J.G. Wentworth Mortgage Review: Strong VA Loans and Online Tools
As a mortgage lender, J.G. Wentworth offers greater expertise in VA loans than you'll find at its competitors. If you or your spouse served in the military, then a VA loan with J.G. Wentworth might be your best option for buying a home or refinancing your current mortgage. In addition, J.G. Wentworth's focus on digital mortgage servicing enables customers to receive quotes quickly and keep track of their loan application at their convenience.
- J.G. Wentworth Review: Strong VA Loans and Online Tools
- How Do J.G. Wentworth Mortgages Compare?
- Customer Service and Mortgage Servicing
- Home Loan Products at J.G. Wentworth
- Where Can You Get a Mortgage With J.G. Wentworth?
J.G. Wentworth Review: Strong Online Tools and VA Loans
Differentiating between your options for a mortgage lender isn't always easy, but J.G. Wentworth stands out clearly thanks to its focus on VA loans. While the mortgage experience is mostly determined by the borrower's personal needs and the individual loan officer's skills, J.G. Wentworth's extensive experience in VA loans means that its loan officers are more likely to provide better guidance on how you can get the most out of the program.
J.G. Wentworth offers technical advantages too: it's possible for VA loan applicants to receive lender credit to cover the funding fee, which can cost an extra 1.25% to 3.3% of your total loan. And whether or not you're a veteran, J.G. Wentworth offers float-down options that secure you a lower mortgage rate if market rates happen to go down while you wait for approval. Not all lenders offer this guarantee, which protects you from the risk of locking in your rate too early.
Finally, J.G. Wentworth is more of a direct online lender than a brick-and-mortar company, which allows customers to move through the loan process at their own pace. Though it has branch offices in over a dozen states, the company puts an emphasis on helping you manage your mortgage when and where you want. To that end, J.G. Wentworth enables applicants to upload documents and track the status of their mortgages with web-based tools, but also makes its loan officers available by phone to provide detailed guidance.
How Do J.G. Wentworth Mortgages Compare?
The estimated interest rates on J.G. Wentworth's mortgage loans are average for purchasing and slightly lower for refinancing. However, its origination fee of $795 beats the charges we encountered at major bank lenders, where the fee can surpass $1,000. For a more detailed comparison of purchase rates, we collected and compared online estimates from J.G. Wentworth and three of the largest US banks.
30-Year Fixed Rate Purchase Mortgage Estimates
|J.G. Wentworth||Chase||Bank of America||Wells Fargo|
Estimates for a $198,000 single-family home with 10% down payment and no discount points
For a conventional purchase mortgage, J.G. Wentworth's estimated APR wasn't very different from the numbers posted by the big banks. The company had a bigger advantage in refinancing, where both its rate and fees were more affordable than other offers we reviewed. When we requested a refinance loan estimate from J.G. Wentworth, we saw that competing lenders charged higher rates even after the purchase of discount points that added thousands to our upfront expenses.
30-Year Fixed Rate Refinance Estimates
|J.G. Wentworth||Chase||Bank of America||Wells Fargo|
|Cost of Points||$0||$270||$2,035||$0|
Estimates for a $325,000 single-family home with mortgage balance of $216,000
If you're considering refinancing your home loan with a major bank, J.G. Wentworth can be a competitive alternative with lower closing costs. Even in cases where J.G. Wentworth's origination fee was higher, the competing bank ended up charging more in loan expenses due to the cost of discount points. Purchasing points to "buy down" your interest rate may reduce your lifetime interest, but none of the banks we looked at were able to match J.G. Wentworth's rate even after points were applied.
Customer Service and Mortgage Servicing
According to J.G. Wentworth's representatives, the company's expertise in VA loan origination often helps new customers get more out of the program than they assume is possible. Meanwhile, our look at the CFPB's public data on consumer complaints indicated that J.G. Wentworth receives a much lower rate of complaints than other popular mortgage providers.
Mortgage-Related Complaints at Major Lenders, 2013-2017
|Company||Mortgage Originations||CFPB Complaints||Ratio||2017 JD Power Rating|
|J.G. Wentworth||34,979||54||0.15%||not surveyed|
|Bank of America||1,172,113||28,187||2.40%||767|
With so many popular myths about what is and isn't possible with the VA loan program, a specialized VA lender like J.G. Wentworth is especially useful to veterans who are just starting to look around for a home purchase or refinancing option. For instance, many applicants don't realize that there isn't a maximum limit on a VA loan, or that you can apply for VA loans more than once. J.G. Wentworth is a good place to start your VA loan shopping if you want to make sure you get the full picture of what your options are.
Typically, you can expect a window of 30 days from applying to closing your mortgage with J.G. Wentworth. During that time, you'll be able to monitor the progress of your origination by logging into the lender's website or using its mobile app. While J.G. Wentworth's recent emphasis has been on building out more digital tools for its customers, its loan officers still play an important part in guiding applicants and providing information specific to your needs. Having provided different ways to access its services, the company leaves the choice of user experience up to you.
Home Loan Products at J.G. Wentworth
Although it's focused on VA loans, J.G. Wentworth provides a wide breadth of other home loan options. Alongside the standard 30-year and 15-year fixed rate mortgage, it offers adjustable rate loans (ARMs) and low-cost financing guaranteed by other government agencies. These include USDA and FHA loans, which can reduce or even eliminate the usual down payment requirement if you qualify.
J.G. Wentworth Mortgage Products
|Mortgage Product||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|
Based on a $200,000 purchase mortgage with 10% down, we found that J.G. Wentworth's interest rates were at or below the typical rate quotes in each category. As with most lenders, the FHA loan rate at J.G. Wentworth is significantly lower than for a conventional mortgage. However, the predicted monthly payment is higher because of the mortgage insurance premium on an FHA loan. If we look at only the cost of principal and interest, J.G. Wentworth's rate results in a monthly cost of $821.
If you or your spouse served in the military, J.G. Wentworth's VA loans will likely offer the best value. While we found a few other lenders quoting lower VA rates on the shorter 15-year term, J.G. Wentworth was at the top of the field for a standard 30-year VA home purchase loan. While the company offers the 30-year FHA loan at the same rate, the VA loan's lower APR indicates lower upfront costs. On top of that, qualified applicants may also be able to avoid a down payment altogether—although smaller down payments mean higher funding fees.
Where Can You Get a Mortgage With J.G. Wentworth?
J.G. Wentworth is licensed to originate home loans in all but 5 US states. According to NMLS records, it's not yet active in Hawaii, Idaho, Missouri, Nevada or New York. You'll find more restrictions if you're determined to do business in person: this lender only operates physical offices in 14 states.
States with J.G. Wentworth Branch Offices
- New Hampshire
- North Carolina
- New Jersey
How Does J.G. Wentworth Compare to Today's Mortgage Rates?
If you want to explore mortgage lenders other than J.G. Wentworth, use the table below to discover today's best mortgage rates.
|Lender||APR||Monthly Payment||Loan Fees|
|Homestead Funding Corp||4.780%||$834.64||$545.00||Inquire Now|
|ConsumerDirect Mortgage, a division of First Bank||4.570%||$810.70||$1,312.00||Inquire Now|
|Interstate Home Loan Center, Inc.||4.766%||$834.64||$295.00||Inquire Now|
|Ally Bank||4.922%||$846.73||$865.00||Inquire Now|
|Flagstar Bank||4.929%||$846.73||$979.00||Inquire Now|
Rates assume a home purchase of $200,000 in New York with a 20% down payment and credit score of 740. Estimates include origination fees and points but don't include other closing costs.