Loan types - Mortgages, Refinancing
Loan amount - Varies
Repayment Terms - Fixed terms of 15, 20, and 30 years
Top Pro - Highly automated approval process
Top Con - Not available in all states
Best for - Customers looking for a reliable, no-frills solution for home financing
Originally founded over 20 years ago, J.G. Wentworth Home Lending, LLC. NMLS ID # 2925 started their corporate life offering structured settlement payments to help customers improve their access to financing. Since then, the company has helped customers sell more than $8 billion in annuities and settlements. In 2014, the company decided to expand its financing solutions. Today, the company now offers mortgages and home refinancing loans for customers looking to purchase a new home or consolidate their existing mortgage payments into more favorable rates and terms.
Thanks to an excellent range of fixed-rate term options, J.G. Wentworth’s mortgages are an excellent choice for those customers looking for a steady payment schedule and stability over the long-term. The company’s terms are designed to fit a variety of needs, from those customers looking to repay their homes as quick as possible to those that prefer to extend payments over several years. In addition, the company delivers excellent service for customers, as well as in-person service at one of its 14 branches across the United States, making it ideal for customers who want a straightforward online application but prefer not to sacrifice the level of service available from brick-and-mortar locations.
Upon further review, we discovered several impressive features provided by J.G. Wentworth’s mortgage services. The company offers customers the ability to choose from both fixed-rate and adjustable-rate mortgages. This is an excellent advantage for customers who may prefer to front-load their payment and get the lowest rates possible to start their repayment terms. J.G. Wentworth also issues different loans for specific needs, servicing first-time buyers’ loans as well as mortgage refinancing loans that can help consolidate an outstanding mortgage at more favorable conditions. Furthermore, to serve a wider audience, the company underwrites Veterans’ loans, as well as Federal Housing Act loans, and Home Affordable Refinance Program loans to customers who are unable to access traditional financing vehicles. Apart from issuing loans, J.G. Wentworth hosts superb educational resources for its potential borrowers. This includes a great 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:
Applying for a mortgage with J.G. Wentworth is a relatively straightforward process. The company does not cover its application process in detail on its website, but they do employ a very efficient system that helps customers reach the approved stages quickly. J.G. Wentworth has placed great emphasis towards automating their application system, and this is clear when getting started with the process. Customers can fill out most of their paperwork online through the company’s web portal, and can even submit documents digitally, avoiding the need to visit one of the company’s physical locations. Additionally, J.G. Wentworth even allows customers 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 creditworthiness, asking that customers for their conventional mortgage loans have FICO scores of at least 620.
When it comes to different loan terms and options, J.G. Wentworth is at the forefront of the industry, offering several various 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:
Moreover, customers can opt for a traditional refinancing loan, which can lower their interest rates and monthly payments alongside helping borrowers save more 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.
When applying for a mortgage or refinancing with J.G. Wentworth, customers have an excellent range of options to repay their loans. The company offers both fixed-term mortgages and adjustable-rate mortgages, with different repayment terms and benefits for each. The company’s fixed-rate offerings can have repayment terms of 15, 20, or 30 years, providing customers with an impressive range of alternatives, although longer terms have slightly higher interest rates generally. For adjustable-rate mortgages, customers can select from 5, 7, or 10 year options. Federally funded programs such as the FHA and HARP have unique terms, which the company explains better to customers who are eligible to select those routes.
In our research, we found that J.G. Wentworth’s security measures are industry standard and very satisfactory. The company is very transparent about the information they collect from clients, why they do so, and how they use this data. We were pleased to see that the company explains how customers can opt out of certain data collection practices. In terms of security, J.G. Wentworth offers customers both virtual and physical safety measures on their servers to help ensure that user information is secure.
Customers can reach J.G. Wentworth via email, telephone, and in some cases via a live chat feature directly on their website. We were happy to see that the company’s representatives were all very knowledgeable about their services while able to confidently answer all our 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 were responded to in short order, and emails we sent were replied to in as little as one business day.
There was a lot to like about our review of J.G. Wentworth, but we did find some areas where the company could improve its service offerings:
Even with these minor drawbacks, several aspects of the solutions left us very impressed:
Overall, J.G. Wentworth offers an intriguing alternative for customers looking for mortgages or refinancing loans. The company’s great diversity of mortgages lets a wide variety of customers find the financing they need to purchase a home. We were impressed with the company’s 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.
J.G. Wentworth Home Lending, LLC. NMLS ID # 2925
3350 Commission Court