
Ally Bank
4.9 Bankrate ScoreAlly Bank began offering direct-to-consumer home...
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Better Mortgage is ideal for tech-savvy borrowers who prefer an online experience. Around-the-clock support and speed sum up its strong suits, but customer service scores are a weakness.
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.
To help serve you with relevant information, the customer reviews shown are limited to only those that this advertiser has received during the past 12 months.
Loans offered
Purchase, refinance, fixed-rate, adjustable-rate, FHA, VA and bridge loans
Min. credit score required
620 for conventional loans
Nationwide availability
Available in all U.S. states
Min. down payment
3.5% for FHA loans, none for VA loans
NMLS: 330511
5.0
Bankrate Score
Loans offered
Purchase, refinance, fixed-rate, adjustable-rate, FHA, VA and bridge loans
Nationwide Availability
Available in all U.S. states
Min. credit score required
620 for conventional loans
Automated process can yield a preapproval letter in three minutes
No fees charged
Will beat competitor's offer or give you $100 (if you go directly through Better)
No branch locations
No home equity loans
Some government loans not available
Better Mortgage is ideal for tech-savvy borrowers who prefer an online experience. Around-the-clock support and speed sum up its strong suits, but customer service scores are a weakness.
To determine Better Mortgage’s Bankrate Score, Bankrate’s editorial team rated it and other 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.) We derived its overall score by considering three basic factors:
Better doesn’t charge any origination, application or processing or underwriting fee — a big boost to its affordability quotient. As to terms, Better displays mortgage rates on its website and updates them several times a day. To use the rate tool to obtain a personalized quote, however, you’ll be prompted to sign up for emails from the lender that contain mortgage news and promotions.
Better works with borrowers all across the U.S., offering conventional, FHA and VA loans as well as some creative financing options like bridge loans. If you’re looking for a USDA loan, you’ll need to go to another lender, though.
As of this review, Better has a B rating from the Better Business Bureau and a 4.2 out of five stars from Trustpilot, indicating “Excellent” reviews. The lender ranked below industry average, however, in J.D. Power’s 2022 mortgage origination survey for customer satisfaction.
As a Better customer, you’ll complete a fully digital application process. To get started, you should have a credit score of at least 620, Better’s minimum for purchase loans and rate-and-term and cash-out refinance loans. Be prepared to provide detailed documentation of your financial life.
Better offers both cash-out and rate-and-term refinance loans. If you’re looking for quick money, you might consider Better’s cash-out refinance loans, which offer preapprovals in as little as three minutes. The lender’s average closing time is 32 days, 10 days faster than the industry average, thanks to a streamlined online process.
Better allows you to roll your closing costs into your new loan when you refinance if you want to save on costs upfront. You’ll need a credit score of at least 620 to qualify for a conventional loan refinance, and you’ll need a credit score of at least 700 to qualify for a jumbo loan refinance.
Better’s offer for American Express cardholders gives a statement credit after you refinance or finance a home purchase with Better Mortgage. The credit is $2,000 for conforming loans and $6,000 for jumbo mortgages. To qualify, you must lock your rate by April 4, 2024, and close by July 8, 2024. Borrowers who are also customers of Chime, a financial technology platform, can save $500 on closing costs when getting a mortgage with Better.
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Rating: 5 stars out of 5
5.0
Bankrate Score
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Loans offered Purchase, refinance, fixed-rate, adjustable-rate, FHA, VA and bridge loans |
Loans offered Conventional, jumbo, FHA, VA, USDA, fixed-rate, adjustable-rate; refinancing; physician loans |
Loans offered Conventional, jumbo, FHA, VA, USDA; refinancing; home equity lines of credit, home equity loans |
Min. credit score required 620 for conventional loans |
Min. credit score required 620 for conventional loans, 600 or higher for FHA loans and VA loans (can be lower in some cases) |
Min. credit score required 620 for conventional loans, 620 for jumbo loans, 620 for FHA loans, 640 for USDA loans |
Down payment 3.5% for FHA loans, none for VA loans |
Down payment 3% for conventional loans; 3.5% for FHA loans; none for VA loans or USDA loans |
Down payment 3% for conventional loans; 3.5% for FHA loans; none for VA loans or USDA loans |
Nationwide availability Available in all U.S. states |
Nationwide availability All U.S. states except Nevada and New York |
Nationwide availability All U.S. states |
NMLS: 330511
4.3
1,352 ratings
This lender has 20 reviews.
83% of customers would recommend this lender.
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.
Bankrate cannot guarantee or verify the accuracy of the opinions shared by individual reviewers, and reserves the right to reject or remove any review, at any time, for any reason at Bankrate’s sole discretion, including but not limited to those that Bankrate deems inappropriate, fraudulent, invalid, irrelevant, or otherwise outside the parameters of the Bankrate Review Guidelines, the Privacy Policy, or the Terms of Use.
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.
Rates and terms of loan honored?
Closed mortgage with this lender?
Closed on time?
Would you recommend this lender?
Rates and terms of loan honored?
Closed mortgage with this lender?
Closed on time?
Would you recommend this lender?