Better.com Mortgage Review 2020

By Natalie Campisi

About our reviews

Bankrate’s editorial team researches, reviews and rates lenders to help you find one that fits your needs. Our experts consider a range of factors, including rates, loan types, time to close, fees and more. Reviews are updated regularly. Bankrate is an independent, advertising-supported comparison service. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy.

Better.com

Bankrate Score

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4.5

User reviews
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( 235 )

4.4

Please note: In response to the coronavirus pandemic, lenders are changing their requirements continuously. Although we strive for accuracy at the time of publication, please be sure to check with the lender for updated details on down payments, credit scores, etc.

Better.com is an online lender that was established in 2016. Better.com provides a completely online process where rates, loan preapproval, and resources are available 24/7. Better.com provides a variety of mortgage options and loans for homebuyers, including:
  • Conventional fixed-rate and adjustable-rate mortgages
  • FHA loans
  • Jumbo fixed-rate and adjustable-rate loans
  • Bridge loans
They also offer rate and term refinancing and cash-out refinancing (conventional and FHA) and a first-time homebuyer program.

Nationwide availability

Borrowers in 44 states (all but Nevada, Minnesota, Virginia, Vermont, New Hampshire and Massachusetts) and Washington D.C. can apply for a loan online.

Minimum credit score

For conventional loans, key requirements include good credit (typically a FICO score of 620 or higher) and a debt-to-income ratio of up to 55 percent

Loan types

Conventional fixed-rate and adjustable-rate mortgages, FHA loans, jumbo fixed-rate and adjustable-rate loans, bridge loans, and a first-time homebuyer program. Refinancing options include rate and term refinancing and cash-out refinancing.

Pros

  • Ideal for tech-savvy borrowers who prefer an online experience, with human customer support available if needed
  • No commissions or fees charged
  • Smart technology automatically looks for and applies discounts to eligible borrowers
  • Automated process yields rate quotes in seconds, a preapproval letter in three minutes and closing within 21 days
  • If they can't beat a competitor's price, they'll give you $100. The offer is available only to applicants who go directly through Better.

Cons

  • No brick-and-mortar locations
  • VA or USDA loans not available
  • Neither home equity loans nor home equity lines of credit (HELOCs) are available

Find your mortgage match

Get paired with your best mortgage offers in 2 minutes or less.

Better.com overview

Loan types

Conventional fixed-rate and adjustable-rate mortgages, FHA loans, jumbo fixed-rate and adjustable-rate loans, bridge loans, and a first-time homebuyer program. Refinancing options include rate and term refinancing and cash-out refinancing.

Lender fees

Better.com doesn’t charge any lender fees, including application, underwriting and origination fees, saving borrowers an average of $3,500, according to the company.

Minimum borrower requirements

Better.com adheres to the conforming loan requirements for mortgages approved by government-sponsored enterprises (GSEs), Fannie Mae and Freddie Mac, as well as those backed by the Federal Housing Administration (FHA).

For conventional loans, key requirements include good credit (typically a FICO score of 620 or higher) and a debt-to-income ratio of up to 55 percent. Depending on the loan, a minimum down payment of 3 percent is required.

 

 

Get started with Better.com

Borrowers can apply online. After completing a three-minute approval process, the borrower is assigned to a loan officer, whom you can contact anytime throughout the loan process.

Hours

Better.com provides a completely online process where rates, loan preapproval, and resources are available 24/7. Live customer service is open from 9 a.m. to 9 p.m Eastern time Mondays through Fridays and 10 a.m. to 6 p.m. Eastern time Saturdays and Sundays at 415-523-8837.

Better.com consumer rating and reviews

4.4 reviews
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84% recommended

Customer Service Rating

Knowledge
4.5
Level of service
4.4
Professionalism
4.4
Responsiveness
4.4
0 out of 0 rates honored
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(235 reviews)
5 Star
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1 Star
187
11
5
3
29

The reviews posted on Bankrate.com ("Bankrate") are individual, subjective opinions of reviewers, and not of Bankrate. Bankrate does not endorse any of the opinions expressed by reviewers or any responses to reviews.

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Showing 10 of 99 Reviews
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Chris
Houston

9/26/2019

Best Online User Interface and Customer Service

This was my first time hearing about Better. I was skeptical of the company offering one of the lowest rates at the time with zero fees compared to one of the many well known competitors who I started applications with but had average customer service and higher fees. Better's application proces...

