Better Mortgage
AUTHORIZED PARTNER

Better Mortgage

 4.4/5 (194 ratings)
  • 5 stars
  • 4 stars
  • 3 stars
  • 2 stars
  • 1 stars
Saved
Better Mortgage
Author picture
Written by Leorah Gavidor
Edited by Vincent Landino

About Better Mortgage

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

Overall Satisfaction Rating

  • 5 stars
  • 4 stars
  • 3 stars
  • 2 stars
  • 1 stars

Pros

  • No lender fees or commissions
  • 100% online application
  • Matches competitor offers
  • On-time closing guarantee

Cons

  • No VA or USDA loans
  • No construction loans

Bottom Line

Better specializes in a digital mortgage application process with no lender fees or commissions. You can see a personalized quote for a conventional or FHA loan in seconds and get preapproved in just a few minutes. There is a 620 minimum credit score requirement.

Top Better Mortgage Reviews

Why Trust ConsumerAffairs
How do I know I can trust these reviews about Better Mortgage?
  • 3,933,926 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.

Rated with 5 stars
Verified

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...

Read full review
Rated with 5 stars
Verified

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

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.

Top reviews
  • Top reviews
  • Recent
  • Oldest
  • Most helpful
Any
  • Any
  • Rated with 5 stars
  • Rated with 4 stars
  • Rated with 3 stars
  • Rated with 2 stars
  • Rated with 1 star

A link has directed you to this review. Its location on this page may change next time you visit.

How do I know I can trust these reviews about Better Mortgage?
How do I know I can trust these reviews about Better Mortgage?
  • 3,933,926 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 4 stars
Verified Reviewer Verified Buyer
Original review: July 20, 2022

Better's process was fairly seamless. Most of it was online base, which I appreciate because, that way, you get an email saying that you need to upload a document instead of constantly getting separate emails and separate phone calls from a loan officer. I felt that the user interface of it from the online portion of it was a much more preferable way to deal with it. Also, I'm getting a call from somebody at Better, but I'm not getting multiple calls from multiple service providers. I was in a situation where I was having to refinance unexpectedly because of some stuff going on on my end, but as far as what the terms that I got were relative to what was available at the market at the time, I was pleased.

The online application went well for me. I had my documents in PDF form and if I occasionally had to scan something to get it into a PDF, that was not a problem. When it starts going through underwriting and I sometimes get multiple emails in a day going, "You have a new task. You have a new task. You have a new task," it is what it is. It's just better that it's online rather than somebody constantly calling you. My rep, Cody, was great. Whenever I needed anything, he always responded very quickly. He did do a very good job of telling me, "Okay, here's where you are now. Here's what's coming next. You're gonna get this. You're gonna get that." He was very good at prepping me for what was next in the process.

The only thing is my cash to close changed about three times in the last couple of days. They're constantly getting new information. It flowed pretty well. My biggest complaint about the process was that while I did not get solicitations from other non-Better entities when I first reached out to the company, after I closed, I got inundated with mail asking me to purchase. I got multiple pieces of mail that said they weren't from Better, but they were given my name by Better. It was for things like insurance and other offers of ancillary products that, if I was interested in, I would have already gotten. I didn't really need 10 pieces of mail in my mailbox the week after I closed.

Better Mortgage response

Hi Jeffrey, thank you for your review. We are grateful to hear our online interface contributed to an overall seamless experience. Additionally, we will be sure to make Cody's management aware of your sentiments. Your feedback regarding the mailings you've received will be shared with our senior leadership for review. If there is anything else we can assist you with please do not hesitate to reach out! In the future, we would love to get the opportunity to work with you or your loved ones once again.

Be the first one to find this review helpful

Not sure how to choose?

Get buying tips about Mortgage Lenders delivered to your inbox.

    By entering your email, you agree to sign up for consumer news, tips and giveaways from ConsumerAffairs. Unsubscribe at any time.

    Thank you, you have successfully subscribed to our newsletter! Enjoy reading our tips and recommendations.

    Rated with 4 stars
    Verified Reviewer Verified Buyer
    Original review: June 14, 2022

    At the beginning, it was good working with Better Mortgage. I did a refi with them a couple years ago for my old house, so I used them to buy a new house. It worked great for the most part but they had lost a lot of people so they started getting busy and it was hard to get ahold of someone. Then, whenever you call the main line, you couldn't get ahold of your loan advisor person. It was a little bit stressful for a while. Doing the refi again, I might not use them because it's easier to go to a local office and tell them to take care of it. I know way too much about mortgage stuff now, such as preparing documents because you have to do it all yourself. It tells you what to submit and if you don't mind doing it, it’s alright. But it's not like you can just go to the local office and tell them to take care of my documents for me and then it goes smoothly. It takes a lot more work on your end to do it.

    Whenever I spoke to someone, they were good. I used their online chat a lot and they usually get back so fast. The people were there 24 hours a day. Because of the employee squeeze they had though, the loan officers were running ragged, so sometimes, it was tough to tell them to email me and my agent and give us an update. It took a long time because if they had 20 mortgages closing this week, they don't care about mine that closes in three weeks. They're not even worried about it. But when it came down to the week of closing, because we were lining up six different transactions and one title company, three houses, purchases and sales, like a whole bunch of people buying and selling houses, in order to line them up on the same day, they were good.

    Better Mortgage did things faster than all the other mortgage companies. The loan advisor I had at the beginning, for some reason, left the company midway through and they had to shift, and then they lost a bunch of people. I was stressed out because of the random occurrences and I happened to leave right in the middle of my transaction. That's not anyone's fault.

