Better Mortgage

Better Mortgage Reviews

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About Better Mortgage

Better Mortgage (NMLS #330511) offers an online mortgage lending program in all 50 states. Borrowers can get preapproval from the company in as little as three minutes. The lender doesn’t charge any application, origination or underwriting fees, and it has a referral discount program for its customers.

    Pros & Cons

    • No origination fees
    • 100% online application
    • Matches competitor offers
    • On-time closing guarantee
    • No USDA loans
    • No construction loans

    Featured Reviews

    Fort Worth, TX

    Better Mortgage came out on top with the rates which we could afford as well as discounts. They didn’t have any kind of origination fees. … The entire process was very smooth. The...

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    Orlando, FL

    The lending process at Better Mortgage was very well-organized and really perfect for my needs. The agent was very supportive. Whenever I had questions, she got back to me quickly...

    Read full review

    Our editors’ take on Better Mortgage

    Based on our customer reviews and nationwide mortgage data, we recommend Better Mortgage for homebuyers who want a competitive interest rate and streamlined application process. Many reviewers mentioned they received incentives in the closing, lowering the overall cost of their mortgage process, but Better does not advertise these deals on its site.

    We don’t recommend Better for buyers who need USDA loans or loans for modular homes or multi-family homes, since Better will not be able to provide these types of funding. Additionally, Better’s credit score requirement of 620 can make it harder for some home shoppers to qualify.

    How we rated Better Mortgage

    We rated Better Mortgage excellent for its rates, fees and application process. Our mortgage data also shows that Better has had lower rates than the national average between 2019 and 2021.

    For its requirements, we gave it a score of fair because several reviewers had issues if they were self-employed or had complicated financial histories.

    Rates: Excellent

    Better Mortgage publishes its starting mortgage rates for 15-year, 20-year and 30-year conventional loans on its website. For rates based on your individual situation, contact Better Mortgage for a customized quote.

    Over the past few years, Better Mortgage’s rates for home purchases have trended slightly lower than the national average. Its average rate was 0.26% lower than the U.S. average in 2021; in 2020 it was 0.21% lower, and in 2019 it was 0.26% lower.

    Reviewers said they found the best rate with Better. “I got a better deal with Better Mortgage in terms of mortgage rate,” said a reviewer from Missouri. “I got the best interest rate with the competitive offer that I got.”

    Another customer in Florida posted similar sentiments: “We got a low-interest rate, lower than anybody else was offering.”

    Disclosures from Better Mortgage indicate that its average rate for a 30-year fixed-rate mortgage in 2021 was 2.86%, which was 0.1% lower than the national average reported by Freddie Mac (2.96%). Remember to keep in mind the difference between interest rate and APR — APR takes into account additional costs and fees as well as the interest rate.

    Better Mortgage average home purchase rate vs. national average

    Information pulled from public Home Mortgage Disclosure Act data. Rates reflect noncommercial home purchase loans only.

    Application process: Excellent

    You can complete Better Mortgage’s application 100% online. You can start the preapproval process by answering a few short questions and allowing the lender to conduct a soft credit check (which won’t impact your credit score).

    Be prepared to provide information about your income and assets — Better Mortgage uses these details to determine how much you can borrow. You also need to upload financial documentation (like W-2s and bank statements).

    Once the lender has all the necessary documents, you could receive a preapproval letter in as few as three minutes. Better Mortgage uses online tools to match you with available mortgage loan options.

    Benjamin from New Jersey said, “The design of the website made it really intuitive. ...I really enjoyed working with them because the interface that they have is task-based. It empowered me to really move through the process and understand the pieces that I needed to take care of, and it worked smoothly.”

    Better Mortgage initially services the loans it originates, but it may sell your loan to an investor in the secondary mortgage market at some point — which means another company would own and service your loan moving forward. The loan terms, like interest rate and term length, won’t change with the new servicer.

    Better Mortgage application features

    Loan types: Good

    Better Mortgage offers a variety of mortgage products online, including conventional loans, jumbo loans, FHA loans and VA loans. You can also refinance your existing home loan with Better Mortgage, whether you’re aiming to cash out or get a lower interest rate.

    Demand for home purchase loans from Better Mortgage grew significantly in 2021, with 52,363 total home purchase loan applications (versus 15,667 in 2020 and 8,803 in 2019). Of those, 21,967 (about 42%) were approved and closed in 2021, and only 3,441 (6.6%) applications were denied.

