Better Mortgage

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.

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.

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.

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.

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.

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.