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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 | |
|---|---|---|---|---|---|
 | 3.2 | 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 |
 | 4.2 | 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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- 4,628,855 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 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!
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.
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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.
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
Reviewed Feb. 20, 2025
Please RUN from this company. They are rude, they avoid admitting when they mess up, they forced my closing to be delayed, they don't answer questions at all unless you have a beast of a realtor who stays on them constantly and even then it's hard to get a timely response.
Hi Melissa, we offer our heartfelt apologies that you were not happy with your experience with Better.com. We hope that we can make this right as we strive to provide a transparent, easy and efficient home loan process. Please contact me directly at experience@better.com so I can investigate this further. -Katie at Better
Reviewed Feb. 11, 2025
First and foremost; our loan went through! Constructive criticism; the purpose of the loan, debt consolidation and home improvement. We submitted all requests for debt, etc., but Better issues checks for the debtor and one, where do they get their abbreviations from? Two, the debt amount has changed since the initial amount was submitted off of our credit report. With payments being made to keep the accounts current. Now we have credit balances! Three, checks, seriously? I haven't paid anything other than my water bill with a check for years! I sent their silly checks out 10 days ago and two still haven't posted so I had to make another minimum payment. Really, checks? The only other issues we had with the process was redundancy on certain information we submitted, having to resubmit!
Hi Peter, thank you for your honest and thoughtful review. We are always working to streamline the process so that it is fast, efficient and easy for our customers. We are taking your feedback very seriously in order to improve our processes. Please contact us if you have any questions at experience@better.com. -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 Dec. 27, 2024
This company should be called worse mortgage. Simply go to another company. Poor communication- no return calls. Repeated Questions. Long delays. As a real estate agent I would never recommend this company to anyone, let alone my clients. Pre-approval letter not worth the paper it is printed on.
Hi Leah, we never like to hear when our customers don’t have a good experience. We are always working to streamline the process so that it is fast, efficient and easy for our customers. We seemed to have missed the mark this time. Please contact us at experience@better.com so I can investigate your experience further. -Katie at Better
Reviewed Oct. 29, 2024
I chose Better Mortgage because they had the lowest interest rates when I looked at the list on NerdWallet. I would not choose Better again after my experience working with them. My loan consultant that I worked with was mostly responsive and easy to talk to. Unfortunately the loan coordinator who the loan was handed off to to complete the processing seemed to be incompetent. The coordinator barely returned any of my calls or emails, which can cause terrible anxiety when you're getting close to the closing date and there is radio silence on the other end. So, here's my review:
- Self-directed since you are responsible for uploading all your documents to the website
- Easy web interface to use to complete tasks
Cons:- Seemingly mundane tasks, such as picking your signing date and location can block important things like releasing preliminary closing documents to the title company. I got stuck in a catch-22 where the title company was saying they needed the closing docs in order to assign me a signing date/time/location.
- Coordinator isn't proactive in calling you when there are tasks that are blocking important things (like the one mentioned above). So, your loan can sit idle and you won't even know.
- Tasks are sometimes rigid where I had a lot of back/forth between my home insurance provider and Better because no one on Better's side would pick up a phone and talk to the home insurance rep. A task was sent back to me because they wanted proof of insurance where the home insurance provider says that they usually issue the policy close to closing.
- "Rate lock" is just that -- in parentheses. I had my rate changed twice on me. Initially, I was told I shouldn't have gotten the rate that I locked as it was too high. Then after being moved into a lower rate, I was told that there were too many credits being given to me. Finally, I was moved into another yet lower rate and was told this was required due to regulations, etc. In the end, a VP had to step in to help.
Hi Amir, thank you for taking the time to write this honest and thoughtful review. We offer our heartfelt apologies that you were not happy with your experience with Better.com. We are committed to conducting a thorough review of the situation you encountered and appreciate your feedback so that we can continue to improve our customer experience. Please reach out to us at experience@better.com so we can investigate this further. -Katie at Better
Reviewed Oct. 24, 2024
Better Mortgage did not honor the "Close on time guarantee". We posted all required documents the day they were requested. It took several days for them to request more and more documents. Then we were told we did not submit the requested documents on time and did not meet the terms and conditions for the guarantee. We feel we were not treated fairly.
Hi Silvia, we never like to hear that our customers are disappointed. We always want it to be a clear and efficient journey. Please reach out to us at experience@better.com so we can investigate this further. -Katie at Better
Better Mortgage Company Information
- Company Name:
- Better Mortgage
- Website:
- better.com