Better Mortgage
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Better Mortgage

 4.4/5 (213 ratings)
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Better Mortgage
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Written by Leorah Gavidor
Edited by Vincent Landino

About Better Mortgage

Better Mortgage offers an online mortgage lending program for borrowers in all states except Nevada. Preapprovals can be obtained in as little as three minutes. 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. Better Mortgage changes its rates multiple times per day – check its website regularly to see the most current rate.

Overall Satisfaction Rating

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Pros

  • 100% online application
  • Get preapproved in as little as 3 minutes
  • No lender fees or commissions
  • Matches competitors’ prices

Cons

  • No physical locations
  • Not available in Nevada
  • Doesn’t offer VA or USDA loans

Bottom Line

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 keep rates low.

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Rated with 5 stars
Verified

I tried to refinance through a different lender and the experience wasn't as good. I gave Better a shot, and it was a very good experience. ... Throughout the process, everybody d...

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Rated with 5 stars
Verified

My experience with Better Mortgage from application to closing was very easy, quick and communicative. I've gone through the process with my current mortgager and it was a nightma...

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What is Better Mortgage?

Better Mortgage is a direct lender with online loan applications and fast preapprovals. 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 fees, including application, origination, processing or underwriting fees.

Loan types available from Better Mortgage include:

  • Conventional mortgages
  • Refinancing loans
  • Jumbo loans
  • FHA loans

Better Mortgage offers loans with 15-, 20- or 30-year terms. Mortgages are available with either fixed or adjustable interest rates.

Better Mortgage provides funds for single-family and multifamily homes, townhouses, condos and planned unit developments. Better also has loans for foreclosed and bank-owned properties with a C4 rating or higher.

It partners with Goldman Sachs, Citigroup, Kleiner Perkins, American Express, Ally, Ping An Bank and SoftBank.

Better Mortgage services

Better Mortgage offers a variety of mortgages for purchasing or refinancing a home. You can check current rates on the company’s website, and it guarantees to match any valid competitor’s offer. Better’s customer service is available by email or phone 24/7. Better Mortgage also advertises that it closes loans up to ten days faster than the industry standard.

Outside of lending, Better can also set you up with real estate services, title insurance and homeowners insurance. However, availability for these services varies, and they’re not available in as many states as Better’s mortgages at the time of publishing.

Better Mortgage rates

Better Mortgage is transparent about its rates on its website. Due to the ever-changing loan marketplaces, though, mortgage interest rates vary widely, and Better updates its rates multiple times per day, so check the site regularly to ensure that you see the latest rates.

Better Mortgage does charge some additional fees, including escrow deposits and prepaid interest, but it doesn’t make you pay any lender fees. Better also offers a $2,000 credit against closing costs for borrowers that use a real estate agent referred to them through Better Real Estate.

Better Mortgage application process

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

Better Mortgage loan requirements

As with all mortgage companies, Better Mortgage has a variety of loan requirements. These include:

  • A credit score of 620 or higher
  • A minimum down payment of 3.5% (for FHA loans)
  • A debt-to-income (DTI) ratio below 50% (for FHA loans)
  • Private mortgage insurance (PMI) if you’re making a down payment of less than 20%

Better Mortgage FAQ

Where is Better available?
Better Mortgage is available everywhere in the U.S. except Nevada.
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 fees, including application fees, origination fees, processing fees and underwriting fees. However, 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 have less incentive to oversell you.

Better Mortgage Reviews

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How do I know I can trust these reviews about Better Mortgage?
How do I know I can trust these reviews about Better Mortgage?
  • 3,769,237 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.

For more information about reviews on ConsumerAffairs.com please visit our FAQ.

Page 1 Reviews 0 - 5
Rated with 5 stars
Verified Reviewer Verified Buyer
Original review: April 29, 2022

I kind of went through Better Mortgage's application process twice. I had an offer on a house and we got almost to the end. Then the buyers wouldn't put something in writing about replacing the roof. I had to walk away from that sale, but in that very first application, I was super impressed. It was super easy. Better's systems work so there wasn't a lot that I had to send in. I was expecting to have to send in a lot more documentation but their software did everything. I just had to verify a few things. It was super helpful. I like the task aspect of things. The notifications were good.

