Ally Bank
3.5 Bankrate ScoreAlly Bank began offering direct-to-consumer home...
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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.
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Loans offered
Conventional, FHA, VA, refinancing and more
Min. credit score required
620 for conventional loans, 580 for FHA loans, 620 for VA loans
Nationwide availability
All U.S. states
Min. down payment
3% for conventional loans, 3.5% for FHA loans, none for VA loans
NMLS: 330511
4.6
Bankrate Score
Loans offered
Conventional, FHA, VA, refinancing and more
Nationwide Availability
All U.S. states
Min. credit score required
620 for conventional loans, 580 for FHA loans, 620 for VA loans
Completely digital process, with daily online rates, three-minute preapprovals and hybrid closings
No fees
Price Guarantee matches or beats competitor offers
“Great” rating on Trustpilot (as of this review)
No branch locations
No home equity loans or USDA loans
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.
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.
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.
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.
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:
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.
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.
Better has also partnered with Chime to help the app’s users save $500 on closing costs when getting a mortgage through the lender.
Rating: 4.6 stars out of 5
4.6
Bankrate Score
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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 |
NMLS: 330511
4.3
1,354 ratings
This lender has 16 recent reviews.
83% of customers would recommend this lender.
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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.
Rates and terms of loan honored?
Closed mortgage with this lender?
Closed on time?
Would you recommend this lender?
Rates and terms of loan honored?
Closed mortgage with this lender?
Closed on time?
Would you recommend this lender?