About Better Mortgage
Better offers an online mortgage lending program for borrowers in select states across the nation. The company doesn’t charge lender fees or incentivize its officers with commissions (meaning they shouldn’t try to sell you a loan larger than you need), and it has a referral discount program for its customers.
Overall Satisfaction Rating
- 5 stars
- 4 stars
- 3 stars
- 2 stars
- 1 stars
- Referral discount program
- No lender fees or commissions
- No prepayment penalty
- Not available in all areas
- VA and USDA loans not available
Better specializes in online mortgage applications and approvals with no lender fees or commissions. Though it doesn’t offer VA or USDA loans, it partners with over 25 lenders and investors to help find rates to suit you.
What is Better Mortgage?
Better Mortgage is a direct lender with fully online loan options, simple applications and fast approvals. It offers home purchasing and refinancing options for borrowers, and it provides fast loan processing through an algorithm that matches borrowers to suitable investors. Its preapprovals don’t affect your credit score, and it doesn’t charge lender, application, processing, underwriting or commission fees.
Better offers conventional and jumbo loans with 15-, 20- or 30-year terms and fixed interest rates. It also has variable-rate options. It provides funds for single-family and multifamily homes, townhouses, condos and planned unit development. Better also has loans for foreclosed and bank-owned properties with a C4 rating or higher. It partners with Goldman Sachs, Citigroup, KPCB, American Express, Ally, Pine Brook and Activant.
Better Mortgage services
To qualify for Better, your debt-to-income ratio must be no higher than 35%, and you’ll have to pay closing costs out of pocket. If you buy a home with an agent from Better Real Estate, you’ll save one-eighth of a percentage point on your Better mortgage interest rate. Check current rates on the company’s website (updated in real time). Its customer service is available by email, chat or phone. Better advertises that it closes loans up to ten days faster than the industry standard.
After you submit the application, Better assigns you a loan officer. Within three days of receiving your application, it sends an estimate for your loan, interest rate, monthly payment and closing costs. It guarantees to match any valid competitor’s offer. According to Better, the average new homebuyer saves $19,600 and the average refinance customer saves $7,300 by working with the company. Once you accept an offer, log in to your account any time to see the loan’s progress.
Better Mortgage rates
Better is transparent about its rates on its website. Due to the ever-changing loan marketplaces, though, mortgage interest rates vary widely. Better does charge some additional fees, including escrow deposit and prepaid interest, but it doesn’t make you pay an origination fee. The majority of Better’s mortgage loans over the past year averaged from $150 to $3,500 in closing costs.
Better Mortgage FAQ
- Where is Better available?
- Better Mortgage is available in 43 states and in Washington, D.C.
- Does Better have a refinancing program?
- Yes, Better offers a refinancing program for its mortgage loans. These options include fixed-rate and adjustable-rate terms.
- Are Better’s mortgage programs totally online?
- Better’s mortgage application and approval process are completely online. Appraisals, closing and other mortgage components that follow qualification and funding are not online.
- Does Better charge any mortgage fees?
- Better doesn’t charge lender, application, processing or underwriting fees, but, as with any mortgage company, be prepared to pay third-party fees and closing costs. Depending on the situation, you might also be responsible for escrow deposits or prepaid interest.
Is Better a good mortgage company?
If you have solid borrower qualifications and want to streamline the mortgage application process, you’ll likely benefit from Better’s online loan-matching and approval system. While it can’t offer closing services online, Better backs up its digital experience with personalized customer support to guide you through the borrowing process. It doesn’t charge lender or underwriting fees, and its loan officers don’t depend on commissions — so they shouldn’t try to oversell you.
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Better Mortgage's online application process was super easy to do. The gal there was super awesome to work with and she said she would call me back the next day and walk me through the next step. I was able to do the process all the same day. Every time I asked the gal a question, she was on it. I was able to call her and I prefer that. She responded easily via email too. I appreciate the immediate response time. Better Mortgage's system makes it so easy and her knowing her job and what needed to be done made things really smooth.
Better Mortgage was really helpful in trying to figure out what was best for me and the rates were reasonable too. They were very comparable with everything else I looked at. The closing costs seemed a little high compared to a couple of other places that I looked at but it was the better option. I had a good price overall. The process was handled extremely efficiently. The application and underwriting process took a month and a half at the most. I really appreciate how smooth and easy everything was.
