventional loans to government-backed ones, J.G. Wentworth offers a wide range of mortgage products that fits a variety of lifestyles and budgets. Claiming to be “a company founded by veterans,” the lender excels at providing Department of Veterans Affairs (VA) loans to service members and their spouses. It’s even a corporate partner of Homes for Our Troops, a nonprofit organization that builds homes for injured veterans.

Check out all the home loan products J.G. Wentworth offers:

Fixed-Rate Mortgage

These are home loans where the interest rate and monthly mortgage payment remains the same over the entire duration of the mortgage term. This allows for fully predictable mortgage costs from month to month. J.G. Wentworth offers fixed-rate mortgages as a 15-year or 30-year term.  

Adjustable-Rate Mortgage (ARM)

These loans include an interest rate that automatically adjusts with market indexes after a specified amount of time. J.G. Wentworth offers ARMs that start off with a low fixed rate for a period of 3, 5 or 7 years. After that, the rate will fluctuate once a year. ARMs are attractive to homebuyers who want to benefit from a low initial interest rate.

Federal Housing Authority (FHA) Loan

These mortgages are designed for first-time homebuyers or those with low-to-moderate income who can’t afford to make a large down payment. FHA loans are available to those with less-than-stellar credit with a minimum down payment of 3.5% which can come from gifts or grants.

Department of Veteran Affairs (VA) Loan

This discounted home loan option was designed specifically for current and former members of the armed forces and their families. A portion of all VA loans is backed up by the Department of Veteran Affairs. Advantages of financing your home with a VA loan include:

• No down payment required
• No private mortgage insurance (PMI) required
• Lowest average interest rates of all loan options
• Limited closing costs
• No prepayment penalties

U.S. Department of Agriculture (USDA) Loan

This mortgage option was created for rural Americans who have low or modest income to help make homeownership become a reality. Backed by the USDA, it allows J.G. Wentworth to offer low mortgage rates to rural homebuyers. The advantages to USDA loans include:

• No down payment required
• Flexible credit requirements
• No maximum purchase price

In order to apply, you’ll need to have proof of two years of stable employment, a maximum gross income which is based on location, and basic credit eligibility.

Home Affordability Refinance Program (HARP) Loan

This program was introduced by the U.S. Government in 2009 with the goal of providing refinancing options to homeowners whose homes are worth less than what is currently owed on their mortgage. HARP gives an opportunity to refinance into a more affordable mortgage loan. If you qualify, you can lower your interest rate, shorten your loan term, or switch from an ARM to a fixed-rate mortgage. To be approved, you’ll need to meet these requirements:

• Be current on your mortgage payments.
• Your home is your primary residence.
• Your loan is owned by Freddie Mac or Fannie Mae.
• Your loan was originated on or before May 31, 2009.
• Your LTV ratio is above 80%.

It is important to note that the deadline for HARP refinancing is December 31, 2018.

Mortgage Rates

J.G. Wentworth provides online loan calculators to help you get a preliminary picture of where you stand before you even start the mortgage process. Unlike some other lender sites, J.G. Wentworth’s rates are transparent, published online without points or hidden fees, which means they won’t appear lower than they actually are.

All you have to do is click on the “Get My Rate” button and answer a few questions to get a live rate quote. There’s no personal information required. If you like the numbers you see, you can lock your rates for up to 60 days at no extra charge.

J.G. Wentworth also openly publishes its mortgage origination fee ($795 for most loans). Since J.G. Wentworth is part of Costco’s mortgage lender marketplace, Costco members can qualify for a discount on loan origination fees. For Executive members, fees are capped at $350. For Gold Star and Business members, fees are capped at $650.

Customer Satisfaction

J.G. Wentworth’s loan specialists will work with you to evaluate your current financial situation and establish exactly what you’re looking for in a mortgage. The company will help you compare home loans until you find a comfortable fit.

Through the years, J.G. Wentworth has built an A+ rating with the Better Business Bureau. The company also scores high on Consumer Affairs, Zillow and Lending Tree, giving you peace of mind that you’re in good hands.

Site	Star Rating	# of Reviews
Consumer Affairs	4/5	149
Zillow	4.9/5	1,239
Lending Tree	4.9/5	2,704

Availability

J.G. Wentworth is licensed to originate home loans in all but four states (Hawaii, Idaho, Nevada and New York). The lender operates physical offices in 16 states:

Arizona	Florida	Massachusetts	New Jersey
California	Georgia	Michigan	Pennsylvania
Connecticut	Kansas	Missouri	Texas
Delaware	Maryland	New Hampshire	Virginia

Application Process

J.G. Wentworth’s website recently got a makeover and, now, getting a mortgage online with the lender is quick and easy. You can go through the entire loan process without having to talk to a human being if you really wanted to.

Features include document uploading, e-signature capabilities and text message status updates. If you would rather have a loan specialist support you through the process, you can fill out the contact form or call the number on J.G. Wentworth’s website.

Whichever way you decide to apply, J.G. Wentworth ensures a streamlined process. It’s not just what the company claims. J.G. Wentworth is an Ellie Mae 2018 Hall of Fame Winner for Outstanding Efficiency.

As part of its “Close-On-Time Guarantee,” the lender will pay your first month’s mortgage up to $2,500 if for any reason your loan does not close on time.

My Impressions

You’re likely to find the mortgage you’re looking for at J.G. Wentworth. The company caters to all types of borrowers with an easy application process that can be completed in 10 to 20 minutes and a supportive team of loan specialists. J.G. Wentworth charges a flat origination fee for most types of loans and uses alternative credit scoring for some government-backed ones.

Just keep in mind that this lender has a limited number of physical locations in just 16 states, and is not licensed in Hawaii, Idaho, Nevada or New York.

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