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 stars20
- 4 stars2
- 3 stars0
- 2 stars1
- 1 stars2
- 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 listed the full array of rates/points options from the very start. This saved a tremendous amount of time otherwise spent "bargaining" with a loan consultant and attracted me to the company immediately. A sidebar with "Tasks" keeps the client up to date on what Better needed, and all documents could be uploaded easily online. A series of team members are available for each step - consulting, processing, closing - and remain readily available and responsive for guidance if needed.
Having come to the table with a game plan, a spreadsheet with an amortization schedule, and calls to several other companies, Better quickly appealed. Exceptionally clear and straightforward, the process left me feeling completely in control. Even a novice, however, can negotiate the process easily with confidence. With no commissions complicating cost, there are no hidden agendas or fees. Estimations regularly updated, and I found the refinancing to be surprisingly pleasant. I locked in my rate and closed 27 days later. A notary came to my house with paperwork to close the deal. I would absolutely turn to them again when needed and recommend the service to anyone seeking refinancing. Better was best with an easy and effective process.
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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.
I checked with my current provider and they couldn't match the rate, so I started going down that path and stuck with Better Mortgage. I liked the fact that it was all automated and everything is done online. I did two standard loans with them. It was time-consuming, but the process itself wasn't difficult. They just asked for a lot of stuff, but that's typical. I just had to upload documents to the website every few days. It was easy to do the tasks and the steps. They have a task list so I knew exactly what I was supposed to do, what I have left, and what I've done. I can review them all.
I just wish it could have been a little faster. It shouldn't have taken that long since it was all automated. It should take four weeks at the most. Some steps could have been faster. We had to extend the rate lock twice on one of the loans and once on my primary. But everything else was fine. They handled it good. The people were all nice to work with. Anastasia was always able to answer my questions and available. They were very good about keeping the conversation going. The process was very easy and the people were very responsive.
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. Better Mortgage immediately sells off and changes who you're sending your mortgage payments to instantly. It’s a bit frustrating. But 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 did have 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 do try and steer 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.
My wife and I were looking for a less traditional, less stuffy mortgage route, and Better Mortgage fit the bill for us. I was in charge and ended up liking the web interface, knowing what I had to do each day. It helped us get all of our stuff together. There was only a small window there where it was challenging. Because our parents are elderly and we were getting help from them, I needed more of a personal hands-on approach with a few documents. Things were getting spit back to us that weren't acceptable or weren't getting a thumbs up. But it took one phone call and everyone understood. And we figured it all out. It was never hard to speak to somebody and get clarity or get help. It’s a simplified way to get all of your ducks in a row if you're getting ready to buy a house. And all the rates are competitive. All the information and transparency was there. It was a seamless process for us, so it would be worth considering.
Very happy with the speed and ease of this refinance. No hidden fees. Everything ended as it started with on the estimate. Everything was online, on my schedule until the final physical signing. Great.
I absolutely loved that nearly all of the interaction was able to be done asynchronously online. Using an online portal to fill out information and upload documents was exactly what a mortgage should be. The terms were terrific, and I'm very happy. Only complaint is that I ended up paying way more in monthly escrow than necessary because of a calculation error made by Better. I inquired about this several times, and haven't gotten a response. So I'm stuck paying extra escrow every month until my tax payment comes due and escrow is recalculated.
I really enjoyed the on the online experience. I checked every day for tasks and completed them over the course of the day. I never felt pressured but I liked the momentum. I have refinanced before and this was the best experience I’ve had.
My loan was not straightforward as I was paying off 2 rental properties by taking their principals and rolling into my primary residence as it had equity to do that. So I am sure that complicated things. All was smooth, there was only one item and that was the expectation I would not need an appraisal, but in the end it was required. Better paid for that and the loan went through. So yes, I would recommend.
The online process with Better Mortgage was very simple and much easier than other mortgages I've gotten in the past. The website is nice because I can see everything every step of the way. I can tell if I need to do something or when things are done, which is typically hard to do with other companies in my experience. Also, they have really nice customer support with their chat and being able to quickly schedule meetings with the specialists that I need right from the website.
