Better Mortgage Mortgage Review 2021

By Bankrate Staff

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.

At a glance

Better Mortgage

4.9

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Loans offered

Conventional fixed-rate and adjustable-rate mortgages, FHA loans, jumbo fixed-rate and adjustable-rate loans, bridge loans, first-time homebuyer program; refinancing options include rate-and-term refinancing and cash-out refinancing
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Nationwide availability

Available in 43 states and the District of Columbia.; not available in Hawaii, Massachusetts, Minnesota, Nevada, New Hampshire, Vermont and Virginia
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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 rate quotes in seconds, a preapproval letter in three minutes and closing within 21 days
  • Will beat competitor's offer or give you $100; offer only available to applicants who go directly through Better

Cons

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

Better Mortgage overview

Better Mortgage, also known as Better.com, is an online lender that was established in 2016. Better Mortgage provides a completely online process where rates, loan preapproval and resources are available 24/7. Better Mortgage 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
The lender also offers rate-and-term refinancing and cash-out refinancing (conventional and FHA) and a first-time homebuyer program.

Loan types

  • Conventional fixed-rate mortgages
  • Adjustable-rate mortgages
  • FHA loans
  • Jumbo fixed-rate and adjustable-rate loans
  • Bridge loans
  • First-time homebuyer program
  • Rate-and-term refinancing
  • Cash-out refinancing

Lender fees

Better Mortgage 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 Mortgage 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.

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Better Mortgage consumer reviews

4.0

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306 reviews

5 stars
4 stars
3 stars
2 stars
1 stars
216
12
6
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63

Customer service rating

Knowledge
4.1
Level of service
4.2
Professionalism
4.0
Responsiveness
4.1

75% of reviews would recommend this lender

0 of 0 rates honored

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Write a review of your experience with Better.

10 of 129 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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Easy, if you are organized.

Scott | Spokane | 1/23/2020

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Quick and easy

Dude | New Jersey | 1/26/2020

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Clear, Easy-To-Follow Experience

David | Chicago | 2/21/2020

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So happy we picked Better!

Linda | Texas | 2/26/2020

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Easy!

A.G. | Arizona | 2/27/2020

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Convenient, Fast Online Experience

Scott | Utah | 2/28/2020

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Overall great experience!

Kyle | Hudson Oaks, TX | 3/3/2020

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Better is miles ahead of the competition!

COdesa | Katy, TX | 3/4/2020

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Best refinance experience

Jason | Downingtown, PA | 3/7/2020

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Great Experience.

Ralph | New Jersey | 3/13/2020