Better Mortgage Review 2022
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At a glance

NMLS: 330511
5.0
Bankrate Score
Loans offered
Conventional, jumbo, FHA, fixed-rate, adjustable-rate; rate-and-term and cash-out refinancing; bridge loanNationwide availability
Available in all U.S. states (except Nevada) and Washington, D.C.Min. credit score required
620 for conventional loansPros 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
- Caliber Home Loans review: Could be ideal if you’re looking to close quickly
- Guild Mortgage review: Accepts credit scores as low as 600 for certain government loans
- CrossCountry Mortgage review: A contender if you’re looking for personalized attention throughout the process
- Movement Mortgage review: Offers no-PMI loans
- PHH Mortgage review: You could be eligible for homeowners assistance programs through this lender
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
1307 reviews
Customer service rating
82% of reviews would recommend this lender
10 of 10 rates honored
Review this lender
Write a review of your experience with Better.
10 of 628 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.
Fast and Convenient
Happy Homebuyer… | Mountainside, NJ | 8/13/2021
As a first-time homebuyer, I’m so happy I chose Better! The application process was seamless and convenient, and everyone I dealt with was so friendly and responsive. Better also locked me in at an incredible rate and addressed all my concerns. And I was able to close on time!
Response from Better
Thank you for leaving us a review! Happy to hear about the experience.
Better Mortgage. All in the name!
John H | Anaheim, California | 8/13/2021
Better is really a Better Process. The most transparent lender and advance technology. Trust the process and complete your tasks this will be the most streamlined service. Loan estimate upfront, instant rates pricing, and transparent cost is what makes Better great!
Response from Better
Thanks John!
Excellent experience
Martin | Washington DC | 8/14/2021
My refi team at Better was excellent, highly responsive and knowledgeable. Everything was very easy and efficient. I had a wonderful experience working with them.
Response from Better
Thank you Martin!
A service and best rate!
The customer service reps made the entire process very easy | Downers grove, IL | 8/14/2021
Couldn’t be happier. They offered the best rate when I was shopping for a mortgage and the whole process was very simple. Great customer service every step of the way and navigating the website was very easy loading the documents etc. 5 starts for sure.
Response from Better
Thanks for the review!
Make It Easy on Yourself/Go with Better
Excellent Customer Service/Simple Process | TN | 8/14/2021
Excellent customer service, immediate responsiveness when needed, and simple online process. Did my refi within 3 weeks from the comfort of my couch. Never had to make a paper copy of anything. Closing occurred in my home, as well. All refinancing experiences should be this easy.
Response from Better
Thank you for leaving us a review!
Buying made easy (as possible)
First time homebuyers | Roselle, New Jersey | 8/16/2021
Buying a home is a complicated process. Better simplifies the process and are really good at guiding you along the way. Being the best rates we could find didn't hurt either.
Response from Better
Thank you for leaving us a review!
Great Rates & Fast Close
Homeowner | Arroyo Grande, CA | 8/16/2021
Great rate & no points or fees on 15 Year Fixed Mortgage. Closed in ~ 20 days. Professional & timely home inspection. All paperwork done on-line was good but a little hard to connect with the right people when needed made it seem somewhat impersonal. Overall excellent experience.
Response from Better
Thank you for the review!
Exceptional online experience.
D. Sherman | North Idaho | 8/16/2021
I've done more than a few mortgages. many online. In my first experience with Better, I'll say that if you are in the market for a mortgage or a refi, this is where I'd recommend you go. I won't comment on two of the other, very prominent online mortgage processes other than to say that I knew th...
Response from Better
Thank you for leaving us a review!
3rd Refi with Better
Repeat Customer | Washington | 8/16/2021
This is my 3rd refi with Better. Each time they have had the best rate and closed in under 30 days. Add in the AMEX statement credits and it has been any easy decision to go with them for refi.
Response from Better
Thank you for the review!
The best rates and service
Better is The Best | PA | 8/16/2021
Their rates a 0.5% lower than any other. I needed to close in 3 weeks and they did it, and I am self-employed.
Response from Better
Thank you for leaving us a review!