Better Mortgage Review 2020

By Natalie Campisi

About our reviews

Bankrate’s editorial team researches, reviews and rates lenders to help you find one that fits your needs. Our experts consider a range of factors, including rates, loan types, time to close, fees and more. Reviews are updated regularly. Bankrate is an independent, advertising-supported comparison service. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy.

Better

NMLS: 330511

State License: MB.6761046

Bankrate Score

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4.5

User reviews
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( 275 )

4.2

Please note: In response to the coronavirus pandemic, lenders are changing their requirements continuously. Although we strive for accuracy at the time of publication, please be sure to check with the lender for updated details on down payments, credit scores, etc.

Better.com is an online lender that was established in 2016. Better.com provides a completely online process where rates, loan preapproval, and resources are available 24/7. Better.com provides a variety of mortgage options and loans for homebuyers, including:
  • Conventional fixed-rate and adjustable-rate mortgages
  • FHA loans
  • Jumbo fixed-rate and adjustable-rate loans
  • Bridge loans
They also offer rate and term refinancing and cash-out refinancing (conventional and FHA) and a first-time homebuyer program.

Nationwide availability

Borrowers in 44 states (all but Nevada, Minnesota, Virginia, Vermont, New Hampshire and Massachusetts) and Washington D.C. can apply for a loan online.

Minimum credit score

For conventional loans, key requirements include good credit (typically a FICO score of 620 or higher) and a debt-to-income ratio of up to 55 percent

Loan types

Conventional fixed-rate and adjustable-rate mortgages, FHA loans, jumbo fixed-rate and adjustable-rate loans, bridge loans, and a first-time homebuyer program. Refinancing options include rate and term refinancing and cash-out refinancing.

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 rate quotes in seconds, a preapproval letter in three minutes and closing within 21 days
  • If they can't beat a competitor's price, they'll give you $100. The offer is available only to applicants who go directly through Better.

Cons

  • No brick-and-mortar locations
  • VA or USDA loans not available
  • Neither home equity loans nor home equity lines of credit (HELOCs) are available

Find your mortgage match

Get paired with your best mortgage offers in 2 minutes or less.

Better overview

Loan types

Conventional fixed-rate and adjustable-rate mortgages, FHA loans, jumbo fixed-rate and adjustable-rate loans, bridge loans, and a first-time homebuyer program. Refinancing options include rate and term refinancing and cash-out refinancing.

Lender fees

Better.com doesn’t charge any lender fees, including application, underwriting and origination fees, saving borrowers an average of $3,500, according to the company.

Minimum borrower requirements

Better.com adheres to the conforming loan requirements for mortgages approved by government-sponsored enterprises (GSEs), Fannie Mae and Freddie Mac, as well as those backed by the Federal Housing Administration (FHA).

For conventional loans, key requirements include good credit (typically a FICO score of 620 or higher) and a debt-to-income ratio of up to 55 percent. Depending on the loan, a minimum down payment of 3 percent is required.

 

 

Get started with Better

Borrowers can apply online. After completing a three-minute approval process, the borrower is assigned to a loan officer, whom you can contact anytime throughout the loan process.

Hours

Better.com provides a completely online process where rates, loan preapproval, and resources are available 24/7. Live customer service is open from 9 a.m. to 9 p.m Eastern time Mondays through Fridays and 10 a.m. to 6 p.m. Eastern time Saturdays and Sundays at 415-523-8837.

Better consumer rating and reviews

4.2 reviews
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80% recommended

6 years in business. Available 24/7.

  • NO origination fees, NO application fees, NO commission
  • Dedicated loan officer to help you weigh options
  • Fully digital process with pre-approval in as little as 10 minutes

Customer Service Rating

Knowledge
4.3
Level of service
4.4
Professionalism
4.2
Responsiveness
4.3
0 out of 0 rates honored
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(275 reviews)
5 Star
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1 Star
207
12
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45

The 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.

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Showing 10 of 130 Reviews
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Shaun
Swansboro, NC

11/5/2019

Easy loan processing

The loan process was easy with Better compared to other companies I have worked with. The ability to follow along the task list makes the whole process easy and always keeps you informed of what is needed next. I was given a gift card just for having an initial phone call. I found a loan with a c...

Better replied to this:
"Hi Shaun, we really appreciate the feedback! Thank you for taking your time to leave us a review. Sincerely, The Better.com Team"
Knowledge
4.0
Level of service
4.0
Professionalism
5.0
Responsiveness
4.0
Rates honored:
Yes
Would recommend:
Yes
Mortgage closed:
Yes
Closed on time:
Yes
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Rome
Los Angeles

11/6/2019

Fast and efficient

The process was smooth from start to finish. We had a slight hiccup when the appraisal didn’t come in at what I originally thought, but after a few emails I was able to get exactly what I wanted and closed on time! They were actually ready to close within 22 days but I opted to hold the closing fo...

