Better.com Mortgage Review 2022

Written by
Bankrate
Edited By

At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here’s an explanation for

At a glance

Better Mortgage

NMLS: 330511

5.0

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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 all U.S. states (except Nevada) and Washington, D.C.
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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
  • Will beat competitor's offer or give you $100 (only available to applicants who go directly through Better)

Cons

  • No branch locations
  • No home equity lines of credit (HELOCs) or home equity loans
  • Some government loans not available

Better Mortgage overview

Editor’s note: The Bankrate Score considers a mortgage lender’s products and services only; it is not a reflection of a lender’s internal operations or practices. We continuously evaluate each lender we review to ensure the Bankrate Score is consistent with this methodology. If you'd like to consider other lenders, visit Bankrate's lender review hub. Better.com, also known as Better Mortgage, is a direct 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 be able to secure a preapproval in as little as three minutes and can close a mortgage in as few as 21 days, although 30 to 45 days for a purchase is typical. 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. For both promotions, 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 an origination, application or processing/underwriting fee.

Rates

Better.com 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.

Reputation 

Better.com has 4.3 out of five stars from Trustpilot, indicating “Excellent” reviews. The lender ranked above-average in J.D. Power’s 2021 mortgage origination survey for customer satisfaction.

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 features many resources for borrowers, including home affordability, amortization and refinance calculators, to help you weigh different loan scenarios. In addition, you’ll be able to sign most of your closing documents via e-signature, which can save time on the route to closing.

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, these key requirements include good credit (typically a FICO score of 620 or higher) and a minimum down payment of 3 percent. However, anything less than 20 percent down will trigger a requirement for the borrower to pay for private mortgage insurance (PMI). Borrowers must also have a debt-to-income ratio (DTI) of no more than 50 percent.

Refinancing with Better.com

For borrowers interested in refinancing, Better.com offers options including rate-and-term and cash-out. While the lender doesn’t charge an origination fee (or any other lender fees), your refinance will come with other closing costs from third parties, such as the appraisal fee.

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

Breakdown of Better.com overall review score

  • Affordability: 5/5
  • Availability: 5/5
  • Borrower experience: 5/5

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.

Better Mortgage consumer reviews

4.3

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1294 reviews

5 stars
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Customer service rating

Knowledge
4.4
Level of service
4.4
Professionalism
4.3
Responsiveness
4.3

82% of reviews would recommend this lender

10 of 10 rates honored

Review this lender

Write a review of your experience with Better.

10 of 896 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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Smooth and Expedient Refinance Process

Quick and Easy Refinance | Atlanta, GA | 5/23/2021

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Easiest refi ever

refi made easy | Louisiana | 5/24/2021

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Refinance Experience with Better

Dennis Y | 77584 | 5/24/2021

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Excellent Experience!

Closed on time, great rates, excellent service! | Bozeman, MT | 5/24/2021

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First refinance, easy peasy!

Tancred Miller | Morehead City, NC | 5/24/2021

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This feels like the future!

KD | Seattle | 5/25/2021

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Better has a timeline to review and complete the process in a timely manner. They achieved that goal.

Marilyn | Clifton, NJ | 5/25/2021

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The team at Better.com was very helpful and continued to move the process along.

The process was quick but not rushed. My account mgr was quick to respond to any question I had. | Brookfield, CT | 5/25/2021

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Great Experience with Better

Great Experience | Tenessee | 5/25/2021

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Efficient and helpful staff

John | SC | 5/25/2021