Better.com Mortgage Review 2021

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At a glance

Better Mortgage

NMLS: 330511

4.9

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Bankrate Score

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Loans offered

Conventional, jumbo, FHA, fixed-rate, adjustable-rate; rate-and-term and cash-out refinancing; bridge loan
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Nationwide availability

Available in 47 states and the District of Columbia (not available in Hawaii, Massachusetts and Nevada)
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Min. credit score required

620 for conventional loans

Pros and cons

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 a preapproval letter in three minutes and closing within 21 days
  • Will beat competitor's offer or give you $100 (only available to applicants who go directly through Better)

Cons

  • No brick-and-mortar locations
  • Some government loans not available
  • Home equity loans and home equity lines of credit (HELOCs) not available

Better Mortgage overview

Better.com, also known as Better Mortgage, is an online lender established in 2016 that provides a completely online process where rates, loan preapprovals and resources are available 24/7. The lender offers a variety of mortgage options, including conventional and jumbo fixed-rate and adjustable-rate mortgages and bridge loans. The lender also offers rate-and-term and cash-out refinancing and a first-time homebuyer program. With Better.com, you’ll typically be able to secure a preapproval in as little as three minutes and close a mortgage in as few as 21 days. Notably, borrowers who are also Chime customers can currently save $500 on closing costs when getting a mortgage with the lender, and some American Express cardholders can get an up to $6,000 credit to their statement. In both cases, you’ll need to meet certain parameters to qualify.

Good for

Around-the-clock support and speed

Loan types

  • Conventional
  • Jumbo
  • FHA
  • Fixed-rate
  • Adjustable-rate
  • Rate-and-term and cash-out refinancing
  • Bridge loans

Lender fees

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

Rates

Better.com publishes rates on its website and updates them several times a day.

Reputation 

Better.com has a B rating from the Better Business Bureau and a 4.6 out of 5 stars from Trustpilot.

Online services 

As an online-only lender, Better.com accepts applications and facilitates preapprovals through its website, and the lender’s live customer support is available 24/7 by phone. Better.com’s website also has many resources for borrowers, including home affordability, amortization and refinance calculators. In addition, you’ll be able to sign most of your closing documents via e-signature.

Minimum borrower requirements

Better.com adheres to the conforming loan requirements for mortgages approved by government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac.

For conventional loans, key requirements include good credit (typically a FICO score of 620 or higher) and minimum down payment of 3 percent. However, anything less than 20 percent down will trigger the private mortgage insurance (PMI) requirement.

Borrowers must also have a debt-to-income ratio (DTI) of no more than 50 percent.

Refinancing with Better.com

Better.com’s 30-year and 15-year refinance rates were lower than the national average as of July 8, 2021. While the lender doesn’t charge an origination fee, your refinance will come with other closing costs such as third-party fees. You can apply for a refinance at Better.com/start.

Not sure if Better.com is right for you? Consider these alternatives

Breakdown of Better.com overall review score

  • Affordability: 15/15
  • Availability: 14/15
  • Borrower experience: 10/10

Review methodology

To determine a mortgage lender’s Bankrate Score, Bankrate’s editorial team rates lenders on a scale of one to five stars based on a variety of factors relating to the lender’s products and services. Bankrate’s partners compensate us, but our opinions are our own, and partner relationships do not influence our reviews. Here is our full methodology.

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Better Mortgage consumer reviews

4.2

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951 reviews

5 stars
4 stars
3 stars
2 stars
1 stars
724
39
18
26
144

Customer service rating

Knowledge
4.3
Level of service
4.4
Professionalism
4.3
Responsiveness
4.3

81% of reviews would recommend this lender

10 of 10 rates honored

Review this lender

Write a review of your experience with Better.

10 of 682 reviews

The consumer 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.

To help serve you with relevant information the consumer reviews shown below are limited to only those that this advertiser has received during the past 12 months.

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Great

Michele | New Jersey | 9/29/2020

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Better is the Best

Karl | Washington, DC | 10/1/2020

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Seamless 5-Star Experience!

kgooriah | Jersey City, NJ | 10/5/2020

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Perfect

Steve A | CA | 11/2/2020

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Great and Fast Service with Lowest Rates

James Dui | CA | 11/9/2020

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These guys were impressive

RJA | PA | 12/1/2020

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Seamless, expedient, and cost effective

Victor M | Washington, DC | 12/3/2020

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Great for first time home buyers!

Nick | CA | 12/8/2020

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Customer Service

Elise Van Asch | CA | 12/14/2020

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Easy, fast and stress free process.

Max | Sammamish, WA | 12/17/2020

Written by
Dhara Singh
Mortgage reporter
Dhara Singh is a mortgage reporter for Bankrate. She is a former data analyst turned financial journalist who previously worked at Yahoo Finance, CNET, Cashay.com and JPMorgan Chase covering the housing and retirement beats.
Edited by
Mortgage editor