Doing something like that, especially for a single person, can be so stressful. I was a little nervous going through the whole approval process and that went perfectly. Every time they needed more information, it was communicated efficiently and I was able to provide the information right away. It was easy to go in online and track where the progress was at. I liked that too. There was a week where I hadn't had any communication and I logged in. I could see that things were still being processed and everything was on track. My one concern is the friend who had referred me said, “I had to go look for how to make my first payment.” But I figured Better Mortgage would let me know.
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I wanted to get a 15 years conventional loan and I was looking for a rate that I needed. When I searched, Better Mortgage came back and gave me 10 different rates. I just picked, "Okay, I want 2% in 15 years," and clicked on "next." I did it on the 7th and I closed on the 25th. The process was too simple. Even on the day that we were closing my loan, I wasn't sure if it was true. I just refinanced a couple of years ago and I got an officer who sent me information and what he needed. With Better Mortgage, everything was online. I uploaded everything and it was definitely much better, but it felt weird. I struggled with one thing that I needed to get too. Other than that, I freaked out. I didn't know who my servicer was and that was the only thing I was scared of.
At the beginning, there were a few people calling, and at the end, Lauren called to make sure I got everything. However, it would be nice to get one or more calls from someone following up to make sure, "I know you got everything done, but is there anything else that you have questions?" If I have a question, I just email and then a rep replies back. My loan has been sold to Fannie Mae and Mr. Cooper as the new servicers. I understand that, in order to get more loans coming in, Better Mortgage has to sell to a different company, but I don't know how my tax is gonna be paid and all my escrow. Are the new servicers gonna receive those income to be able to pay for the tax or insurance? I'm worried about that.
Thank you for the review, Kimmie!
When I moved forward with Better Mortgage, I was happy that I got a good rate, and I locked it in. I liked the process because it told me if I had a task and based on the task, I needed to take care of A through B then I would upload it, et cetera. But in some cases, some of the tasks were vague. Even though I uploaded whatever they asked for, it wasn't specifically what they were looking for. The communication could have been a little bit more clear. But I like the system because it was encrypted. That made me feel more comfortable. Taking care of the privacy of my data was also impressive. I like that because they were always on top and concerned about breach of data confidentiality. That stood out really well compared to other banks which use conventional email for swapping out confidential information.
Better Mortgage assumed that I owned that company. They asked for a ledger on a company that was basic for consulting that I did for a company, and it was very short period. The underwriter was asking for way too much info that did not apply so that made it more complicated. I'm in the tech world so I know how to get around computers, capture files, upload them, and put all this stuff on to the cloud or encrypted data. There are a lot of individuals that could benefit off of the refi through Better Mortgage, but the issue is they don't have the same capabilities. They're not tech-savvy or they don't have the proper equipment for either scanning or converting to PDFs so it's difficult for them on their end.
Better Mortgage could develop a phone app where one could take a picture of documents that they want that would automatically upload it to the specific task that they're looking for. That would make it easier for a lot of people because then they could just get their phone, take a screenshot of the front, maybe of each page of the document, and it upload it to their system that's encrypted.
The rate and terms were one of the best. In some cases, if they could turn around and be a little bit less lenient when somebody wants to consolidate debt, then that would help out also. A lot of times, they look at debt to ratio. But if you pay off the debt, hypothetically, the debt to ratio is going to be a lot better. If they have control over it on their end and say that, "Okay, we're not going to let the client pay off the debt, we're going to pay off the debt," because then they can automatically see that once the debt is paid, the debt to ratio is pretty much within the borrowing limit.
Thank you for your review!
My experience with Better Mortgage was excellent from the second I got to their site. I received an alert from another company indicating a major rate dip for 15 year refinances, which I had been tracking for close to a year. I quickly searched and came across Better Mortgage. They quoted a ridiculously low rate - so I jumped at it. Sign-up was quick and simple, and I was able to lock 1.875% on a 15yr refinance THE SAME DAY. A TEAM of people was immediately assigned to me and they reached out within the same 24 hours that I signed up. Better Mortgage has PERFECTED the refinance process, and guided me along. If I had a question, I emailed my team and received a response WITHIN THE SAME HOUR. For most companies, replying within TWENTY-FOUR hours is considered ok -- nope -- not for Better. Within 1 hour was my experience with just about every single communication I sent.
