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Better Mortgage
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Better Mortgage

 4.5/5 (212 ratings)
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Better Mortgage
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Written by Leorah Gavidor
Edited by Vincent Landino

About Better Mortgage

Better Mortgage offers an online mortgage lending program for borrowers in all states except Nevada. Preapprovals can be obtained in as little as three minutes. The company doesn’t charge lender fees or incentivize its officers with commissions (meaning they shouldn’t try to sell you a loan larger than you need), and it has a referral discount program for its customers. Better Mortgage changes its rates multiple times per day – check its website regularly to see the most current rate.

Overall Satisfaction Rating

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Pros

  • 100% online application
  • Get preapproved in as little as 3 minutes
  • No lender fees or commissions
  • Matches competitors’ prices

Cons

  • No physical locations
  • Not available in Nevada
  • Doesn’t offer VA or USDA loans

Bottom Line

Better specializes in online mortgage applications and approvals with no lender fees or commissions. Though it doesn’t offer VA or USDA loans, it partners with over 25 lenders and investors to help keep rates low.

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Rated with 5 stars
Verified

I tried to refinance through a different lender and the experience wasn't as good. I gave Better a shot, and it was a very good experience. ... Throughout the process, everybody d...

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Rated with 5 stars
Verified

My experience with Better Mortgage from application to closing was very easy, quick and communicative. I've gone through the process with my current mortgager and it was a nightma...

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What is Better Mortgage?

Better Mortgage is a direct lender with online loan applications and fast preapprovals. It offers home purchasing and refinancing options for borrowers, and it provides fast loan processing through an algorithm that matches borrowers to suitable investors. Its preapprovals don’t affect your credit score, and it doesn’t charge lender fees, including application, origination, processing or underwriting fees.

Loan types available from Better Mortgage include:

  • Conventional mortgages
  • Refinancing loans
  • Jumbo loans
  • FHA loans

Better Mortgage offers loans with 15-, 20- or 30-year terms. Mortgages are available with either fixed or adjustable interest rates.

Better Mortgage provides funds for single-family and multifamily homes, townhouses, condos and planned unit developments. Better also has loans for foreclosed and bank-owned properties with a C4 rating or higher.

It partners with Goldman Sachs, Citigroup, Kleiner Perkins, American Express, Ally, Ping An Bank and SoftBank.

Better Mortgage services

Better Mortgage offers a variety of mortgages for purchasing or refinancing a home. You can check current rates on the company’s website, and it guarantees to match any valid competitor’s offer. Better’s customer service is available by email or phone 24/7. Better Mortgage also advertises that it closes loans up to ten days faster than the industry standard.

Outside of lending, Better can also set you up with real estate services, title insurance and homeowners insurance. However, availability for these services varies, and they’re not available in as many states as Better’s mortgages at the time of publishing.

Better Mortgage rates

Better Mortgage is transparent about its rates on its website. Due to the ever-changing loan marketplaces, though, mortgage interest rates vary widely, and Better updates its rates multiple times per day, so check the site regularly to ensure that you see the latest rates.

Better Mortgage does charge some additional fees, including escrow deposits and prepaid interest, but it doesn’t make you pay any lender fees. Better also offers a $2,000 credit against closing costs for borrowers that use a real estate agent referred to them through Better Real Estate.

Better Mortgage application process

The initial application process takes place online. It starts by selecting a goal (buy, refi or sell), and you can obtain preapproval for a loan in as little as three minutes. This will identify the total amount you can borrow and enable you to see what your monthly payments will be. In the case of a refinance, you can also see how much the new loan can save you.

Better Mortgage loan requirements

As with all mortgage companies, Better Mortgage has a variety of loan requirements. These include:

  • A credit score of 620 or higher
  • A minimum down payment of 3.5% (for FHA loans)
  • A debt-to-income (DTI) ratio below 50% (for FHA loans)
  • Private mortgage insurance (PMI) if you’re making a down payment of less than 20%

Better Mortgage FAQ

Better Mortgage is available everywhere in the U.S. except Nevada.
Yes, Better offers a refinancing program for its mortgage loans. These options include fixed-rate and adjustable-rate terms.
Better’s mortgage application and approval process are completely online. Appraisals, closing and other mortgage components that follow qualification and funding are not online.
Better doesn’t charge lender fees, including application fees, origination fees, processing fees and underwriting fees. However, as with any mortgage company, be prepared to pay third-party fees and closing costs.