Thank you for leaving us a review, Tyler!
First time use of an online company to refinance or borrow. We did our research and decided to apply with Better, along with three traditional banks. Ultimately, we chose Better, which offered low enough interest, to make it worth refinancing. There was still some trepidation, but we were assigned one person through the entire process, that answered all our questions. All information was available in numbered sequence & instructions were clear/easy to follow. Uploading documents was easy, and the calculations were available right away with everything broken down. It was a good and satisfying experience.
Thanks for the review! We'd love to work with you again in the future.
I'm happy I tried Better Mortgage. As long as you have all your documents together, they're a great service. Some people prefer more of the hand holding. I wouldn't say Better Mortgage is a hand holder but if you're able to leverage technology and get all your stuff together, it's easy. I enjoyed the process because I have an interface to put all my stuff together. I don't need as much hand holding as more resources to help me do it. They provided those resources I needed and were available when I had questions. I tried to get my mom to use them because she was looking to refinance her home. She has a few more issues that complicates her process so she was not able to work with them. But if you have a straightforward process to get a mortgage and it's not complex or if you're just trying to refinance and there are not too many issues, I can't say I've seen anyone go faster in their speed to close.
Thank you, Vernorris!
Slow, cumbersome and complicated process. We were asked for the same documents a million times over. The left hand doesn't know what the right hand is doing. Wanna-be tech, but I imagine it's all a bunch of manual work in the background. Took MUCH longer and was MUCH more complicated than the initial financing with Wells Fargo. Never again.
Hey Giorgio, I'm so sorry to hear this, but thank you for letting me know. Please feel free to reach out to us at firstname.lastname@example.org to discuss further.
We had a great experience with Better Mortgage. Everything went very smoothly. I am always amazed at how much can be accomplished online. Kristi ** was our processing expert, and Andrew ** was our closing expert. Both were outstanding professionals who maintained close contact with us and answered all of our questions. True customer service exemplars.
Thanks for the review, Mark! We loved working with you.
Refinanced in 2021 with Better. Not only did they have the best pricing they were low-pressure and very supportive. I was impressed by the ease of doing business with Better and plan to be a repeat customer! Highly recommend.
Thank you, Zach!
I've worked with 4 companies in the past 10 years to refi my mortgage, Better.com has been the best experience yet. Better has an amazing platform to review and upload documents. Friendly team of folks to help you throughout the whole process, highly recommended.
Hey Prayash, thank you for leaving us a review. So happy to hear you had a great experience with us. Let us know if there's anything we can do for you in the future.
I am very happy with the mortgage loan service I received from better Mortgage. The 100% online option from pre-approval letters, to working with user friendly financial calculators based on the interest rate, closing estimates, the quick responses from professionals to guide and walk through the entire process, was very impressive and amazing. Loved the total experience from Beginning to finish of the mortgage process. Highly recommend Better Mortgage company.
Thank you, Anshu!
No regret of choosing Better.com to do our refinance. Great system, clear information, easy communication, very competitive rates and fees (no fee), closing was delayed quite a bit. Made us nervous???? But closing expert was on top of it and updating us frequently. Overall 10 of 10, will recommend!
Thank you for the review, Yuying! Happy to hear your experience was great.
Fast and organized. Best online mortgage experience I ever had. My home purchase was unique and very frustrating when it came to the sellers, realtor and closing attorney. However Better was right there making sure things got done and that I closed on time despite having 3 changing closing dates, better made the process less frustrating and of course everything Better! I have recommended them to several friends. Definitely would use them again.
Thank you, Lakeshia! Let us know if we can help with anything else.
I refinanced two properties, one with Loan Depot and the other with Better. Both did a great job. It seemed to me that Better's web site was a little easier to navigate. When calling with questions they were right there with help and answers. Treated as if I were the only client.
Thanks, Reggie! We'd love to work with you again in the future.
I discovered Better Mortgage online, I have had many mortgages in my life. This is definitely the easiest one, all of the associates that I dealt with were professional, respectful and kind. I will certainly consider them in the future. These are real people and they listen to you. It was a pleasant experience!