    Lukas from Indiana is in the military and wanted a VA loan because interest rates are usually lower. “As I got all the quotes back from different VA lenders and banks, Better Mortgage had the best interest rate and offered me lower than 20% down with a conventional loan. So, it's kind a no-brainer for me to use that,” they said.

    Loan applications for home purchases only by year

    Information pulled from public Home Mortgage Disclosure Act data. Includes conventional, USDA, VA and FHA mortgages.

    Requirements: Fair

    Both conventional and government-backed loans have their own sets of borrower requirements. Typically, conventional loans require a higher credit score than government-backed mortgages, but not always.

    Better Mortgage has a minimum credit score requirement of 580 for FHA and VA loans and a minimum credit score of 620 for conventional loans, which is in line with the industry norm.

    Sandra, a reviewer from California is self-employed and used Better Mortgage for a cash-out refinance. They said, “Everybody was great. It's just that they have to follow protocol. I never imagined it was this difficult for a self-employed to apply for loans.”

    Several other self-employed buyers also found the mortgage process longer and more difficult because of their income.

    Derrick of Illinois had several issues with getting approved for a loan, despite having a high credit score and 15-year employment history with one company. After submitting the same form five times the company ultimately said it would not move forward with the loan. “Their stated reason: I travel too much for work. After 4 months, and close to $600 spent I still have no mortgage and no legitimate explanation as to why,” they said.

    National mortgage requirements by type

    Cost and fees: Excellent

    Better Mortgage doesn’t charge any lender fees — there is no application fee, origination fee, processing fee or underwriting fee. Keep in mind you may still owe certain upfront costs when buying a home or refinancing a home loan, such as a down payment, third-party fees (e.g., appraisal fee, title insurance) or an escrow deposit for insurance and taxes.

    One Pennsylvania reviewer said, “Better calculated that the value of the home met a certain condition. So, they offered me to waive the appraisal. I took that because otherwise, the appraisal would have cost me an extra $500.”

    Better Mortgage also offers a “Better Price Guarantee,” promising to match a competitor’s offer and credit $100 toward closing costs. You could also save an additional $2,000 in closing costs when you use both Better Mortgage and a Better Real Estate agent to buy your home.

    Compare Better Mortgage to other lenders

    View rates from leading lenders now.

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    Better Mortgage FAQ

    How does Better Mortgage work?

    The initial application process takes place online. You start by selecting a goal (buy, refinance or sell), and you can obtain preapproval for a loan in as few as three minutes. This shows you the total amount you can borrow and what your monthly payments will be. In the case of a refinance, you can also see how much the new loan can save you.

    Is Better Mortgage legit?

    Better Mortgage is a reputable lender. 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 process. It doesn’t charge lender fees, and its loan officers don’t depend on commissions — so they have less incentive to oversell you.

    Where is Better Mortgage available?

    Better Mortgage loans are available in all 50 states and Washington, D.C. It's headquartered in New York, with three additional office locations in the U.S., but there aren't any in-person branch locations as of publishing.

    Better Mortgage Reviews

    Stars Rating

    • 67%
    • 26%
    • 5%
    • 2%
    • 1%

    Popular Mentions

      How do I know I can trust these reviews about Better Mortgage?
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      How do I know I can trust these reviews about Better Mortgage?
      • 4,482,017 reviews on ConsumerAffairs are verified.
      • We require contact information to ensure our reviewers are real.
      • We use intelligent software that helps us maintain the integrity of reviews.
      • Our moderators read all reviews to verify quality and helpfulness.
      Page 1 Reviews 0 - 10
      Verified purchase

      Reviewed May 29, 2023

      My rep Adam listened very well and analyzed my needs. He gave me a custom solution for me 'cause my situation is different. I recommend Better Mortgage.

      Verified purchase
      Customer ServiceStaffLoan ProcessTransparency

      Reviewed May 25, 2023

      I checked with a few other mortgage and loan providers but they didn't offer a close rate to what Better Mortgage offered me. At first, the rep from Better Mortgage was pretty responsive and answered all my questions. But after I accepted it, it was hard to communicate with that person. I was able to follow everything online but it was hard to ask my questions along the way or it would take a day to answer a question. The communication along the way can be improved but overall, my experience was really smooth and nice. I really liked it and I would recommend them to my friends.

