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 or underwriting fees, and it has a referral discount program for its customers.
- 100% online application
- Matches competitor offers
- On-time closing guarantee
- No USDA loans
- No construction loans
Better Mortgage details
Our Editor’s Take on Rocket Mortgage
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
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.
Application process: Excellent
Once the lender has all the necessary information, 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
| Features | Availability |
|---|---|
| Online application | Available |
| Online application | Available |
| Physical branches | X |
| Publishes minimum rate on website | Available |
| Rate lock | 30 to 75 days |
| Pre-qualification (no hard credit pull) | Available |
| Certified approval letter | Available |
Rates: Excellent
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
| Year | Difference from national average |
|---|---|
| 2021 | -0.26% |
| 2020 | -0.21% |
| 2019 | -0.26% |
Information pulled from public Home Mortgage Disclosure Act data. Rates reflect noncommercial home purchase loans only.
Loan types: Good
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
| 2021 | 2020 | 2019 | |
|---|---|---|---|
| Home purchase applications | 52,363 | 15,667 | 8,803 |
| Home purchase loans closed | 21,967 | 6,474 | 3,771 |
| Home purchase applications denied | 3,441 | 2,689 | 917 |
| Home purchase preapprovals denied | 0 | 0 | 0 |
Information pulled from public Home Mortgage Disclosure Act data. Includes conventional, USDA, VA and FHA mortgages.
Requirements: Fair
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
| Min. credit score | Min. down payment | Compare with other lenders | |
|---|---|---|---|
| Conventional | Typically 620 | Typically 3% | Mortgage lenders |
| FHA | 500 | 3.5% with 580 credit score | FHA lenders |
| VA | Set by lender (often 580) | 0% | VA lenders |
Cost and fees: Excellent
Also, 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.
Featured Reviews
Compare Better Mortgage to other lenders
| Company | Customer rating | Purchase options | Refinancing options | Minimum credit score | |
|---|---|---|---|---|---|
| 2.4 | Conventional, FHA, jumbo | Cash-out, rate and term | 620 | Learn more |
 | 3.9 | Conventional, FHA and VA loans | Cash-out, rate and term | 580 to 620 | Learn more |
 | 4.3 | Conventional, FHA, VA, jumbo | Cash-out, rate and term | 580 to 620 | View Rates |
Better Mortgage FAQ
How does Better Mortgage work?
The initial application process takes place online. You start by selecting a goal (buy, refinance or pull cash from your home), 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 also doesn’t charge lender fees.
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
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Popular Mentions
- 4,681,260 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.
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- 4,681,260 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.
Reviewed June 18, 2025
Better Mortgage made the entire home loan process incredibly smooth. The platform was intuitive, and Loan Officer Sam was clear, responsive, and honest every step of the way. Highly recommend for a hassle-free experience.
Reviewed April 25, 2025
Working with Samuel ** at Better Mortgage my interest rate and closing costs were lower than any loan estimate I got from any other mortgage company or loan broker by far. Better Mortgage has an automated system that relieves you from worrying about closing on time. They’re gonna be prepared and ready to close before the sellers or escrow or anybody else’s is.
It’s an automated simple system. You’re always gonna know what tasks are needed from Better Mortgage just by going online and looking at your task list. But there are times you need your loan officer to step in give you advice give you Lender credits discuss what would be your best option. There’s just some things that you really need a loaner for and I would not get another loan from Better Mortgage without Samuel **. I trust no one, but I trust Samuel.. Samuel’s truly been a pleasure to work with and made my experience buying a house as close stress-free as you can get with someone like me.
Hi Angela - thank you so much for sharing your experience! We’re thrilled to hear that Samuel provided the guidance and support you needed every step of the way and that our streamlined process helped make things easier and more efficient. We hope you think of us again in the future! -Katie at Better
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Reviewed April 16, 2025
I had a FANTASTIC experience with Better Mortgage. Jimmy and Joseph were fantastic communicators, and the entire process was smooth and efficient - from application to closing - which took a remarkably short period of time. I would highly recommend Better Mortgage to anyone in the market for a Mortgage or HELOC Product.
Thank you so much for the kind words! We’re thrilled to hear you had a fantastic experience and that Jimmy and Joseph helped make the process smooth and efficient. We truly appreciate your recommendation and are so glad we could support you on this journey. Wishing you all the best in this new chapter! -Katie at Better
Reviewed March 10, 2025
From the very first conversation I had with Cameron he made me feel comfortable about the whole process. Anytime I had a question he was always available, and ready to assist me. I had negative thoughts about completing a home loan online, but Better made it so simple, and smooth. Each part of the process was explained, and you knew exactly what they needed. I would 100% recommend Better for your next home loan. They are the BEST!