Depending on the situation, you might also be responsible for escrow deposits or prepaid interest.

Is Better a good mortgage company?

If you have solid borrower qualifications and want to streamline the mortgage application process, you’ll likely benefit from Better’s online loan-matching and approval system. While it can’t offer closing services online, Better backs up its digital experience with personalized customer support to guide you through the borrowing process. It doesn’t charge lender or underwriting fees, and its loan officers don’t depend on commissions — so they have less incentive to oversell you.

Better Mortgage Reviews

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How do I know I can trust these reviews about Better Mortgage?
How do I know I can trust these reviews about Better Mortgage?
  • 3,699,411 reviews on ConsumerAffairs are verified.
  • We require contact information to ensure our reviewers are real.
  • We use intelligent software that helps us maintain the integrity of reviews.
  • Our moderators read all reviews to verify quality and helpfulness.

For more information about reviews on ConsumerAffairs.com please visit our FAQ.

Page 1 Reviews 0 - 5
Rated with 4 stars
Verified Reviewer Verified Buyer
Original review: March 5, 2022

Better Mortgage was willing to meet and beat all the competition. Our originator, Jason, was really amazing. He was a great advocate for us. However, the review and application process was very tough. They've really scrutinized everything in my husband's and my background, even though we have perfect credit, perfect income, and perfect job history. We have played by all the rules throughout all of our lives. Yet, they put us through so much scrutiny. I thought we were going to be denied a loan. I was really stressed, but it went through and everything was okay. It ended up being really good. So, it was a good experience. The only thing is I'm still waiting to find out who our mortgage servicer is, and our payment is due April 1st and today's March 17th.

There were things like they told me that I was a claims processor for 22.50 for this company and that they needed the W2. I kept saying to them, “That's not me. And I don't care if it came up in my background search, that is not me. Here's my employer. I obviously can't work two places full-time.” My HR director was going to get involved to say, “She's here 40 hours a week.” I had to convince them over and over and I wrote a letter, too. That was one pain point. They were asking me for things. I was saying, “I don't have this. I can't give you that.” I kept telling them we had an escrow account. I would send them all of the information from the escrow account, and they would reject it and say it was insufficient even though it was coming directly from my PennyMac portal.

Everything was coming from my PennyMac portal. They were saying, “This is insufficient. We can’t accept it. We need a different escrow. We need different evidence.” I was like, “There's no other evidence. This is it.” Then they wouldn't build us an escrow account. They did everything outside. They did the taxes and the homeowners insurance outside of the loan. I was like, “Wait a minute, wait a minute, wait a minute. I told you this was going to be rolled into an escrow account.” “Well, you need to show us you have an escrow account now.” I kept showing them. So, getting them to accept the documents was another difficult thing. I explained to them my husband was a consultant with Cigna. Then Cigna bought his contract and hired him fulltime, which was why there were two different W2s. I had to keep saying it's the same company, same job, same everything. They were asking for the same information over and over despite my explanations.

Better Mortgage response

Hi Jill, thank you very much for leaving such a detailed review. Here at Better we aim to provide each of our clients with a seamless experience and I am sorry to hear about all of the back and forth you went through in order to verify your income and solidify your escrow account. I will bring your feedback to my leadership team so we can use the processing of your loan as a coaching moment for our team members. All in all, we are so glad we could help you meet your financial goals and would love to work with you again in the future. Please reach out if there is anything we can help you with down the road!

