Better Mortgage Review 2022

Written by
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

NMLS: 330511

5.0

  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon

Bankrate Score

Mortgage percent icon

Loans offered

Conventional, jumbo, FHA, fixed-rate, adjustable-rate; rate-and-term and cash-out refinancing; bridge loan
Location Icon

Nationwide availability

Available in all U.S. states (except Nevada) and Washington, D.C.
Credit good icon

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 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 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, 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 doesn’t charge any lender fees, including an origination, application or processing/underwriting fee.

Rates

Better 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 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 accepts applications and facilitates preapprovals through its website, and the lender’s live customer support is available 24/7 by phone. Better’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 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

For borrowers interested in refinancing, Better 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 is right for you? Consider these alternatives

Breakdown of Better 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 consumer reviews

4.3

  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon

1329 reviews

5 stars
4 stars
3 stars
2 stars
1 stars
1027
62
27
31
182

Customer service rating

Knowledge
4.4
Level of service
4.4
Professionalism
4.3
Responsiveness
4.3

83% of reviews would recommend this lender

9 of 10 rates honored

Review this lender

Write a review of your experience with Better.

10 of 367 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.

  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon

Fantastic refinance experience with Better

Jishnu (Jish) Sharma | The Woodlands, Texas | 10/4/2021

  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon

Very intuitive website

Great Website - Excellent Communications | Richmond, Virginia | 10/4/2021

  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon

Easy, fast, low interest rate

Lorisnt | South Carolina | 10/5/2021

  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon

Highly recommend!

Mrs. Castle | Maryland | 10/12/2021

  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon

Great Experience

rajan | decatur | 10/14/2021

  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon

Quick refi and great customer service HIGHLY RECOMMEND

Happy Customer | Texas | 10/15/2021

  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon

Very easy and convenient.

Easy! | Oregon | 10/18/2021

  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon

Fast and Quick

Chris | Ormond Beach | 10/19/2021

  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon

Better is much better than the Banking Giants out there

Manny | Frisco TX | 10/20/2021

  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon

Super easy refinancing

Very satisfied customer | Atlanta, GA | 10/21/2021

Written by
Jeff Ostrowski
Senior mortgage reporter
Jeff Ostrowski covers mortgages and the housing market. Before joining Bankrate in 2020, he wrote about real estate and the economy for the Palm Beach Post and the South Florida Business Journal.
Edited by
Mortgage editor