Hi Dee, thank you so much for your kind words! We're thrilled to hear that our team was able to make you feel comfortable and supported throughout the process. We understand that the lending process can feel overwhelming, so it means a lot to know we made it simple and smooth for you. We truly appreciate your trust in us and your recommendation—it’s the highest compliment we could receive! -Katie at Better
Reviewed Jan. 30, 2025
I recently worked with Better Mortgage for my home loan, and I must say, the experience was absolutely fantastic! From start to finish, the entire process was incredibly smooth, transparent, and completely stress-free. Unlike traditional mortgage lenders, Better Mortgage provided a seamless digital platform that made everything simple and efficient. I was able to complete my application online, track my loan progress in real time, and get quick responses whenever I had questions.
Hi Thomas! We love to hear that our customers enjoyed the entire process. We try our hardest to make this a seamless, transparent, and easy process. We hope you think of us again in the future! -Katie at Better
Reviewed May 17, 2025
Had high hopes and started well with responsive agent, fast online process. But we had an employer housing supplement loan that is really just an incentive to help us buy a home. Better didn’t want a third position loan, totally understandable. By my employer routinely subordinates to third position for a HELOC and Better completely abandoned me. Said they ‘don’t go through the effort to file for loan subordination.' Basically, they were like: Sorry, not sorry. At all. And just stopped replying to my messages. They charged me for appraisal and ran my credit score. Just terrible to not tell me that at the outset.
Reviewed April 21, 2025
Extremely disappointing experience. I was ghosted not once, but twice—first by an agent and then by a supervisor who was supposedly going to "make things right." To make matters worse, they ran a hard credit check without my authorization, which negatively impacted my credit. After wasting a lot of time and energy providing documents and going through their process, I was ultimately told I didn’t qualify, despite having passed prequalification. This company lacks transparency, professionalism, and basic communication. Would not recommend.
Hi Amanda, we are so sorry you had a poor experience with us. Please email me directly at experience@better.com so I can look into this further and try to make things right - Katie at Better
Reviewed March 6, 2025
Awful, inexperienced, dishonest. Those are all the adjectives that come to mind when someone asks me about my experience with Better. They bill themselves as this cutting edge lender that relies on AI and machine learning to streamline the process but my experience has been far from that. Initially I thought they were great. Downloading was easy and uploading was a breeze. It’s when human intervention is required is where they drop the ball and let it bounce into another court. The loan processors strung me on until the last minute.
They went as far as to add themselves to the homeowner’s insurance only to reject me at the last minute. They never ever indicated there would be a problem underwriting, quite the contrary, which resulted in me turning down other loans. And once they rejected me and received push back from me that nice demeanor went out the window. They could care less the time wasted and the situation they now placed me in. They are like all the other Wall Street tech bros. Out for themselves and can care less about their clients. I would avoid this lender at all costs.
Hi Joshua, we are deeply sorry that you were not happy with your experience with us - we completely understand your frustration and disappointment. Please reach out to me directly at experience@better.com so I can investigate this further.
Thank you for taking the time to share your experience. Your comments are incredibly valuable to us, and we will absolutely use this to improve how we guide our borrowers from the very beginning. -Katie at Better
Reviewed March 6, 2025
Completely wasted my time, and caused me to lose other helicopter opportunities or personal loan opportunities with emails telling me I was approved when I wasn't. They went to the extent of adding themselves to my homeowners policy as a lien holder only to not approve the loan. They ordered title and wasted my time, and cited inconsistency with rental income. They had the information on day one and were aware of income documents. Total lack of communication, and follow up. I contacted them 7 times asking for status and they continued to assure me and on the app stating I'm approved when I wasn't. Terrible company for a Heloc or any loans. Anyone wanting info or specifics can contact me.
Hi Eric, I am very sorry to hear about your experience and completely understand how frustrating this must have been. We'd like to better understand what happened and see how we can make things right. When you have a moment, please reach out to me directly at experience@better.com so I can look into your situation further. -Katie at Better
Reviewed Feb. 28, 2025
Do not waste your time, all this company does is get people's hopes up with some junk letter. I had a pre-approval from them. It was low. And then few months went by and it was an approval I could work with. Being 1st time buyer I didn't know a lot, I looked at homes and places to bid. The bid was accepted. That's when I found out the lady I was working with no longer was with company. I put down my earnest deposit down, new lady said do a, b, c and we can lock in rate. I did all the above and rate wouldn't lock in. I question it. She comes at me like I did wrong. When in reality they did me wrong. So I had to take back my bid, fight for my money back. And still no explanation of why from Better. Stay away ....
Hi Kassandra, we sincerely apologize for any issues that you may have experienced during the process of getting your loan. We always want it to be a clear and efficient journey. Please reach out to me directly at experience@better.com so we can investigate this further. -Katie at Better
Better Mortgage Company Information
- Company Name:
- Better Mortgage
- Website:
- better.com