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Better Mortgage Review 2024

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At a glance

Better Mortgage
NMLS: 330511
Editor's take

Better offers mortgages for home purchases and refinancing, as well as connections to real estate agents and attorneys, title and closing services and homeowners insurance. Its perks include no fees and the “One Day Mortgage," a process that turns around an underwriting decision in a breezy 24 hours, making it best for buyers who want a quick, affordable online lender.

Bankrate Score
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4.6
Rating: 4.6 stars out of 5
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Bankrate Score

Customer Rating
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4.3
Rating: 4.29 stars out of 5

1,357 ratings

Mortgage Percent

Loans offered

Conventional, FHA, VA, refinancing and more

Credit Good

Min. credit score required

620 for conventional loans, 580 for FHA loans, 620 for VA loans

Location

Nationwide availability

All U.S. states

Dollar Coin

Min. down payment

3% for conventional loans, 3.5% for FHA loans, none for VA loans

At a glance

Better Mortgage

NMLS: 330511

4.6

Rating: 4.6 stars out of 5
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Bankrate Score

Mortgage Percent

Loans offered

Conventional, FHA, VA, refinancing and more

Location

Nationwide Availability

All U.S. states

Credit Good

Min. credit score required

620 for conventional loans, 580 for FHA loans, 620 for VA loans

Better Mortgage overview

Better, also known as Better Mortgage, is a direct online lender whose claim to fame is a completely digital process (with the exception of some portions of the closing) and no lender-charged fees. The lender offers a variety of loan options, including home purchase, refinance, fixed-rate, adjustable-rate, FHA and VA loans, as well as bridge and investment property loans. If you qualify, you could get preapproved online in as few as three minutes. The lender has closed loans in as little as three weeks, but expect the typical 30 days to 45 days in most instances. Better is best for homebuyers who want a speedy online experience with no fees.

Pros and cons of Better Mortgage

Pros
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    Mostly online, with daily online rates, three-minute preapprovals and hybrid closings

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    No fees

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    Price Guarantee matches or beats competitor offers

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    “Great” rating on Trustpilot (as of this review)

Cons
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    No branch locations

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    No USDA loans

Our Editor’s Take on Better Mortgage

Better offers mortgages for home purchases and refinancing, as well as connections to real estate agents and attorneys, title and closing services and homeowners insurance. Its perks include no fees and the “One Day Mortgage," a process that turns around an underwriting decision in a breezy 24 hours, making it best for buyers who want a quick, affordable online lender.

How Bankrate scored Better

  • Affordability: As of this review, Better’s mortgage rates were lower than Bankrate’s averages, and the lender doesn’t charge any fees.
  • Availability: Better operates nationwide, but it only offers conventional and some types of government loans.
  • Borrower experience: J.D. Power rated Better below average for customer satisfaction in its 2023 mortgage origination study, but the lender receives high marks from customers on Trustpilot. You can easily contact Better any time with questions, too.

Affordability: 9.8/10

Better doesn’t charge any origination, application or processing or underwriting fees — a big boost to its affordability quotient. Better’s annual percentage rates (APRs) closely track with Bankrate’s national averages, so it doesn't charge fees, the cost to borrow from Better is comparable to many lenders. The lender displays mortgage rates on its website and updates them several times a day. Note that the rate it displays assumes you’re applying with a credit score of 760 and are putting 20 percent down. To use the rate tool to get a personalized quote, you’ll need to sign up for emails from the lender that contain mortgage news and promotions.

Availability: 10/10

Better works with borrowers all across the U.S., offering various loan types, such as conventional, FHA and VA loans, as well as some creative financing options like bridge loans. Better specializes in simplifying the lending process, focusing on conventional, VA and FHA loans. Better has no physical locations, so you must apply at Better.com or by phone.

Borrower experience: 7.6/10

As of this review, Better has an A- rating from the Better Business Bureau and “Great” reviews on Trustpilot. However, the lender ranked below the industry average in J.D. Power’s annual customer satisfaction study, dinging its score. This study surveys customers and assigns a number grade based on the lender’s application and approval process, communication, loan closing and loan offers. Better’s score was also lowered due to having no in-person contact options. Your experience with Better will take place mostly online: You can obtain a preapproval and apply for a loan through its website. You can receive a commitment letter within 24 hours of applying for preapproval  — faster than some traditional lenders.