The reps I had - I'll only say a first name - Carly - was flat out the best rep I've ever dealt with. Quick, pleasant, reassuring, confident, HAPPY TO HELP me. I had to communicate with her a few times at the end as there was confusion on the final closing payout, and even though that area is not Carly's responsibility, she reached out and helped me anyway. The other 2-3 reps assigned to me were also amazing and quick. I swear, the next time I refinance or purchase a different home, my immediate choice will be Better Mortgage. I can't thank Carly and everyone there for such a positive experience.
Thank you for the review Daniel!
I did a bunch of research in the different local companies around me. Better Mortgage's turnaround time was significant on a refinance, which is what I got. And based on all the reviews online, I read that they can pretty much process just about as quick as you can provide them the information. So with their pretty self-explanatory system to upload documents and all that, I was able to get it done in a much faster timeframe. Better Mortgage's process on a refinance was very ideal. With my time zone difference, being on the West Coast and me in Central Time, it worked out to where they were available on the evenings. I was able to speak to Rashmi. She was my coordinator through the majority of that. But Better Mortgage immediately sells off and changes who you're sending your mortgage payments to instantly. It’s a bit frustrating. Other than that, everybody has to deal with that and they handled it well.
Their process was a superfast one. It was about 25 days from the very start to actual funding. There was one time where it was the only time that they outsourced any portion of the refinance process. But I had to use a third party over the phone verification process where I got on the call with them via a code that was sent to me. Then they called my, at the time, current lender to verify all of the data and the numbers from my current lender. I don't know why they had to do that, but that was the most frustrating process. I was speaking to the same person the whole time. Having to deal with an outsourced third party didn't go too well.
Better Mortgage tries and steers you towards appointments on the website. Pretty much anytime you have an issue, there's a button on the screen you're looking at that says, “Do you have an issue?” When you click it, they try and get you to set up an appointment with somebody. I never did that. I personally use the chat feature on the specific problem I had, and they responded so quickly. Then, if I felt like it was something to worry, then I would just give my individual person. She was great from top to bottom. She responded to my calls within super reasonable amount of time. It was 20 minutes mostly which I think is awesome for an industry with such a high workload.
Thanks, Aaron! We appreciate your feedback.
Poor communication via phone. Process repeats questions that are clearly answered. Mortgage consultant does not reply. Don't use this company. Horrible customer service. Loan processor does not provide any feedback on information provided.
Hey Alan, I'm so sorry to hear this but thank you for letting us know. Please reach out to us at firstname.lastname@example.org if you'd like to discuss further.
Better Mortgage was offering the lowest rates at the time I refinanced the house. I'm not very computer-literate but I found the process easy. All the support staff and the folks that I worked with were helpful and very patient. Rick and Philip were the two I worked with the most. They taught me through the process. They reassured me that things were going good. They reached out to me when I was falling behind on some of the tasks. After I gave them the explanation of why, they were still good. Rick and Philip made the experience easy for me.
Thank you for the review Darrin!
The online process was much easier and straightforward. I was happy about having sufficient information. Everything was very informative.
Thank you for leaving us a review Rafael!
Better Mortgage had the lowest rate and the process was very efficient. I liked how the process was organized. There was a lot of communication between me and Better Mortgage and I liked the open communication. Whenever I called or emailed, they always got back to me quickly. I've only had good experiences so far and I’d tell others they're not probably gonna find a better rate anywhere else.
Thank you for leaving us a review, Christian!
Better Mortgage was very responsive and quick. The rep sent a bunch of emails explaining what was going to happen before it happened, with links directly to their platform. I was able to get to the platform without the links and find the exact same information. They made me comfortable with it. We achieved what we were trying to achieve with Better Mortgage.
Thank you for the review, Jason!
Their online application process was smooth and easy. We closed within 30 days. The rate was perfect too. For the most part, I felt comfortable working with them.
Thank you, Justin!
I initially was concerned with Better Mortgage being an online-based company that their rates would be elevated but we did some rate shopping and we could not find a better rate anywhere else. We did a quick estimate online and then, we scheduled a phone call for initial application. They did everything remotely then they sent someone to my house for closing. The online application was very simple and the directions for all the documents they needed were all available. The only issue that I had with the entire process was that they would request from the insurance company and also request it from me, so I would request it from the insurance company. The insurance company was getting frustrated because we were both asking for the same things. But I've already given them that feedback.