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    Rated with 4 stars
    Verified Reviewer Verified Buyer
    Original review: March 3, 2022

    Better Mortgage had the best rates in some regards. I started trying to refinance with TD and I was not loving that experience. So, I switched up and stuck with Better. It was the best option that I came across. Nobody in the lending industry is set up for union employees. I'm a union construction worker, and every time I tried to get a loan, regardless of how much money I make annually, I always have a problem. I get laid off, and then I get rehired, and then I get laid off, and I get rehired. So, the process is slowed down, not by Better Mortgage who was as helpful as they could be, but by the regulatory commission that makes it very difficult for union members to get a loan.

    While I was happy with the overall outcome, because I've done this before, I do get annoyed with the idea that nobody wants to give me a loan when I'm laid off, even though I can prove that I have an average annual salary that well exceeds what they would need to prove that I was not a high-risk mortgage. I had great experiences with everyone that I spoke to at Better Mortgage. I was quite pleased with it. They were quite responsive and did as much as they could under the issues of being a union employee. Otherwise, my loan probably would have been a few weeks faster but that was not Better Mortgage's fault.

    I just had a few issues with the platform itself. We had a couple of points locked up along the way, but Taylor, the gentleman I dealt with, was very responsive with attempting to remedy those. I was happy with the way they dealt with it, but I think in the future, that's something that Better Mortgage needs to take care of. I don't know if it was because I did most of my application on a mobile device, but I would suspect that if that was the problem, they should be prepared for that because that’s what a lot of people are doing nowadays.

    Better Mortgage response

    Hi Ian, thank you so much for providing some truly critical feedback from your experience. I will be sure to pass your note along to our leadership team so we can use your file as a coaching moment for Union employment moving forward. In addition, I will be connecting with our Product team to have them review your file and identify where we can improve on our platform. If there is anything we can help you with in the future, please do not hesitate to reach out. We wish you the best of luck in meeting your financial goals!

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    Rated with 4 stars
    Verified Reviewer Verified Buyer
    Original review: Oct. 29, 2021

    Working with Better Mortgage was good. The only thing I didn't like is it was really hard to connect with people when I needed something. Calling and trying to get with my agent and asking questions, it was a process. But the mortgage rate was a little bit lower than everything else. I assumed that service is just not as good as if I went to a bank and had a person instead of a call center. And everyone had different paths, so it wasn't a one-stop-shop where I can have someone who was knowledgeable. I had to speak to different portions of the assembly line and not get my answers from one person. So, that was a little bit frustrating.

    We shopped around and contacted every mortgage provider for New York City and it was a lot easier to handle and speak to other people. It was a lot more personal and there was a lot more in terms of communication and connection. I had a guy at KeyBank who was handling my mortgage and he gave me a cell number. There was another guy who Zoomed with me and went through the whole process of the mortgage. So, I got a whole lot more information from other people. I'm a first-time homebuyer and they were a lot more ready and willing to be like, “Oh, let me just hold your hand while we do this,” or I ask questions, or I wanna shop around for a formula to figure out the interest rates. Whereas, with Better Mortgage, I have to figure it out for myself.

    But the interest rates weren't the same. And a 30-year mortgage with even a 0.01 of difference is enough for me to deal with. So, I went through the assembly line. I'd recommend Better Mortgage but shop around. If Better Mortgage is the place with the cheaper interest rate, then go for that. The loan officer was as helpful as she could be. But there's still limitations to everything that she knew or where we were in the assembly line. The issue was getting to her, whether it was email or trying to call her. ‘Cause sometimes they just don't wanna deal with the email. I would never recommend this to my mother because she'd be lost. She'd have to be more internet-savvy and more used to the emailing. I definitely don't think Better Mortgage is for the older generation but it's better for younger folks. Also, it's not so great for first-time homebuyers. Fortunately, got to have all of my questions answered by other mortgage companies, so I have less reliance on Better.

    Better Mortgage response

    Thank you for the review, Anna!