I'm still in the market again for a house. Then I had to redo a few things. This time, there was an extra. I had to take some kind of a course for home buying. So, that was a little bit different. I felt like that was a little bit weird because I had just gone through the process a couple of months before. But overall, I was very impressed by the application process and the ease of it.

I worked with a couple of different sets of representatives. I had one set of people that I was working with through all the stuff in November. Then I started to work with some of them the second time around, but it felt like there were a lot more hands touching it the second time around right before I bought this house. Better was also going through some restructuring during that timeframe from what I could read in the media. It was a little bit weird on that end because then once I was done with all my loan documents and everything was set, I felt like there wasn't a good transition to my closing agents with Better. Because everything had been all documented and through email and very formal and suddenly, I started getting phone calls. I felt like the guy didn't introduce himself well. It even lists what your preferences are, and I felt like he wasn't abiding by that. I would get random phone calls from him.

I had done all of my due diligence getting to closing and I felt like I didn't need anything. I don't understand why he was checking in on me so frequently. At the end, he was like, "It's my understanding that all the tasks are completed. There's nothing else for me-- unless you need something from me.” “I'm not sure why you're calling me so frequently. Like is everything okay? Do you need something else?” “Oh, no, I was just calling to see if you needed anything from us.” We were off by 10 cents. It was a very weird set of circumstances because I called since we were off 10 cents. That's what I was told. I got an email from the title company that said, "It's off 10 cents." Better had not sent in the updated disclosure.

I was the first signing of the day. I was upset that when I called and I asked for the person, they were like, "Oh, he's out today." At the same time, my Realtor called and they were like, "Oh, he's not at his desk, but he's available." I didn't appreciate that and it was like a lot of back and forth. We were on the phone with Better for almost an hour and a half between the two of us to get that squared away. I was like, “My loan is already prefunded. I provided everything. We're literally sitting here waiting for Better to get this just squared away.” That was a super weird way to end the transaction because everything has been so flawless and seamless, and they had great communication but when it came to closing at that transition point, it was very awkward. I would still recommend Better. That last piece was just super weird. It did not match up at all to the level of customer service that I'd gotten all the way throughout in both transactions.

Better Mortgage response

Thank you so much for leaving your detailed feedback here Julissa. This is extremely valuable information that we can bring back to our teams for improvement. We are sorry to hear about the communication troubles with your advisor later in the process. That said, we are so glad you were able to meet your financial goals at the end of the day. We would love the opportunity to show you a better experience so please do not hesitate to reach back out in the future. We hope you have a wonderful year ahead!

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: April 27, 2022

    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. So, that was beneficial for us to make a decision. There were two loan officers. One of them did the initial. Later on, the loan was transferred to an actual officer who oversaw it until disbursement. The entire process was very smooth. They kept me appraised with what step I’m on, as well as what documents are required. They kept emailing me. It was very easy to work with them. So much better than any other company which I was in contact with.

    I liked the rate table. When I tried to look for other places, if they provided a rate table, that was not the case. I was given just one flat out rate based on the amount of down payment I would make. And if I made more down payment, the rate was down. But how much down payment I had to make for me to accept the rate was not clear. So when Better Mortgage gave me that kind of table, as well as lowered the rate percentage, they had discounts, which was unheard of, that I liked. And that lowered our closing cost. So, that was very helpful. The rates were good, better than competitors in the entire market. So, it was a no-brainer.

    Better Mortgage's doing business is good, what they’re providing is good, as well as how they’re competing with other market vendors like Rocket Mortgage and all sorts who are also online. If they keep doing the same way, they’re gonna do good in this space. Because brick-and-mortar is very 2010. They need to improve on to online lenders, which don’t have these origination fees, which should not be paid by the consumer. Just because you have your business, it’s your fault to manage that kind of cost. You should not tack it on to consumer to pay for your salary.