My preferred form of communication was primarily via email if I had concerns but I could either schedule phone calls or I could walk in and talk to a representative. The downside to the call center is that it's not the agent that's working on your case. It's someone available to answer questions. So, the benefit of communicating via email and scheduling calls was that you could talk to the person that was familiar with the specifics of your case.
Thanks for the review, Eric!
The process with Better Mortgage was very easy and intuitive. I entered all the information online and they were very responsive. I did a conventional loan and the rate I got was the best one I've ever seen and anybody I've talked to has ever seen. The application was quick but the rest of the process took a while because of other reasons, which is not Better Mortgage's fault.
I was very comfortable working with Better Mortgage. They were very responsive, kind, and easy to get ahold of. My rep was great, except she went out sick so I got another person. Better Mortgage credited us back the money. They were really apologetic and it all worked out. But that was unnecessary for us. Another thing was they requested some documents because we were selling our house and they did not let me know that they needed them by a certain time, even when I called about that. It turned out there was a deadline and we missed it so we had to push back our closing by a day. Overall, my experience wasn't perfect but I would still recommend Better Mortgage to friends.
Thank you for the honest review, Angela. We are sending this to our team to help us improve.
I had a bad experience with another company and Better Mortgage was my second choice. I did my research and gathered information about them. I refinanced with them and their website was very helpful. I was satisfied by the products that they offered and how a person went about getting information about them. The way that they presented the products was very open, truthful, and transparent. The communication from their whole team was also broken down very well.
Lucius was the person who helped me and he was amazing. He was very informative and he even called me when he was on vacation to clarify something that I had a question about. Their people are all in different offices and it was really amazing how they were all able to communicate and everyone knew. It was almost military how they had everything lined up, so I was impressed. Overall, my experience with Better Mortgage was better than the other company and I really enjoyed it.
Thank you for the review, Cody!
Better Mortgage was able to offer the product that I wanted, which was the cash-out refinance for an investment property. At this point, almost nobody else was offering that. I was very pleased with the online application process. It was very user-friendly. At first, I was a little concerned about how I would contact people for questions and stuff but I had people I could have called. And when I used the chat function, somebody responded usually within a couple of hours. I don't think I ever went more than 24 hours without a response.
The only thing that I might have wished is that all the steps were made available at the beginning. But I understand that there are certain steps that can't be revealed until other things are done. Also, I was very surprised by the rate and terms. I was anticipating making the first payment to Better Mortgage but it looks like it was already transferred to Wells Fargo, which is really nice.
Thank you for your review!
I like Better Mortgage's platform as far as their online portal. Everything seems pretty easy. Everybody provided excellent service during the process and I loved it. Everything was fast too. I made an offer at the end of May and closed on July 13th. There were no delays with Better Mortgage but there were a couple of delays on my title company with the inspection or the appraisal and the elevation certificate. I told people to look into Better Mortgage.
Thank you for the review, Sandra!
The mortgage process with Better Mortgage was really smooth. It was online and really easy. The rates and terms were good and fair for what I put down.
Thank you for the review Logan!
We've been waiting weeks to close our simple refinance, but every step of the way has been plagued by Better's incompetence, whilst they continually blame other parties for the delay. For example after chasing up, Better claimed the delay was down to our current lender failing to respond to them for weeks, but in fact that company confirmed that they had only just received the request the day before. Another delay was due to their not even providing an address for the current lender to send the documents. Finally we were told that the loan was ready to close and we selected a timeslot for the notarized signing of paperwork, but that appointment wasn't kept and now they are claiming that issues with a subordination agreement mean they need to restructure the loan. This loan still hasn't closed and with every fiber of our being we regret using Better.com!
Hey Paul, I am very sorry to hear about your experience and totally understand the frustration. Thank you for making me aware of this. I'm sending your feedback to our team so we can make some improvements for the future. If you'd like to discuss further, please feel free to reach out to us at email@example.com.
I was checking around online and I got a whole list of places and Better Mortgage was one of the best. I checked the reviews for Better and they were all really good. I did a refinance and the whole process was sort of daunting. I never necessarily felt super comfortable, but everything flowed really well. So, it worked okay. Their team was available by text or email and even by phone. So, that was perfect.
