J.G. Wentworth Mortgage Review

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  • Easy to use loan interface
  • Responsive customer support
  • Competitive interest rates
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J.G. Wentworth is a fine addition to the brand’s enterprise, with excellent mortgage offers for all types of homeowners.

By Aleksandar Spasov | 17th December 2018

J.G. Wentworth is a renowned name in the mortgage industry thanks to the company’s excellence in structured settlements. With a start in 1991, the brand established itself as a merchant bank and grants customers with prepaid credit cards, personal loans, and mortgage settlements. Its headquarters is located in Radnor, Pennsylvania and since 2015, they are offering a wide arrange of mortgage selections for eligible borrowers with a main office in Woodbridge, Virginia.

What kinds of Mortgages does J.G. Wentworth offer?
Fixed-Rate

The most common type of mortgage here (and at almost any other mortgage provider) is the fixed-rate mortgage loan. Monthly payments with this plan are predictable as we know their cash value from the moment we sign our contract. Both principal and interest payments will stay the same throughout the whole course of our loan. With a usual time-frame of 15 or 30 years, the fixed-rate mortgage is preferred mainly by people who decided to settle down at a desired location.

ARM

Opposite to the fixed-rate loans, adjustable rate mortgages let us shift the interest rate percentages after a certain period of fixed-rate payments. With J.G. Wentworth, borrowers get to choose from 3, 5, or 7 year-mortgage-loans – these don’t account for the full length of the mortgage but rather cover its fixed-rate period. After the initial payment period has passed, customers get adjusted interest rates once a year overall. These mortgages have lower interest rates to begin with and are most suitable for someone who doesn’t plan on keeping a real estate property longer than 5 to 10 years.

FHA

Federal Housing Administration mortgages are presented to purchasers with lower value credit history. If you don’t qualify for a conventional loan, there is always the FHA-Mortgage, especially comfortable for new homebuyers. In addition, the down payment on these loans isn’t the usual 20% but can go down to 3,5%.

VA

VA Loans are handled by the Veteran Affairs Department. These are saved for active or former members of military establishments in the US – Armed Forces, Reserves, or National Guard. They also take into consideration our spouse so this gives an extra option to cover their requirements. Specializing in this type of mortgage loans, J.G. Wentworth grants customers with the option to “skip” down payments, private mortgage insurance while providing competitive interest rates.

USDA

Purchasers with low/medium incomes can acquire a property in rural areas with the help of Department of Agriculture Loans. Some of those don’t ask us for down payments and come with lower fees and interest rates. All eligible mortgage properties in the US can be checked on the USDA website to get a full picture of our possibilities.

Refinance

Last but not least, comes refinancing. The HARP – Home Affordable Refinance Program lets us benefit from a refinancing on our mortgage loan if we aren’t behind on any of our active mortgages. While this rarely stands as customers’ only option, it may be a good way to resurface in the face of a new purchase while keeping our mortgages in a stable state.

Interest Rates on J.G. Wentworth Mortgages
Mortgage Type Interest Rate APR Monthly Payment
30-year conventional (fixed) 3.99% 4.00% $858
30-year FHA (fixed) 3.63% 4.37% $941
30-year VA (fixed) 3.63% 3.82% $821
15-year Conventional (fixed) 3.38% 3.40% $1,276
15-year VA (fixed) 3.25% 3.59% $1,265
5/1 Conventional (ARM) 3.63% 3.87% $821
7/1 Conventional (ARM) 3.63% 3.84% $821
Mortgage Eligibility

The first and most important factor to keep track of when applying for a mortgage here is our credit score. J.G. Wentworth relies on good-credit-score customers and offers them the best interest rates, down payment options, and this leads to fewer spending in the long run. A usual of 700 FICO score gets us a conventional loan approval while 620 is the minimum for government-guaranteed mortgage loans.

Two-years proof of employment is also needed for a loan at J.G. Wentworth, with self-employed borrowers required to present additional information on their line of work and stability. Savings rates also come in the picture to ensure we can afford the down payment. Lastly, debt-to-income plays an essential role, too – the maximum debt-to-income percentage here is 45 for FHA loans but we advise lowering it down to be eligible for conventional loans and ARMs.

Customer Support

Customer Support at J.G. Wentworth is rarely needed as they provide adequate quotes on any possible mortgage loans in their stock. There is an FAQ section to answer the most basic questions, a phone contact to speak with a customer employee, and a live chat feature for with quick response times.

Conclusion

J.G. Wentworth is among the leading VA mortgage lenders. While they aim highly at this type of mortgage, this doesn’t eliminate other mortgage options from their kit. A respected brand with over 25 years of experience, it provides customers with enough mortgage possibilities with low-interest rates and adjustable loan periods.

Reviewed by
Aleksandar Spasov
Aleksander is a freelancer from Bulgaria. He's travelled and is still travelling around the the world and has been writing and studying as he goes. He describes himself as a bit of a word freak and this is clear from his studies in English and Journalism. Although he is knowledgeable in a lot of areas, he has been researching and writing about anti-virus as his most recent interest. Read more.
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