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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 closing attorneys, settlement 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. The lender has made headlines for some questionable internal practices, however. It forged ahead with an IPO in 2023.

Bankrate Score
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4.6
Rating: 4.6 stars out of 5
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Customer Rating
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4.3
Rating: 4.3 stars out of 5

1,354 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.

Pros and cons of Better Mortgage

Pros
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    Completely digital process, 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 home equity loans or USDA loans

Our Editor’s Take on Better Mortgage

Better offers mortgages for home purchases and refinancing, as well as connections to closing attorneys, settlement 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. The lender has made headlines for some questionable internal practices, however. It forged ahead with an IPO in 2023.

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. The lender 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.

Availability: 10/10

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.

Borrower experience: 7.6/10

As of this review, Better has a B rating from the Better Business Bureau and “Great” reviews on Trustpilot. The lender ranked below industry average in J.D. Power’s annual customer satisfaction study. Your experience with Better will take place mostly online: You can obtain a preapproval and apply for a loan through its website. There’s also a handy chat feature and loads of educational resources.

How to apply for a mortgage with Better

You can apply for a mortgage with Better online or by phone at 415-523-8837. Here are some tips to prepare for the process:

  1. Check your credit report. It’s important to check your credit report before your lender 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 any lender, 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 both rate-and-term and cash-out refinancing options. 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

American Express offer

Better has partnered with American Express to give cardholders a statement credit after buying a home or refinancing with the lender. The credit is $2,000 for conforming loans and $6,000 for jumbo loans. To qualify, you must lock your rate by April 4, 2024, and close by July 8, 2024.

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.

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: 4.3 stars out of 5

1,354 ratings

Info

This lender has 16 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
5 stars
4 stars
3 stars
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1 star
77%
5%
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2%
14%

83% of customers would recommend this lender.

of 16 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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