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        Verified purchase

        Reviewed May 23, 2023

        The rep was very helpful. He was following up at every step and kept us posted. Even when the system wasn't working well, he was able to go to the system and fix something. I like that the communication was straightforward, everything was transparent and Better Mortgage has a good online backing. The tasks that had to be done were organized and they got done perfectly. Better Mortgage also gave us the option to use our bank. It was very simple to register and pay. However, there were a couple of instances where the builder’s agent provided quotes, but Better was not able to accept that because of the format. The builder’s agent said that was the only format they could provide.

        Verified purchase
        Customer ServiceStaffLoan ProcessTransparency

        Reviewed May 17, 2023

        They walked me through everything that they needed. They described everything that they needed from me in detail, so it was super easy for me to get. It was a very easy process. They were very helpful and informative. They were always there when I needed someone to talk to about any questions that I have. If I reached out via phone call or email, it was a very quick response. When I would reach out, they would clarify and made it super easy.

        Verified purchase
        Customer ServicePunctuality & SpeedLoan ProcessRates

        Reviewed May 17, 2023

        I liked the ease of the online process with Better Mortgage. The process was quick and expedient online. I was provided the resources and information I needed to make an informed decision. I could reach out to their customer service much easier than a couple of the other banks that I had reached out to throughout the process as well. The process took two to three months. The biggest delay was me. My family and I were traveling to visit the homes and make an offer on the house. That aside, the rate I got was competitive with any of the other mortgage applications I had started, but not finished for that reason. I would recommend Better Mortgage.

        Verified purchase
        StaffLoan Process

        Reviewed May 17, 2023

        I worked with them for a new mortgage and they were all very informative. The only thing I didn't like was that in order to contact them, you have to go through a line. Every time I had to talk to somebody, I had to schedule a meeting for that day. They had it available, but you had to wait five hours. It sucks because when you have a question or urgent thing you have to wait to get in contact.

        I closed a month ago and during the closing, it took three hours to transfer the funds. It took almost forever to contact somebody regarding that. Also, I just got a letter from Chase that they bought my loan from Better Mortgage. I don't know why they do that. Other than that, Better Mortgage is a good company.

        Verified purchase
        Loan ProcessRates

        Reviewed May 17, 2023

        Better Mortgage had a better rate for me. I had a different company and I matched them up, and it was a big difference in the rates. The process, so far, was going smoothly, until towards the end, they were asking for things. I asked, "Why didn't you tell me this two weeks ago?" But that was the only issue that I had. The process was really simple.

        Verified purchase
        Punctuality & SpeedRates

        Reviewed May 7, 2023

        Better Mortgage filled out the application and just went through the process online. It was easy. I would log in on the morning and it would show me what task I needed to complete, and I just checked them off. The whole thing took us a month before we closed on the house. It was quick. The few times I had a question, I could just go online, request an appointment and have a phone call. The rate and terms were the best ones we found at the time.

        Verified purchase
        Customer ServicePunctuality & SpeedLoan Process

        Reviewed May 6, 2023

        I went for a 30-year fixed mortgage with Better Mortgage. I put them against another broker that I've used in the past for several mortgages, and they were able to compete with that. They were able to do the best they could do. My initial contact and the one who helped me through the loan process were great to work with. They were very responsive via email. It was a little difficult though. I had to schedule a time to speak with them, and they didn't have times that were always available. But they responded to my questions and had answers or got me answers to everything I needed.

        The process was a little bit longer than any lender I've used in the past. It was good because it was all online, but they had a lot of requirements for documents. I would often submit something then a day later they would ask for a minor revision. I'd submit again, and they'd ask for another minor revision. One of the best examples is they asked for a signed contract between me and the seller, and I gave that to them. They said I needed the address on there. I gave it to them again. They said I needed the date on there. The back and forth could have been simplified. The checklist that they had was at least double of what I'm usually given when I apply for a mortgage. They could improve on the steps that were required. Some of these steps, I did not have to do with previous lenders.

        Verified purchase
        Customer ServicePunctuality & SpeedStaffLoan ProcessRates

        Reviewed May 5, 2023

        I applied for a standard 30-year mortgage with a fixed rate and the process with Better Mortgage was very smooth. It took a little bit longer than three weeks, from beginning to the end, but only because when they were ready to sign paperwork and get moving, the seller and I agreed to close on another date since they were leaving any time to move out. So, we were able to close whenever we wanted. I worked with Luke at Better Mortgage and he was very informative. He was always there and if I wrote him, he responded immediately. If I wrote him a question after hours, sometimes he'd even respond after hours. He was easy to deal with, too.

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          Better Mortgage Company Information

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          Better Mortgage