    4 people found this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: July 7, 2021

    When I moved forward with Better Mortgage, I was happy that I got a good rate, and I locked it in. I liked the process because it told me if I had a task and based on the task, I needed to take care of A through B then I would upload it, et cetera. But in some cases, some of the tasks were vague. Even though I uploaded whatever they asked for, it wasn't specifically what they were looking for. The communication could have been a little bit more clear. But I like the system because it was encrypted. That made me feel more comfortable. Taking care of the privacy of my data was also impressive. I like that because they were always on top and concerned about breach of data confidentiality. That stood out really well compared to other banks which use conventional email for swapping out confidential information.

    Better Mortgage assumed that I owned that company. They asked for a ledger on a company that was basic for consulting that I did for a company, and it was very short period. The underwriter was asking for way too much info that did not apply so that made it more complicated. I'm in the tech world so I know how to get around computers, capture files, upload them, and put all this stuff on to the cloud or encrypted data. There are a lot of individuals that could benefit off of the refi through Better Mortgage, but the issue is they don't have the same capabilities. They're not tech-savvy or they don't have the proper equipment for either scanning or converting to PDFs so it's difficult for them on their end.

    Better Mortgage could develop a phone app where one could take a picture of documents that they want that would automatically upload it to the specific task that they're looking for. That would make it easier for a lot of people because then they could just get their phone, take a screenshot of the front, maybe of each page of the document, and it upload it to their system that's encrypted.

    The rate and terms were one of the best. In some cases, if they could turn around and be a little bit less lenient when somebody wants to consolidate debt, then that would help out also. A lot of times, they look at debt to ratio. But if you pay off the debt, hypothetically, the debt to ratio is going to be a lot better. If they have control over it on their end and say that, "Okay, we're not going to let the client pay off the debt, we're going to pay off the debt," because then they can automatically see that once the debt is paid, the debt to ratio is pretty much within the borrowing limit.

    Better Mortgage response

    Thank you for your review!

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: June 3, 2021

    I did a bunch of research in the different local companies around me. Better Mortgage's turnaround time was significant on a refinance, which is what I got. And based on all the reviews online, I read that they can pretty much process just about as quick as you can provide them the information. So with their pretty self-explanatory system to upload documents and all that, I was able to get it done in a much faster timeframe. Better Mortgage's process on a refinance was very ideal. With my time zone difference, being on the West Coast and me in Central Time, it worked out to where they were available on the evenings. I was able to speak to Rashmi. She was my coordinator through the majority of that. But Better Mortgage immediately sells off and changes who you're sending your mortgage payments to instantly. It’s a bit frustrating. Other than that, everybody has to deal with that and they handled it well.

    Their process was a superfast one. It was about 25 days from the very start to actual funding. There was one time where it was the only time that they outsourced any portion of the refinance process. But I had to use a third party over the phone verification process where I got on the call with them via a code that was sent to me. Then they called my, at the time, current lender to verify all of the data and the numbers from my current lender. I don't know why they had to do that, but that was the most frustrating process. I was speaking to the same person the whole time. Having to deal with an outsourced third party didn't go too well.

    Better Mortgage tries and steers you towards appointments on the website. Pretty much anytime you have an issue, there's a button on the screen you're looking at that says, “Do you have an issue?” When you click it, they try and get you to set up an appointment with somebody. I never did that. I personally use the chat feature on the specific problem I had, and they responded so quickly. Then, if I felt like it was something to worry, then I would just give my individual person. She was great from top to bottom. She responded to my calls within super reasonable amount of time. It was 20 minutes mostly which I think is awesome for an industry with such a high workload.

    Better Mortgage response

    Thanks, Aaron! We appreciate your feedback.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: April 6, 2022

    Better Mortgage's rates were very competitive and they also offered that $2,000 American Express statement credit. I give their process a 10 of 10 score. I had done some research with other mortgage companies, and the ease of application, with everything being electronic, was fantastic. I could go in at any time and look at the status of our application. I would get email alerts letting me know that there was a new task for me to complete and I could go online and complete that task. It made it so easy for me and helped to expedite the completion of the application and the closing of our deal. I loved that online system.