    That’s the kind of thing which I don’t see in Better Mortgage, and that makes their cost very low. So, as long as they’re managing that, I like the process. They recently pushed our loan to the other bank, FirstBank, who will manage the loan amount and payments moving forward. That was very quick as well. The process was good, the people are nice. And the cost is affordable to get a house in this economy.

    Better Mortgage response

    Hello Shubham, thank you so much for providing such insightful feedback on your experience. Your thoughts will be shared with proper leadership for additional review as well. We are very grateful to know this experience has met your expectations and hope to get the opportunity to work with you or your loved ones again in the future!

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    Rated with 4 stars
    Verified Reviewer Verified Buyer
    Original review: March 5, 2022

    Better Mortgage was willing to meet and beat all the competition. Our originator, Jason, was really amazing. He was a great advocate for us. However, the review and application process was very tough. They've really scrutinized everything in my husband's and my background, even though we have perfect credit, perfect income, and perfect job history. We have played by all the rules throughout all of our lives. Yet, they put us through so much scrutiny. I thought we were going to be denied a loan. I was really stressed, but it went through and everything was okay. It ended up being really good. So, it was a good experience. The only thing is I'm still waiting to find out who our mortgage servicer is, and our payment is due April 1st and today's March 17th.

    There were things like they told me that I was a claims processor for 22.50 for this company and that they needed the W2. I kept saying to them, “That's not me. And I don't care if it came up in my background search, that is not me. Here's my employer. I obviously can't work two places full-time.” My HR director was going to get involved to say, “She's here 40 hours a week.” I had to convince them over and over and I wrote a letter, too. That was one pain point. They were asking me for things. I was saying, “I don't have this. I can't give you that.” I kept telling them we had an escrow account. I would send them all of the information from the escrow account, and they would reject it and say it was insufficient even though it was coming directly from my PennyMac portal.

    Everything was coming from my PennyMac portal. They were saying, “This is insufficient. We can’t accept it. We need a different escrow. We need different evidence.” I was like, “There's no other evidence. This is it.” Then they wouldn't build us an escrow account. They did everything outside. They did the taxes and the homeowners insurance outside of the loan. I was like, “Wait a minute, wait a minute, wait a minute. I told you this was going to be rolled into an escrow account.” “Well, you need to show us you have an escrow account now.” I kept showing them. So, getting them to accept the documents was another difficult thing. I explained to them my husband was a consultant with Cigna. Then Cigna bought his contract and hired him fulltime, which was why there were two different W2s. I had to keep saying it's the same company, same job, same everything. They were asking for the same information over and over despite my explanations.

    Better Mortgage response

    Hi Jill, thank you very much for leaving such a detailed review. Here at Better we aim to provide each of our clients with a seamless experience and I am sorry to hear about all of the back and forth you went through in order to verify your income and solidify your escrow account. I will bring your feedback to my leadership team so we can use the processing of your loan as a coaching moment for our team members. All in all, we are so glad we could help you meet your financial goals and would love to work with you again in the future. Please reach out if there is anything we can help you with down the road!

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    Rated with 4 stars
    Verified Reviewer Verified Buyer
    Original review: March 3, 2022

    Better Mortgage had the best rates in some regards. I started trying to refinance with TD and I was not loving that experience. So, I switched up and stuck with Better. It was the best option that I came across. Nobody in the lending industry is set up for union employees. I'm a union construction worker, and every time I tried to get a loan, regardless of how much money I make annually, I always have a problem. I get laid off, and then I get rehired, and then I get laid off, and I get rehired. So, the process is slowed down, not by Better Mortgage who was as helpful as they could be, but by the regulatory commission that makes it very difficult for union members to get a loan.

    While I was happy with the overall outcome, because I've done this before, I do get annoyed with the idea that nobody wants to give me a loan when I'm laid off, even though I can prove that I have an average annual salary that well exceeds what they would need to prove that I was not a high-risk mortgage. I had great experiences with everyone that I spoke to at Better Mortgage. I was quite pleased with it. They were quite responsive and did as much as they could under the issues of being a union employee. Otherwise, my loan probably would have been a few weeks faster but that was not Better Mortgage's fault.