    Better Mortgage could have done better, like honest appraisals and they shouldn't have gotten rid of so many people. The people I was talking to were swamped and it was an indication of their company probably releasing too many people. If they're super busy, you're not gonna get as many updates. When it's going well, they don't send out too many updates. Normally, you'll only hear if something goes wrong. So, some people are nervous about these big transactions. But there's nothing going on so they do not even email you. There's no reason to. Maybe they can implement a weekly update to make people relax a little bit.

    Better Mortgage response

    Hi Cory, thank you so much for your review. Your feedback on this experience is extremely valuable and will be shared with the team in order to take the proper next steps to improve our processes. We truly appreciate you pushing Better to be better. In the future, we would once again love the opportunity to help you or your loved ones meet your home financing goals!

    Be the first one to find this review helpful
    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!

    Be the first one to find this review helpful
    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!

    Be the first one to find this review helpful
    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!

    Be the first one to find this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Aug. 4, 2022

    Better Mortgage had the best interest rates available. We did shop around and no one else could really beat or come close to them. It was convenient working with Viv and Adam. There was a little bit of confusion because we happened to hit some vacation time. So, we got switched from one person to another right at the very end, but it all seemed to work out pretty well. The week of closing, we worked with Adam and he was super helpful and responsive. The title company for the seller was a little bit sassy and they did great. Adam was very responsive to her and seemed to calm her down quite a bit too. We've already recommended Better to multiple friends and family members.

    Better Mortgage response

    Hi Amber, thank you for taking the time to leave a review and share your valuable feedback. We will be sure to relay your thoughts on your experience to Adam's manager as well! In the future, we would love the opportunity to work with you or your loved ones once again.

    Be the first one to find this review helpful
    Rated with 4 stars
    Verified Reviewer Verified Buyer
    Original review: July 29, 2022

    The process at Better Mortgage was easy. Everything was electronic. It's an easier process than dealing with a traditional loan process. If I uploaded a file and it wasn't what they needed, they rejected it. It had the reasoning why it was not suitable for whatever reason. But if they did not notify you, you have to go on that website and check yourself.

    They also always had a direct line to somebody that I needed and always update it to the person that I needed to contact. They were responsive. If the main person wasn't able, then somebody from their team was normally there to answer. Every single person that I talked to on every team had a direct email I could contact if I had a question and a number. If I had any questions about it, I was able to get answers quickly. The main representative that I had was on the West Coast. She was hours behind me since I'm on the east coast. But even when she wasn't there or I had a question before she got in, somebody from her team was able to help me.

    Better Mortgage response

    Hi Clinton, thank you so much for the review and sharing your valuable feedback. We strive to continue to improve our processes and your insights will assist us in doing so. We appreciate you taking the time here and hope to have the opportunity to work with you once again in the future.

    Be the first one to find this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: July 28, 2022

    Overall, it was a great experience with Better Mortgage. I would definitely recommend them to individuals who are comfortable doing everything online. The entire process is online. If you need to speak with your mortgage loan officer, you have to schedule an appointment. To speak by phone, you do that online. You upload all your documents online. I had to download a scanner app. However, at my closing, our Realtor informed me that you have one in your notes on your phone, but it didn't have the ability to be able to scan documents. It can take pictures, but it's just not as easy as being able to upload multiple documents into one file. You have to upload them one by one if you don't have a way to scan documents. If someone's not very tech savvy or doesn't have the ability to use the internet, Better Mortgage really wouldn't be a great fit for them. But I've shared with others that it was a very smooth process and a really great process.

    Better Mortgage response

    Hello Jessica, thank you for the review! We appreciate your feedback on document uploads and are grateful to hear the overall process was positive. We would love the opportunity to work with you or your loved ones again in the future.

    Be the first one to find this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: July 27, 2022

    Better Mortgage made it easy to qualify and purchase a home, and the process was very straightforward. I love the online tracking tools and daily tasks so I could stay on top of what I needed to do and see my progress. I like the process with Better Mortgage. It was a lot better than any of my other mortgages that I'd done. The rep was nice but I was frustrated that he took a vacation on the day of my closing. He seemed a little green too. He didn't have the answers to things that I felt he should have. He was competent enough but was not the best part of my Better experience.

    Better Mortgage response

    Hi Jessica, thank you very much for your review! We are grateful to hear you enjoyed the process overall and do receive your feedback regarding your loan team. We appreciate you taking the time to share your thoughts on this experience and would love the opportunity to work with you again in the future!

    Be the first one to find this review helpful
    Rated with 4 stars
    Verified Reviewer Verified Buyer
    Original review: July 26, 2022

    Working with Better Mortgage was great. It went off much better than I was hoping the mortgage process would go. James was great. I didn't end up dealing with him too much just because I was moving fast and he was on vacation until a couple of days into the loan process. But he and his partner were fantastic. I was able to email and text and get everything taken care of on a fast timeline. However, the website had some bugs in it. Just some things that made it difficult to log in. I ended up having to get a support ticket filed back at that point and it corrected the issue. Other than that, everything was great.

    Better Mortgage response

    Hi Justin, thank you for taking the time to share your thoughts on this experience. We appreciate your feedback regarding our interface and will be sure to relay these details to proper leadership. Additionally, we will ensure that James's manager is made aware of your kind thoughts. In the future, we would love the opportunity to once again assist you in meeting your home financing goals.

    Be the first one to find this review helpful
    Loading more reviews...

    Better Mortgage Company Information

    Company Name:
    Better Mortgage
    Website:
    better.com