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JG Wentworth Mortgage Review
Before acquiring JG Wentworth, Freedom Mortgage specialized in VA mortgages, and the company still takes pride in serving veterans and their spouses. This lender only provides mortgage loan products, so it’s not a good choice for people who want one-stop banking.
Freedom Mortgage acquired JG Wentworth Mortgage in 2019, and the company now offers customers in all 50 states a wide variety of mortgage products, with the goal of making homeownership affordable.
Located in Mount Laurel, New Jersey, Freedom Mortgage is a full-service mortgage company that acquired JG Wentworth mortgage in 2019. Thus, JG Wentworth reviews and JG Wentworth ratings are no longer valid online. The acquisition made Freedom Mortgage one of the largest mortgage companies in the U.S. It is committed to helping low- to moderate-income people find their path to homeownership, offering a wide variety of mortgage loan products, including federal government-backed loans. The company is licensed in all 50 states.
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
Rocket Loans promises a “rocket fast” decision as well as quick access to your loan funds once you’re approved.
Rocket Loans is part of the Quicken Loans family, which was established back in 1985. Headquartered in Detroit, Rocket Loans aims to offer a quick and easy online personal loan and mortgage process that is unencumbered by the excess paperwork and minutiae required by traditional lenders.
- 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
The bank offers a full array of mortgage products including fixed-rate mortgages, ARMs, jumbos, VA loans and FHA loans.
Founded in the late 1800s as Chase National Bank, Chase operates under JPMorgan Chase with headquarters in New York, NY. Business Insider notes that JPMorgan Chase is currently the largest bank in the U.S. when ranked by assets with $2.74 trillion on the books.
- 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.
Compare top mortgage lenders
Too long, didn’t read?
Freedom Mortgage, formerly known as JG Wentworth, is a lender that exclusively deals with mortgage loans. It offers conventional 15-, 20- and 30-year fixed-rate loans, adjustable-rate loans, jumbos, refinance loans, FHA loans, USDA loans and VA loans. Its website contains a wealth of valuable information, but to find current rates and the fee structure, you will have to speak to a loan officer.
We welcome your feedback on this article and would love to hear about your experience with the mortgage lenders we recommend. Contact us at inquiries@thesimpledollar.com with comments or questions.
Keep Reading
Methodology
We’ve created the SimpleScore to help you objectively compare products and services here at The Simple Dollar.
Our editorial team:
- Identifies five factors to compare across each brand
- Determines the rating criteria for each factor
- Calculate an average of those five factor scores to get one SimpleScore
We break down each of these five factors and their rating criteria for our review of the best mortgage companies.
Why do some brands have different SimpleScores on different pages?
Some brands like Bank of America, Wells Fargo, and Chase have different SimpleScores because they offer more than one financial solution — like home loans, auto loans, personal loans and more.
For instance, in our Bank of America Mortgage Review, we give the company a 3.8 out 5 based on our five rating factors for mortgages. In our Bank of America Auto Loans Review, we give the company a 4.4 out of 5 based on our rating factors for auto loans. By tailoring our SimpleScore to each financial solution, we’re able to give you a more accurate view of a brand’s services and how it compares to competitors’ services.
Perks
Mortgage lending companies that provide more perks receive a higher score from us.
Hard/Soft credit checks
We know that credit checks affect your score –– that’s why we favor companies that offer soft credit checks or hard credit checks when you want to see your pre-approval rates.
Customer satisfaction
We use the J.D. Power 2019 Mortgage Origination Satisfaction Study℠ to find out how customers rate their experience with each company. (If a company is not included in J.D. Power’s study, we skip this rating factor and average the remaining factor scores.)
Product variety
Mortgage lenders that offer more products for their home loans are given higher scores.
Fees
Fees can add up fast. Companies that don’t require as many fees for your home loan receive a higher score with us.
Reviewed by
Andrea Perez
Personal Finance EditorAndrea Perez is an editor at The Simple Dollar who leads our news and opinion coverage. She specializes in financial policy, banking, and investing.
