JG Wentworth Mortgage Review
JG Wentworth (Freedom Mortgage) at a glance
|Lender||Loan Amount||APR range||Terms||Key Benefits|
|JG Wentworth (Freedom Mortgage)||$0 – $765,600||N/A||15, 20 and 30-year fixed loans||VA loan specialist|
What we like about it
Not all lenders handle mortgages backed by the federal government, making it harder for low-income residents to become homeowners. Freedom Mortgage offers VA, FHA and USDA loans — basically all of the federal government-backed loans on today’s market. These loans allow buyers to put less money down and qualify with a lower credit score than a conventional lender requires without the subsidized guarantee.
Both JG Wentworth and Freedom Mortgage specialized in VA loan processing before the acquisition, so their merger has only strengthened its commitment to helping veterans and their spouses to navigate VA mortgage loans. They have VA specialists on staff who can answer questions and help walk you through the entire VA mortgage loan process.
Things to consider
To learn more about JG Wentworth home mortgage interest rates and fees, you have to set up a phone appointment with a loan officer from Freedom Mortgage; this information is not published on its website. This makes it difficult for a first-time buyer to comparison shop. Moreover, a buyer could be exposed to sales tactics early on in the process, leading them to accept mortgage rates and fees that are higher than they might find elsewhere.
[Read: How to Choose the Best Mortgage]
What you need to know
Many of the big online lenders make it simple to pre-qualify and apply for a loan right on their website, and you can usually see their current “teaser” rates — rates for people with credit scores over 740 — with a simple click of a button. At Freedom Mortgage, the first step is to fill out a “Get Started” form, which includes basic information like your name, state, ZIP code and phone number. Submitting the form gives Freedom Mortgage consent to send automated marketing — unfortunately, there is no opt-out button. A loan officer will contact you to furnish a specific interest rate quote and get the application process rolling. You can also call them at 855-342-1654.
Their website explains this strategy on its JG Wentworth mortgage rates page, stating, “your mortgage interest rate is personalized just for you.” The site also offers a complete rundown of how lenders generally determine mortgage interest rates, but without a point of reference, it’s hard to use that information to understand what your rate will be.
Once you are a Freedom Mortgage customer, you can check rates on the website and sign up to receive Eagle Eye Text Alerts, which notify you when the rate drops or when a new mortgage product is available.
Collateral and criteria
Anyone with a credit score of 620 or above, steady income and a DTI ratio of 36% or less may be eligible for a mortgage loan from Freedom Mortgage. It is committed to working with low-income first-time homebuyers and offers loans with as little as 3% down.
This company only offers secured mortgage loans; it is not an unsecured lender. Freedom Mortgage offers both conventional mortgage loans and loans backed by the federal government. It doesn’t offer home equity loans or home equity lines of credit (HELOCs).
JG Wentworth alternatives
JG Wentworth (Freedom Mortgage) vs. Quicken Loans
- Quicken Loans is regarded as one of the best online mortgage lenders in the United States. It has streamlined the process, making it simple for knowledgeable buyers to find the product they need and execute a quick closing. You can be approved for a loan online in as little as eight minutes. Like Freedom Mortgage, they offer 30-year fixed, refinance, jumbo, VA, FHA and FHA refinance loans. Unlike Freedom Mortgage, Quicken does not offer USDA loans. They also have a customizable term mortgage.
- Current rates at Quicken range from 2.5% APR on a 10-year fixed mortgage to 3.875$ APR on a 30-year fixed FHA loan.
- If you are a first-time buyer seeking to use a federally-subsidized loan product, Freedom Mortgage may be a better fit. Those familiar with the mortgage process, or those seeking to refinance, should go with Quicken.
JG Wentworth (Freedom Mortgage) vs. Chase Mortgage
- Chase is one of the biggest lenders in the country, offering a variety of mortgage loans, including fixed and adjustable-rate loans, jumbo loans, refinance loans and FHA and VA loans. You can easily pre-qualify and apply online. Chase has a reputation for good customer service and outranked competitors like Bank of America and Citibank in JD Power’s customer satisfaction survey.
- Its current rates are 2.750% (2.847% APR) for a 30-year fixed mortgage loan and 2.500% (2.549% APR) for a 15-year fixed mortgage loan. It is the better choice for most homebuyers, though people wanting to get a VA loan may feel more comfortable working with Freedom Mortgage.
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