    The rep was super on the phone. He was very responsive. He apparently had team members who he would delegate some things to or who would contact me on his behalf. There seemed to be communication amongst his team. If he wasn't readily available, somebody else was to get back to me. It's a well-oiled machine. I don't know how they did it, but they are a great systems process thinker and I appreciated it. It made the end user have a great experience. The rate was higher than what we were paying before, but we did a cashout so we still have a great rate considering how rates have been over the last 30 years. We're happy with the rate that we have. We were very happy to get a cashout too.

    Better Mortgage response

    Hello Mary, thank you very much for leaving us a review. We are so glad the team could provide a smooth process. If there is anything we can help you or your loved ones with in the future, please do not hesitate to reach out.

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    Rated with 2 stars
    Verified Reviewer
    Original review: April 4, 2022

    Initially Better was great to work with. They communicated well and was very fast. It wasn't till after the loan was funded the headache began. They do not fund loans. Which makes it so you have to deal with someone else. The money source was problem one. They kept asking for proof of insurance then threatening you with their insurance. This happened multiple times until they sold the loan. Fast forward a year later and I apply for a loan. Come to find out They hadn't removed their name from the loan. Contacted Better for a letter of reconveyance. A week later I get it. Bank kicks it back. Wrong assessor number. Now it's urgent loan has been extended. I convey the urgency as rates have gone up. A week later still no letter and unable to get loan. Contact money source. It was not conveyed to them that this was urgent. Will cost me an additional .25% interest because of this.

    Better Mortgage response

    Hello Justin, thank you for leaving us such a detailed review. We are sorry to hear about the trouble you have had post-closing with your loan. I see you have been in touch with management within our Servicing Support team and working to get things resolved. We will be sure to pass your file along to the appropriate parties to ensure this is used as a training moment. If you would like to share any more feedback, please feel free to reach our Client Success team at clientsatisfaction@better.com.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: April 1, 2022

    I tried to refinance through a different lender and the experience wasn't as good. I gave Better a shot, and it was a very good experience. The guy that helped me out, JJ, was super cool and was very helpful with everything. Throughout the process, everybody did a good job. I liked the way their software was. Since a lot of people use it, it makes it pretty easy with uploading everything via email. Any questions, or worst case, via text or phone call was very smooth and easy. I'm happy with the rate I got and I'm glad I did it then versus today. It's already gone up quite a bit.

    Better Mortgage response

    Hello Kevin, we appreciate you taking the time to share some of the details from your experience. I will be sure to pass your note along to JJ's manager for review as well. If there is anything we can do to help you or your loved ones in the future, please do not hesitate to reach back out.

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    Rated with 4 stars
    Verified Reviewer Verified Buyer
    Original review: March 31, 2022

    Better Mortgage had better pricing and their online application was good and transparent. The representatives were responsive. They would respond via email within a day, so that was good. But the clarification on closing costs could be improved. They changed over time, significantly and no one caught the issue until I pointed it out. It also took a long time to schedule the notary to come out so we could finalize the process.

    Better Mortgage response

    Hi Tiffany, thank you for sharing your feedback with us here. Sorry to hear about the fluctuation in closing costs throughout the process. We aim to provide each of our clients with a transparent experience and I am sorry if this was not the case for you. We would love the chance to show you a better experience, so please reach out if we can help you with your financial goals in the future.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: March 30, 2022

    My experience with Better Mortgage from application to closing was very easy, quick and communicative. I've gone through the process with my current mortgager and it was a nightmare. Stopped the process, and ended up going with Better. It was 3,000 times better. When I needed an answer to something, they immediately answered. Within three weeks, they were ready to close. Customer service always reached out to see if whoever was working on our mortgage was available when I called. If they weren't, I got a call back immediately. The paperwork was also very easy. They explained it very well. The people that worked on my loan were very attentive and understanding. They were always on top of everything for me. I really appreciate what they did.

    Better Mortgage response

    Thank you so much for leaving a review Laurie. We are so glad to hear the process went well and we could help you meet your financial goals. If there is anything we can do to help you or your loved ones in the future, please do not hesitate to reach back out.

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    Better Mortgage Company Information

    Company Name:
    Better Mortgage
    Website:
    better.com