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.
Around-the-clock support and speed
- Rate-and-term and cash-out refinancing
- Bridge loans
Better.com doesn’t charge any lender fees, including application, underwriting and origination fees, saving borrowers an average of $3,500.
Better.com publishes rates on its website and updates them several times a day.
Better.com has a B rating from the Better Business Bureau and a 4.6 out of 5 stars from Trustpilot.
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.
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Breakdown of Better.com overall review score
- Affordability: 15/15
- Availability: 14/15
- Borrower experience: 10/10
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.