Better: 2026 Home Equity Review

Affordability: 4 stars

• APR: Better doesn’t offer introductory rates, unlike many home equity lenders, but its APR is similar to the national average at the time of writing. 
• Fees: Better doesn’t charge any prepayment penalties for its HELOC, but you will pay an origination fee, as well as standard closing costs like appraisal, credit report and recording fees. Note that the lender’s “Better Forever” loyalty program waives the origination fees for past borrowers who take out another loan with Better.

Better scores 4 out of 5 for affordability due to its standard rate and fees.

Availability:  4.3 stars

• Credit score: To qualify for Better’s One Day HELOC, you’ll need a credit score of at least 680.  A score of 740 or higher qualifies you for the best rates. Both scores are typical, if perhaps on the high end of the average range, for home equity lenders.
• Loan minimum: Better requires you to draw either 75 percent of your credit line or $50,000 when closing your HELOC, whichever is larger. This is high compared to the $5,000-$20,000 minimums other lenders typically set. 
• Loan products: Better’s HELOCs can be used for primary, vacation or investment homes. It also offers home equity loans. Recently, the lender announced the launch of its Bank Statement HELOC program, which lets self-employed borrowers get a HELOC without providing tax returns or W-2s.
• Where to find: Better offers second-lien HELOCs everywhere except Texas and Vermont. It offers first-lien HELOCs everywhere except Texas.

Better scores a 4.3 out of 5 due to its competitive HELOC and home equity loan options and nearly nationwide availability.

Borrower experience: 4.6 stars

• Rate transparency: Better lists a base HELOC rate online, but to receive a personalized quote, you’ll need to fill out an online form with your Social Security number. This process doesn’t affect your credit score.
• Convenience: You can complete Better’s application entirely online. Depending on which home equity product you go for, you could get approved within one day, and receive cash in as little as a week.   
• Customer service: While Better doesn’t have physical branches, you can reach the company by phone at 415-523-8837 or by email at hello@better.com. When we called Better’s customer service number, we were greeted by Betsy, the company’s AI loan advisor. Betsy answered some of our questions and offered to start the preapproval process over the phone. Instead, we asked to speak to a live agent and were connected in about a minute.

Better scores 4.6 out of 5 for borrower experience because of its fast online process and quick access to funds.

Better gets an A- rating from the Better Business Bureau and has been accredited since 2018. On Trustpilot, Better has a “Great” rating from more than 1,800 reviews.

What Bankrate users say

On Bankrate, numerous comments praise Better for its “engaging” reps and “simple, straightforward” and state-of-the-art application platform: “The ability to complete the entire home equity loan process online was fantastic.” One customer “wishes rates were lower,” but another deems their offer “fair, given the Fed rate and my credit history.”