Thank you for the review, William! Let us know if there's anything we can help with in the future.
I have emailed Better a few times with no response.. I still do not have a copy of my closing package. All the documents signed at closing. I work in the industry and this is not common or compliant practice. I will revise my review once I have a copy of every document I signed/reviewed at closing. Thanks!
Hi Susan, I'm so sorry to hear about this, but thank you for letting me know. Please reach out to us at email@example.com so we can help.
Better Mortgage is the best way to go because the other company I was working with were in it for themselves. They were rushing, like people are not educated. My credit score changed because I've paid off my debt. I told the last bank I was dealing with, "My credit score has gone up by 40, 50 points. I'm sure you could probably give me a better rate." They said there was no better rate. They just wanted go ahead and close it. With Better Mortgage, they said, "That makes a huge difference. Let's check it out." Sure enough it did make a difference. It was the best thing I did. The process was simple and straightforward. I had everything filled out within 15, 20 minutes. There are a series of steps but it went so fast it felt kind of incomplete. They give you follow-up questions and email saying you got a new task. There are some questions that they have that felt redundant to me but it's regulatory.
Thank you for leaving us a review!
Of all the people I started interacting with, Better Mortgage was the easiest to work with and they had the clearest website. They were more transparent and they had the best rate. So, in the end, it was probably down to three, all of them competing with giving discounts and this and that rate. They were the ones that seemed honest, transparent and easier to use. So, in the end, I would tell them they're offering me this and Better Mortgage was able to match that. I had done a refinance once before so it wasn't as terrifying as the first time, but they were good about making it not seem scary. The reps always answered and were quick to get back to me.
Thank you for the review, Bridget!
Better Mortgage had the best rate out of what I looked at. In addition to that, their process was a lot smoother. It took three weeks total and was straightforward. They probably juggle a lot of different files but the rep was very responsive every time I had a question or sent him an email or called him for something. Everything went as smooth as that whole thing can go. They didn't have any hang-ups. They were able to address any issues that they had right away.
Better Mortgage gave me the lowest rate and I liked the fact that it was all online. I was very happy with my rep. Two or three times I called, she was not available but whoever did assist me, I appreciated the fact that they could look through my file and were up to speed. It was good that they could step in and be so fluent in what was going on. They were great to work with and the process was super fast. I did it in two months. I loved it and I've recommended Better Mortgage to a few people. I got the best deal out there.
Thank you for the review, Hilary!
The rates seemed to be competitive and I liked the ease of use but what stood out about Better Mortgage was they didn't have an origination fee. They did a good job of communicating and keeping us in the loop. They also allowed us to respond when it was convenient for us. The closing process was faster than what I was anticipating so that was a nice surprise. I've talked to a couple of close friends about how nice the experience was. The app system is nice too. I would do it again for sure.
Thanks for the review, Chase! Let us know if there's anything else we can do for you in the future.
The process with Better Mortgage was little lengthy but not too bad. I did two loans and each of them took about two months. There was a lot of paperwork but the rep communicated well. If I hadn't turned in a paperwork or if a new task had showed up, he would call me and email me to tell me that I needed to get on that. Better Mortgage's communication was way better than the previous company I tried to work with. However, the term of the loan was not competitive though the rates were.
Thank you for the review and honest feedback Jeff. I'm sending this over to our team so we can improve in the future.
Better Mortgage offers Fannie Mae loans. I was advised by the screening loan officer that I was a great candidate for that loan. We discussed my circumstances in detail, including all obstacles for this type of loan. He said that I was fine, but that he would run it by his team to make sure. Everything seemed fine, and so we went through the whole process for four weeks, with a costly appraisal. The loan fell through because of items that we thoroughly examined before I committed to the process. It really messed things up. I qualify for a home equity loan, but four weeks had gone by, and I had a 30 day window to get financing. Better Mortgage lacks respect for the client.
Better Mortgage Company Information
- Company Name:
- Better Mortgage