You can get a home loan with just about any lender. However, some mortgage lenders are better than others.
J.G. Wentworth is one of the best mortgage lenders on the market today, offering VA loans and among a variety of other lending options.
However, the best mortgage lender normally depends on your individual needs, so let’s take a deeper look at what J.G. Wentworth has to offer to see if it can meet your home buying needs.
About J.G. Wentworth
Founded in 1991, J.G. Wentworth is a premier diversified financial services company. It started as a merchant bank, offering personal loans, prepaid credit cards, and a selection of structured settlements.
Headquartered in Radnor, Pennsylvania, the company is a BBB-accredited business with an A+ rating.
The high ratings can be attributed to its variety of loan options, exceptional customer service, and years of financial expertise and professionalism. In 2015, the company entered the mortgage market and has been growing that department exponentially.
As a home lending service provider, J.G. Wentworth offers mortgage and home refinancing loans with competitive origination fees and exceptional customer support.
You can preview J.G. Wentworth’s mortgage rates on their website before applying.
The loan options include :
- VA Loans
- HARP Loans, and
- FHA Loans
Home Loan Options
J.G. Wentworth gives you several mortgage options from which to choose.
Let’s take a look at the major options:
Veteran Affairs (VA) Loans
VA loans are designed for former or current members of the U.S. Armed Forces, Reserves, National Guard, and select spouses.
If you’re eligible for a VA loan and want to apply of it, J.G. Wentworth can be of great help.
The best things about VA loans is that they don’t require down payment or private mortgage insurance.
They also offer exceptionally low-interest rates.
J.G. Wentworth is on our list of the best VA lenders.
If you want to be sure of monthly payments, a fixed-rate mortgage can work well for you.
This is a type of home loan in which your principal and interest payment remain the same throughout the duration of the loan.
J.G Wentworth offers 15-year and 30-year fixed-rate mortgages.
With an adjustable-rate mortgage, you should expect your interest rate to change once the initial fixed-interest period elapses.
You can apply for 3-year, 5-year, or 7-year adjustable-rate mortgage at J.G. Wentworth.
Note the numbers denote the period in years that the loan interest will remain constant before adjusting. These mortgage types normally change your interest rate once a year after the initial fixed-rate period expires.
One reason many homebuyers choose adjustable-rate mortgages is their affordable initial interest rates.
If you intend to sell your home after a few years, this could be an ideal loan for you. You’ll make the most savings on interest payments.
Federal Housing Administration (FHA) Loans
If you have an unimpressive credit history, you can benefit from FHA loans.
These types of loans target first-time homebuyers whose credit history locks them out of a conventional loan.
With FHA loan, you may also choose to pay a 3.5% down payment, instead of the standard 20%.
The U.S. Department of Agriculture (USDA) Loans
The USDA designed this loan for individuals with low to medium incomes who wish to buy property in rural areas.
These types of loans also don’t require down payments, and they charge lower interests and fees.
If you want a USDA loan, J.G Wentworth can help you, provided the property you want to purchase is in an eligible location.
J.G. Wentworth gives you access to the Home Affordable Refinance Program (HARP) run by the federal government.
The J.G. Wentworth website features a mortgage calculator, which can help you estimate the interest rates and fees you would pay for a given loan.
J.G Wentworth’s Loan Application Process
To begin with, you need a FICO credit score of at least 620 to be eligible for a J.G. Wentworth loan.
In applying for a home loan, you’ll go through a pretty efficient process. You can apply for the loan online, over the phone, or at one of the 14 J.G. Wentworth’s offices spread across the country.
The online application encompasses some steps, which are easy to follow. You’ll need to provide some basic information and support documentation.
You can opt to complete the entire application process online or talk to a loan agent through the company’s toll-free number.
Here are the basic steps to follow when applying online for a J.G. Wentworth loan:
Step 1: Click “Get My Rate”
You’ll need to enter some basic information, including:
- Zip code
- Type of home
- The intended purpose of the property
- Purchase price and expected down payment
- Credit score estimate
- Military history, if any
On the last page, you’ll be given a list of pre-qualified Annual Percentage Rates (APRs) for fixed-rate loans and adjustable-rate mortgages.
Choose the loan that fits your needs. You can then fill in your contact details through which a loan agent will call you.
Alternatively, you can click “Apply Online Now” to proceed with the process online.
Step 2: Set Up Username and Password
You’ll need to provide the following details:
- Loan profile
- Personal details
- Your dependents
- Current residence
- Checklist of sources of income
- A breakdown of financial assets
Once you’ve entered all the information, you’ll need to authorize your submission.
Step 3: Submit Support Documentation
You’ll be given a list of documents that you should submit to J.G. Wentworth. These documents include:
- Social security number
- Pay stubs
- Proof of ID and address
- Tax forms
You can choose to upload the documents online or submit them by mail or fax.
Step 4: Get Approved
After submitting your application, a J.G. Wentworth loan agent will review it and run a credit check.
You should expect to get feedback about your mortgage approval in a couple of weeks. If approved, you’ll receive a breakdown of final rate and closing costs.
Step 5: Closing Your Loan
If you get approved, you may sign the closing documents electronically.
Pros of Using J.G Wentworth
- Variety: Offers a variety of loan and term options
- Simplicity: A simple online application process
- Legitimacy: Offers federally-backed loan programs
Cons of Using J.G Wentworth
- Limited locations: Only has 14 physical offices
- Limited information: It can be hard to find info on rates and terms directly on the site
- Limited live support: No live chat support for inquiries
loanDepot – The Best Alternative to J.G. Wentworth?
If you feel that J.G. Wentworth doesn’t deliver exactly what you’re looking for, you can try loanDepot.
loanDepot offers homebuyers a platform to compare different mortgage quotes. It allows you to preview basic mortgage information without having to sign up for an account.
It also gives you access to a wide range of loan options, including the hard-to-find 10-year and 20-year fixed loans.
loanDepot is one of few non-bank lenders that offer home equity loans.
You can also get FHA and VA loans, provided you meet eligibility requirements. The company is popular for its exceptionally fast closing times.
One area where J.G. Wentworth seems to beat loanDepot is customer service.
loanDepot has limited customer support. They’re available on business days from 5 AM to 7 AM (PST) and on Saturdays from 8 AM to 3 PM (PST).
Whether you are purchasing your first home, your second home, rental property, or a vacation home, J.G Wentworth has loan offers that are geared to meet your individual needs.
They have low origination fees and their online application process is efficient.
J.G. Wentworth has earned a spot on our short list of the best home loan companies, and based on the lending options it offers, their rates, and customer experience, it should be on yours as well.