Better: 2023 Home Equity Review
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At a glance

NMLS: 330511
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Star ranking and total number reflects the lifetime customer reviews received while this lender has been an advertiser on Bankrate.
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Loan amount
$50,000-$500,000 for HELOC
Min. credit score required
Undisclosed
Repayment terms
15 years to 30 years
Funds available in
Less than 24 hours
Better features
Here's a breakdown of some of the benefits and drawbacks of Better home equity loans.
PROS
-
With a Better HELOC, you might be able to access up to 90 percent of your home’s equity.
Along with primary residences, Better allows borrowers to take out HELOCs on a second home or investment property.
CONS
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At closing, you’re required to draw at least $50,000 or 75 percent of your credit line limit, whichever is greater. (On a $500,000 line, that equals $375,000.)
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To get the lowest possible rate, you’ll need to take a minimum line of $150,000, among other qualifying factors.
Founded in 2014, Better is a national online mortgage lender offering some of the most common types of home loans, including home equity lines of credit (HELOCs) and home equity loans.
Better snapshot
Home equity loan types | Home equity line of credit (HELOC)Home equity loan |
---|---|
Loan amounts | $50,000-$500,000 for HELOC |
Credit score minimum | Undisclosed |
Repayment terms | 15 years to 30 years |
Average time to approval | Less than 24 hours |
How Bankrate rates Better
Bankrate Score | 3.8 |
---|---|
Affordability | 3.5/5 |
Availability | 3.4/5 |
Borrower experience | 4.5/5 |
Methodology
To create our Bankrate Scores, we evaluated lenders based on availability, affordability and customer experience. Availability was assessed based on the minimum loan amount required, time to approval, days to close, minimum draw requirements, minimum credit score requirements and loan types offered. Affordability was assessed based on minimum APR, discounts and promotions offered and associated fees. Customer experience was assessed based on online application and account availability, customer support, auto payment availability and mobile app availability and ratings.
Benefits
- With a Better HELOC, you might be able to access up to 90 percent of your home’s equity.
- Along with primary residences, Better allows borrowers to take out HELOCs on a second home or investment property.
Drawbacks
- At closing, you’re required to draw at least $50,000 or 75 percent of your credit line limit, whichever is greater. (On a $500,000 line, that equals $375,000.)
- To get the lowest possible rate, you’ll need to take a minimum line of $150,000, among other qualifying factors.
Type of fees charged
Better doesn’t charge any fees for a HELOC, according to a company representative. That said, you might be able to pay points in exchange for a lower rate.
Home equity loan products offered
Better offers home equity lines of credit (HELOCs) and second mortgages, also known as home equity loans. You can get a HELOC between $50,000 and $500,000 (up to 90 percent of your equity), and it comes in terms of either 15 years or 30 years. You’ll need to draw a considerable portion of your equity line at closing: the greater of either $50,000 or 75 percent of the total credit line.As with most HELOC products, the rates on Better’s line of credit follow the prime rate.
How to qualify for a HELOC with Better
While there might be lower thresholds to qualify for a HELOC with Better, to get the absolute best rate, you’ll need a high credit score of at least 780 and a combined loan-to-value (CLTV) ratio of no more than 64 percent, and to take out a credit line of at least $150,000.
How to get started
You can apply for a HELOC from Better through the lender’s website. You’ll need to set up an account to do so.
Better.com customer ratings and reviews

NMLS: 330511
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