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Better Mortgage
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Better Mortgage

 4.4/5 (155 ratings)
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Better Mortgage

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

Pros

  • Referral discount program
  • No lender fees or commissions
  • No prepayment penalty

Cons

  • Not available in all areas
  • VA and USDA loans not available

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 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.

Better Mortgage Reviews

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Page 1 Reviews 0 - 5
Rated with 4 stars
Verified Reviewer Verified Buyer
Original review: Dec. 13, 2021

Everything was online with Better Mortgage, very minimal talking to people or talking to an agent, and so that was very convenient for me ‘cause I could do it on my parents’ behalf without having to be the messenger between the agent and my parents. I live in Idaho and I was looking for a refinance in Idaho. My parents live in California and we were doing a refinance in California too. In both of those quotes, they ended up giving me Kailee as my agent, which is usually not the case, because if crossing state lines, the agents are mostly local. Then while I was communicating, it felt like it wasn't the same person all the time because the wordings were a little different in their text messages. The way they spoke was a little different too although it didn't affect my process in any way. Then not only mine. When I referred Better Mortgage to a friend of ours who was also doing the refinance just about a month ago, they also got Kailee as their agent.

There were a couple of hiccups where they would ask me for some documents, and I would have questions regarding those documents, or those documents didn’t apply to me, and they have a space below that request where I could put in my comments or concerns or questions. But that messaging system could be improved a little bit more because it was very vague and it didn't give me all the options I needed.

The rate and terms were also pretty competitive. Better had one page where they had all of the options possible. They give an entire spectrum all the way from closing costs of $8,000 to minus $8,000. They also give an entire range of how does the rate change. They also give a 30-year, 15-year, 10-year, 5/1 ARM, 7/1 ARM. I can just select the rate and closing costs I'm comfortable with and then lock in the rates. That was very beneficial and convenient. I appreciated that a lot.

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    Rated with 4 stars
    Verified Reviewer Verified Buyer
    Original review: Oct. 29, 2021

    Working with Better Mortgage was good. The only thing I didn't like is it was really hard to connect with people when I needed something. Calling and trying to get with my agent and asking questions, it was a process. But the mortgage rate was a little bit lower than everything else. I assumed that service is just not as good as if I went to a bank and had a person instead of a call center. And everyone had different paths, so it wasn't a one-stop-shop where I can have someone who was knowledgeable. I had to speak to different portions of the assembly line and not get my answers from one person. So, that was a little bit frustrating.

    We shopped around and contacted every mortgage provider for New York City and it was a lot easier to handle and speak to other people. It was a lot more personal and there was a lot more in terms of communication and connection. I had a guy at KeyBank who was handling my mortgage and he gave me a cell number. There was another guy who Zoomed with me and went through the whole process of the mortgage. So, I got a whole lot more information from other people. I'm a first-time homebuyer and they were a lot more ready and willing to be like, “Oh, let me just hold your hand while we do this,” or I ask questions, or I wanna shop around for a formula to figure out the interest rates. Whereas, with Better Mortgage, I have to figure it out for myself.

    But the interest rates weren't the same. And a 30-year mortgage with even a 0.01 of difference is enough for me to deal with. So, I went through the assembly line. I'd recommend Better Mortgage but shop around. If Better Mortgage is the place with the cheaper interest rate, then go for that. The loan officer was as helpful as she could be. But there's still limitations to everything that she knew or where we were in the assembly line. The issue was getting to her, whether it was email or trying to call her. ‘Cause sometimes they just don't wanna deal with the email. I would never recommend this to my mother because she'd be lost. She'd have to be more internet-savvy and more used to the emailing. I definitely don't think Better Mortgage is for the older generation but it's better for younger folks. Also, it's not so great for first-time homebuyers. Fortunately, got to have all of my questions answered by other mortgage companies, so I have less reliance on Better.

    Better Mortgage response

    Thank you for the review, Anna!

    3 people found this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: July 31, 2021

    Better Mortgage's online application process was super easy to do. The gal there was super awesome to work with and she said she would call me back the next day and walk me through the next step. I was able to do the process all the same day. Every time I asked the gal a question, she was on it. I was able to call her and I prefer that. She responded easily via email too. I appreciate the immediate response time. Better Mortgage's system makes it so easy and her knowing her job and what needed to be done made things really smooth.