I was looking to refi my house and Better Mortgage was responded to my inquiry through the web. I was able to work with their team to get the rates down to what I was looking for. I was pleased with the rates I got as that was one of the qualifying criteria for me. I enjoyed their process because everything was online. Everything was on one portal page and the team made themselves available so that I knew who to go to for certain things. The application and underwriting process took 40 days max. Most of the time was on me getting the documentation together.
My concerns were handled efficiently, either through email and/or callbacks. I was pleased with how quickly the responses were coming in. Overall, Better Mortgage has a well-put-together process and I was comfortable going through it. The only thing for improvement would be the initial conversations with who the primary agent was and managing the whole process A to Z type of deal. There should be some conversation to assure that we are talking to the right company and the right people at that point. Other than that Better Mortgage has a smooth workflow and they are efficient. They have a very competent team doing the work and handling the back office work and paperwork.
Thank you for your review!
The process was super fast. The rep helped with any of my questions, directing me to the right people. At one point, there was a credit that wasn't showing up in my portal and he got it all handled, made sure it came through, and followed up once it was done. Overall, I was really pleased. The way Better Mortgage's system is set up kind of walks you through everything that you need to do with the tasks. I'm a task-oriented person so I loved the list. It worked out.
Thank you, Alecia!
Better Mortgage had a better web app and the information was all transparent online. It was very easy to use and get good information about the loan without having to go through the hurdles of dealing with back and forth and lots of phone calls. I've had four mortgages in my lifetime and usually, it sucks. Better Mortgage's technology was that much better. I was not having to spend 20 minutes on a phone call with somebody doing stuff that I know I could load in. The reps did what they needed to do and gave me the information upfront. The process was fast and it didn't seem janky or like somebody was trying to trick me.
Thank you for the review! Happy to hear you enjoyed your experience with us.
The rep was professional and followed up. I would recommend Better Mortgage.
It was good with Better Mortgage except for one thing. They have issues understanding bank statements. The back-end teams managing the actual statements kept denying them. All the people helped, but once they get sent to back-end, they kept doing the same mistake over and over. I had to contact them a lot to get that resolved. Otherwise, we wouldn't have made the timeline.
Thank you for your feedback!
Better Mortgage's website was very easy to navigate and they got back to me quickly. I could see the numbers right in front of me online and the process didn't take very long. However, we switched things a couple of times which I didn't understand. I was wondering why those numbers were changing often. That was kind of the only holdup but after that, everything was easy.
Thank you for your review, Priscilla!
I liked the process with Better Mortgage. I also had an assistant I could contact at any time that would help me with any issues. Sometimes I had answered certain questions in the survey and it would then ask me those questions again. She would contact me and say, “It's not in there so we already put it in there,” and she would see that it was there. Better Mortgage stayed in constant contact when I had tasks in my box. They would double-check with me on certain things there. As we got down to the wire, they would remind me that I needed to have certain stuff in by certain times.
Thank you for your review! Happy to hear you enjoyed your process.
I like working with Better Mortgage so far. They've saved me money on a monthly basis. The process was very fast, and it was online pretty much so it was good. I used to have either email or phone conversation with my rep mostly at the beginning. Then there was somebody else who had a good follow-up on all my questions. The costs were nice too. I did compare with couple of other lenders, and Better Mortgage's was the best.
Better Mortgage had one of the better rates and my first interaction with the first person I talked to went well and made me feel comfortable. However, after the fact, they send out way too much junk mails about getting some type of mortgage insurance. I look at an envelope every day for three weeks straight, and that was annoying and a waste of paper.
Thank you for your feedback!
Better Mortgage had the most competitive rates. However, every time I wanted to speak with my loan officer, I did speak to someone else and sometimes they didn't know my predicament. It would be a lot of long-winded waits on the phone, and then it'd be, "Let me give you a call back when he's free." It was good and bad. Everyone is all hands on deck but sometimes, they were kind of out of the loop with my situation. Since so many other people were handling my account rather than just my loan officer, I got a lot of back and forth suggestions on what I should do for specific tasks. It was good, but sometimes frustrating 'cause I was doing the same thing twice when I get different calls from different people asking for different things.
Thank you for your feedback, Savannah!
The process at Better Mortgage was simple. I like that it was all online and I really didn't have to do much. Everyone was helpful. I would recommend them.
Thank you for the review! Happy to hear you enjoyed your experience with us.
Better Mortgage Company Information
- Company Name:
- Better Mortgage