Better replied to this:
"Hi Rome, we appreciate the feedback and apologize for the hiccup. We are glad to have sorted everything out and hope to get you the best option available. Thank you for the review! Sincerely, The Better.com Team"
Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
Mortgage closed:
Yes
Closed on time:
Yes
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Phil B.
Trumbull, CT

11/7/2019

Couldn’t have gone smoother

The entire process was very simple. The online tool/website was very user friendly and keep you informed on where you are or what’s needed throughout the entire process. Great experience!

Better replied to this:
"Hi Phil, we appreciate the feedback and appreciate your time for the positive review! Sincerely, The Better.com Team"
Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
Mortgage closed:
Yes
Closed on time:
Yes
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Mohsin
Houston

11/7/2019

Great experience

I was hesitant at first to go with an online mortgage company. But I took the risk and went with the company due to better rates. Overall the process was smooth. There are a ton of tasks to go through and as long as you keep up with them, the process will move along. There are multiple people that a...

Better replied to this:
"Hi Mohsin, thank you for taking the time to leaving a review. We value and appreciate it! We are happy to know you had a positive experience with us! Sincerely, The Better.com Team"
Knowledge
4.0
Level of service
4.0
Professionalism
4.0
Responsiveness
4.0
Rates honored:
Yes
Would recommend:
Yes
Mortgage closed:
Yes
Closed on time:
Yes
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Anna H.
Bethlehem, PA

11/15/2019

Great pricing! Great experience!

It was a great experience from beginning to end. They also beat all loan estimates I received from other lenders, so I got a great interest rate with no points and even lender credit. They also don’t charge you any origination fees.

Better replied to this:
"Hi Anna, we really appreciate the positive feedback and review. Sincerely, The Better.com Team"
Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
4.0
Rates honored:
Yes
Would recommend:
Yes
Mortgage closed:
Yes
Closed on time:
Yes
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Very Happy Customer
New Jersey

11/19/2019

Easy, Fast and Painless

I work for a large mortgage company and know how arduous the purchase process can be. From the initial application to the final closing the process was smooth and seamless. They also beat my companies employees rate. You MUST use this company if you want a hassle free pleasant mortgage experience...

Better replied to this:
"Hi, we appreciate the positive review and happy to hear you had a good experience with us. Sincerely, The Better.com Team"
Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
Mortgage closed:
Yes
Closed on time:
Yes
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Chad H
Castle Rock, CO

11/20/2019

Super Easy!

This process turned into an absolute no brainier. The closing costs were more than 50% less than my current mortgage holder wanted. If you know you can qualify and you have all your documentation, why not do it on your own. The Better.com team was by far the Better team for me to work with!

Better replied to this:
"Hi Chad, we are glad you had a positive experience with us. We appreciate the positive feedback. Sincerely, The Better.com Team"
Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
Mortgage closed:
Yes
Closed on time:
Yes
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Ramesh
Cary, NC

11/20/2019

Awesome experience!!!

I am 1st time home buyer. Right from the start of loan application and estimate I was very impressed with their online process. Very smooth, easy to interact, kept me informed at every stage. I highly recommend better.com.

Better replied to this:
"Hi Ramesh, we appreciate the positive feedback. Not only is it valuable to us to get better but also for other borrowers. We are glad to help! Sincerely, The Better.com Team"
Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
4.0
Rates honored:
Yes
Would recommend:
Yes
Mortgage closed:
Yes
Closed on time:
Yes
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Prat
Arizona

12/3/2019

Easy, Fast and the Best!

5 stars. I am first time home buyer and the process was easy, fast and very simple. Better.com offered me the best rate when I was shopping around for montage loan and I would definitely recommend it.

Better replied to this:
"Hi Prat, we are glad you had a positive first time experience with us. We appreciate the feedback and truly value it. Not only it helps us but also helps others find us too. Sincerely, The Better.com Team"
Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
Mortgage closed:
Yes
Closed on time:
Yes
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Jesus & Brizette
Red Oak, Texas

12/3/2019

Amazing experience.

We are honestly floored at how amazing our experience was with better.com. This is our first time buying a home but the last time we tried looking into buying, it was horrible. We were being pressured into getting a percentage we were not comfortable with and it left us turned off by the whole idea....

Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
Mortgage closed:
Yes
Closed on time:
Yes