How to apply for a mortgage with Better

You can apply for a mortgage with Better online or by phone at 415-523-8837. This will put you in contact with a Better loan officer. From there, you can apply for preapproval and get an offer, which you can use to compare with other lenders. Better can provide you with an underwriting decision within 24 hours if you supply financial documentation within 4 hours of locking your quoted rate.

Before applying with Better, you’ll need to have your finances in order and be able to submit documents online. Here are some tips to prepare for the process:

  1. Check your credit report. It’s important to check your credit report before Better does, in case there are errors that could impact not only whether you get preapproved but also your ability to get the best mortgage rate. Knowing your credit score also helps you decide what type of loan to apply for. If your score is in the very low 600s, for instance, an FHA mortgage might be best for you, as its standards are more lenient than those for conventional loans.
  2. Gather personal and financial documents. With Better, you must supply documentation about your income, assets and debts. This includes pay stubs and W-2s and account and loan statements.
  3. Provide details about the property. You’ll need to provide the address of the home and submit to an appraisal. (If you’re refinancing, you might or might not need an appraisal.)

Refinancing with Better

Better offers a variety of refinance options, including:

The lender’s average refinance closing time is 32 days, and you can roll your closing costs into the new loan if you want to save money upfront.

Special programs offered by Better

Chime offer

Better has also partnered with Chime to help the app’s users save $500 on closing costs when getting a mortgage through the lender. To qualify, you must access the Better Mortgage offer through the Chime app and create an account with Better. The $500 credit will come directly off of your closing costs when the loan closes. This offer cannot be combined with other discounts or promotions.

ConsumersAdvocate.org offer

There’s a Better Mortgage promotion offered through the site ConsumersAdvocate.org. This promo will give you $150 off closing costs. To access the promo, you must create and access a Better Mortgage account through the display ads on ConsumerAdvocate.org, and qualify for and close on the mortgage with Better. This offer cannot be combined with other discounts or promotions.

Complete tasks on your Better Mortgage account

Better offers a $250 closing costs discount to borrowers who complete all open tasks in their Better Mortgage account by a specified deadline when applying for a loan. This offer cannot be combined with other discounts or promotions. 

Compare Better Mortgage to other lenders

Better Mortgage
Rating: 4.6 stars out of 5
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4.6

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Bethpage Federal Credit Union
Rating: 4.9 stars out of 5
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4.9

Bankrate Score
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Read full review
First Mortgage Direct
Rating: 4.8 stars out of 5
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4.8

Bankrate Score
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Read full review

Loans offered

Conventional, FHA, VA, refinancing and more

Loans offered

Conventional, jumbo, FHA, refinancing and more

Loans offered

Conventional, jumbo, FHA, VA, USDA, refinancing and more

Min. credit score required

620 for conventional loans, 580 for FHA loans, 620 for VA loans

Min. credit score required

620 for conventional loans, 500 for FHA loans

Min. credit score required

620 for conventional loans, 580 for FHA loans, 580 for VA loans

Down payment

3% for conventional loans, 3.5% for FHA loans, none for VA loans

Down payment

3% for conventional loans, 3.5% for FHA loans

Down payment

3% for conventional loans, 3.5% for FHA loans, none for VA loans and USDA loans

Nationwide availability

All U.S. states

Nationwide availability

Available in all U.S. states except Texas

Nationwide availability

All U.S. states

Better Mortgage customer ratings and reviews

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NMLS: 330511

4.3

Rating: 4.29 stars out of 5

1,357 ratings

Info

This lender has 10 recent reviews.

Knowledge
Rating: 4.4 stars out of 5
Level of service
Rating: 4.4 stars out of 5
Professionalism
Rating: 4.3 stars out of 5
Responsiveness
Rating: 4.3 stars out of 5
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77%
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14%

83% of customers would recommend this lender.

of 10 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.

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.

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