Better Mortgage Review 2023
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At a glance
Conventional, jumbo, FHA, VA, fixed-rate, adjustable-rate; rate-and-term and cash-out refinancing; bridge loan
Available in all U.S. states
Min. credit score required
620 for conventional loans
Pros and cons
- 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)
- No branch locations
- No home equity lines of credit (HELOCs) or home equity loans
- Some government loans not available
Better is good for
Around-the-clock support and speed
Breakdown of Better overall score
Affordability: As of this review, Better’s mortgage rates were lower than Bankrate’s averages, and the lender doesn’t charge any fees.
Availability: You can compare loan options from Better no matter where you live, as the lender operates nationwide. It only offers conventional, FHA and VA loans, however.
Borrower experience: J.D. Power rated this lender below average for customer satisfaction in its 2022 mortgage origination study. A bright spot, however: You can easily contact Better any time with questions.
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 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. Notably, the lender doesn’t charge any origination, application or processing or underwriting fees.
Better works with borrowers 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 or home equity options, you’ll need to go to another lender.
Borrower experience: 4.7/5
As of this review, Better has a B rating from the Better Business Bureau and a 4.2 out of five stars from Trustpilot, indicating “Excellent” reviews. The lender ranked below industry average, however, in J.D. Power’s 2022 mortgage origination survey for customer satisfaction.
As an online-only lender, Better accepts applications and facilitates preapprovals through its website, and its live customer support is available 24/7 by phone. The 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.
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.
Alternatives to Better
- 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
Better consumer reviews
About consumer ratings
Customer service rating
83% of reviews would recommend this lender
10 of 10 rates honored
Review this lender
Write a review of your experience with Better.
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