    I just had a few issues with the platform itself. We had a couple of points locked up along the way, but Taylor, the gentleman I dealt with, was very responsive with attempting to remedy those. I was happy with the way they dealt with it, but I think in the future, that's something that Better Mortgage needs to take care of. I don't know if it was because I did most of my application on a mobile device, but I would suspect that if that was the problem, they should be prepared for that because that’s what a lot of people are doing nowadays.

    Better Mortgage response

    Hi Ian, thank you so much for providing some truly critical feedback from your experience. I will be sure to pass your note along to our leadership team so we can use your file as a coaching moment for Union employment moving forward. In addition, I will be connecting with our Product team to have them review your file and identify where we can improve on our platform. If there is anything we can help you with in the future, please do not hesitate to reach out. We wish you the best of luck in meeting your financial goals!

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: July 7, 2021

    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.

    Better Mortgage response

    Thank you for your review!

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    Rated with 4 stars
    Verified Reviewer Verified Buyer
    Original review: May 4, 2022

    My first experience wasn't that great. I tried again two months later. It was just having to pay an appraisal fee before they check out my other documents. The first time, they said I didn't income qualify. Why did I pay an appraisal before they knew that? Other than that, the process was fast and the terms were good for the time being. I recommend them.

    Better Mortgage response

    Hi Jamie, thank you for your review! I'm sorry to hear your first experience was less than stellar but am glad we were able to provide you with the proper support in the end. We are sending your feedback to the team to help us improve and we would love the chance to work with you or your loved ones again in the future.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: May 1, 2022

    The rep was very nice to me. She knew what was going on and was with me every step of the way. Everything was online and I had to upload documents but the process went fast. I'm satisfied. The rates could have been better, but I went with it. I had to buy some points and tt was easy 'cause everything was computed. She gave me options.

    Better Mortgage response

    Thanks for the review, Michael! We are delighted to hear that the team was able to provide a professional and communicative experience. If there is anything we can do to help you or your loved ones in the future, please do not hesitate to reach out.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: April 30, 2022

    The application process was straightforward. It was mostly digital. There were a couple times where I would have liked some quicker response or a more thorough response, like sometimes the answer was kind of superficial and didn't get to the details I was looking for, but for the most part, it was a positive customer service experience.

    Better Mortgage response

    Thank you for the review, James! We are sending your feedback to the team to help us improve in the future and we would love the chance to work with you or your loved ones again in the future.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: April 28, 2022

    It was a fine and very efficient experience with Better Mortgage. Their rates were also very competitive. They were the best I could find. Their online process was very well-developed and thought out. It has a to-do list that keeps track of things that are pending, the things that I need to do and the status of them back with Better Mortgage. That worked very well. The rep I worked with was also very good and responsive. If I posed a question to her, I got a quick response and follow-through was good.

    Better Mortgage response

    Hello John, thanks so much for taking the time to leave us a review here. It is great to hear that we were able to provide you with such a smooth experience and that your team was highly communicative. We would love the opportunity to work with you or your loved ones again in the future!

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    Rated with 1 star
    Verified Reviewer
    Original review: April 27, 2022

    The worst mortgage company, First, they are not honest, and they don’t keep their promises. They say that they have an appraisal guarantee program if you use their Better real estate agent, and then if the appraisal comes back lower than the asking price they will ask you to pay the difference. This appraisal guarantee program is fake. If you get an advisor he/she never calls. They never follow up, you have to keep calling them to keep the process going otherwise you miss your closing date. They keep asking to upload the same documents over and over again. It’s exhausting to deal with this company. They are unexperienced, they can’t do simple calculations, they just add all numbers together without any consideration for other factors. The worst part is they close your account and then delete your application, and deny your loan without even call and letting you know.

    Better Mortgage response

    Hello Fatima, thank you for sharing your review. It pains us to hear about the experience you had working with your loan team here at Better. This is not the way we do business and we would love to look further into things to see how we could have improved the process for you. Please feel free to reach our support team at clientsatisfaction@better.com. We hope to hear from you soon!

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    Better Mortgage Company Information

    Company Name:
    Better Mortgage
    Website:
    better.com