Better replied to this:
"Hi Chris, we thank you for the feedback! Happy you had a positive experience."
Knowledge
4.0
Level of service
5.0
Professionalism
4.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
Mortgage closed:
Yes
Closed on time:
Yes
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Victor GP
New Jersey

10/16/2019

Excellent mortgage process and under market rates

The interest rate was under market and we compared to other banks and financial institutions. They are going IPO soon and they are extremely aggressive getting market share. We are a family of CPAs and attorneys so we deal with a lot of financing and refinancing for clients and this was the best dea...

Better replied to this:
"Hi Victor, we appreciate the feedback! Sincerely, The Better.com Team"
Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
Mortgage closed:
Yes
Closed on time:
Yes
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Matt
Modesto

10/16/2019

Excellent customer service team

I’m thrilled with the service received during the application process. The team is attentive, knowledgeable and the online tools are easy to use and understand.

Better replied to this:
"Hello Matt, we appreciate the feedback! Sincerely, The Better.com Team"
Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
Mortgage closed:
No
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Shaun
Swansboro, NC

11/5/2019

Easy loan processing

The loan process was easy with Better compared to other companies I have worked with. The ability to follow along the task list makes the whole process easy and always keeps you informed of what is needed next. I was given a gift card just for having an initial phone call. I found a loan with a c...

Better replied to this:
"Hi Shaun, we really appreciate the feedback! Thank you for taking your time to leave us a review. Sincerely, The Better.com Team"
Knowledge
4.0
Level of service
4.0
Professionalism
5.0
Responsiveness
4.0
Rates honored:
Yes
Would recommend:
Yes
Mortgage closed:
Yes
Closed on time:
Yes
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Rome
Los Angeles

11/6/2019

Fast and efficient

The process was smooth from start to finish. We had a slight hiccup when the appraisal didn’t come in at what I originally thought, but after a few emails I was able to get exactly what I wanted and closed on time! They were actually ready to close within 22 days but I opted to hold the closing fo...

Better replied to this:
"Hi Rome."
Better replied to this:
"Hi Rome, we appreciate the feedback and apologize for the hiccup. We are glad to have sorted everything out and hope to get you the best option available. Thank you for the review! Sincerely, The Better.com Team"
Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
Mortgage closed:
Yes
Closed on time:
Yes
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Phil B.
Trumbull, CT

11/7/2019

Couldn’t have gone smoother

The entire process was very simple. The online tool/website was very user friendly and keep you informed on where you are or what’s needed throughout the entire process. Great experience!

Better replied to this:
"Hi Phil, we appreciate the feedback and appreciate your time for the positive review! Sincerely, The Better.com Team"
Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
Mortgage closed:
Yes
Closed on time:
Yes
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Mohsin
Houston

11/7/2019

Great experience

I was hesitant at first to go with an online mortgage company. But I took the risk and went with the company due to better rates. Overall the process was smooth. There are a ton of tasks to go through and as long as you keep up with them, the process will move along. There are multiple people that a...

Better replied to this:
"Hi Mohsin, thank you for taking the time to leaving a review. We value and appreciate it! We are happy to know you had a positive experience with us! Sincerely, The Better.com Team"
Knowledge
4.0
Level of service
4.0
Professionalism
4.0
Responsiveness
4.0
Rates honored:
Yes
Would recommend:
Yes
Mortgage closed:
Yes
Closed on time:
Yes
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Anna H.
Bethlehem, PA

11/15/2019

Great pricing! Great experience!

It was a great experience from beginning to end. They also beat all loan estimates I received from other lenders, so I got a great interest rate with no points and even lender credit. They also don’t charge you any origination fees.

Better replied to this:
"Hi Anna, we really appreciate the positive feedback and review. Sincerely, The Better.com Team"
Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
4.0
Rates honored:
Yes
Would recommend:
Yes
Mortgage closed:
Yes
Closed on time:
Yes
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Very Happy Customer
New Jersey

11/19/2019

Easy, Fast and Painless

I work for a large mortgage company and know how arduous the purchase process can be. From the initial application to the final closing the process was smooth and seamless. They also beat my companies employees rate. You MUST use this company if you want a hassle free pleasant mortgage experience...

Better replied to this:
"Hi, we appreciate the positive review and happy to hear you had a good experience with us. Sincerely, The Better.com Team"
Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
Mortgage closed:
Yes
Closed on time:
Yes
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Chad H
Castle Rock, CO

11/20/2019

Super Easy!

This process turned into an absolute no brainier. The closing costs were more than 50% less than my current mortgage holder wanted. If you know you can qualify and you have all your documentation, why not do it on your own. The Better.com team was by far the Better team for me to work with!

Better replied to this:
"Hi Chad, we are glad you had a positive experience with us. We appreciate the positive feedback. Sincerely, The Better.com Team"
Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
Mortgage closed:
Yes
Closed on time:
Yes