    Better Mortgage was really helpful in trying to figure out what was best for me and the rates were reasonable too. They were very comparable with everything else I looked at. The closing costs seemed a little high compared to a couple of other places that I looked at but it was the better option. I had a good price overall. The process was handled extremely efficiently. The application and underwriting process took a month and a half at the most. I really appreciate how smooth and easy everything was.

    Doing something like that, especially for a single person, can be so stressful. I was a little nervous going through the whole approval process and that went perfectly. Every time they needed more information, it was communicated efficiently and I was able to provide the information right away. It was easy to go in online and track where the progress was at. I liked that too. There was a week where I hadn't had any communication and I logged in. I could see that things were still being processed and everything was on track. My one concern is the friend who had referred me said, “I had to go look for how to make my first payment.” But I figured Better Mortgage would let me know.

    Better Mortgage response

    Thank you for the review!

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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 5 stars
    Verified Reviewer Verified Buyer
    Original review: June 3, 2021

    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. But Better Mortgage immediately sells off and changes who you're sending your mortgage payments to instantly. It’s a bit frustrating. 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 had 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 tries and steers 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.

    Better Mortgage response

    Thanks, Aaron! We appreciate your feedback.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Jan. 12, 2022

    I mostly was able to email and do things online. It’s quick for me just to shoot an email real quick or upload my documents and not have to spend a lot of time on the phone going over things that I could easily submit online. That was one of the best things about Better Mortgage. They always answered emails pretty quickly except around the holidays, which I was totally expecting. However, on the day of my closing, I was expecting somebody at my house at 6:30. The person didn't show up. I had to call around and figure out what was going on. The person decided, last minute, they were not gonna do my closing. I ended up having to work around my schedule to figure out how we were gonna be able to close on that same day. I had to meet that person somewhere else at 9 o’clock at night. That was kind of a bad experience.

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    Rated with 1 star
    Verified Reviewer
    Original review: Jan. 10, 2022

    R-U-N! May have good rates but they will screw up every single thing that could possibly be screwed up along the way to closing. We had nothing but problems with people processing our Loan. They will waste your time, frustrate you to no end with incompetence and carelessness and you will have to get Managers involved to straighten out multiple messes with young people processing your loans who really are not adept or versed in follow through, follow up or have any sense of timeliness. You might as well beat your head against a brick wall. They will drop the ball on you repeatedly, treat you like you are the problem, making this the most aggravating, stressful experience you could ever hope to have. Save yourself the aggravation and find a competent Mortgage Lender. It was 300 times easier buying our home than refinancing it thanks to Better Mortgage, thinking we were getting a good deal. TOTAL NIGHTMARE EXPERIENCE!

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

    The rate's pretty good. I really liked how they gave me instructions or tasks to complete my application. It wasn't too much of a hassle. Plus, being able to scan and upload my files made it really made the process really easy and less stressful than it is. The only thing that I would improve from the experience is the responsiveness of the agent I was working with. Aside from that, everything else was pretty good.

    I liked how Better Mortgage let me waive the appraisal. That really saved us a lot of time. We were able to use the value provided by home websites like Zillow in order to get the value of the house. When I was having problems trying to apply because I didn't know the value of my house needs to be a lot more than the amount that I'm trying to refinance, someone reached out to me and told me that this is what we needed to do. So, I was able to apply right away.

    The process was a little bit over a month because there were some things that needed to be done. We had to pay off a lien and it took a long time for that to be cleared. Other than that the rep was good. He worked with me on a lot of things like adjusting the closing date for us to be able to cover the closing costs and a bunch of other things. It was a positive experience all around. I don't know where else we could have gotten a good rate or such an easy way to apply. I would go with Better Mortgage again in the future if we need it.

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

    Better Mortgage is the only option that allowed me to roll in closing costs to the total loan so I didn't have to pay anything out of pocket. It was your typical mortgage process. It wasn't enjoyable but it was comparable to working with other lenders. It was fairly easy to get in contact with them. There were some hiccups along the way as far as not updating information which then delayed closing by a couple of days. Otherwise, things flowed pretty smoothly.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Jan. 2, 2022

    Better Mortgage responded the most rapidly and with the lowest rate. My loan progressed so quickly. Everything was electronic and for someone who's electronically savvy, they're a great option. The only negative feedback I have is there were some issues with their website. At times, I was unable to log on with my username and password. There was a little bit of frustration with that but eventually, everything went through. Everybody was very communicative electronically.

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    Better Mortgage Company Information

    Company Name:
    Better Mortgage
    Website:
    better.com