Better Mortgage Review
Better Mortgage at a glance
 | Minimum credit score: 580 to 620 Minimum down payment: 0% to 3% Available loan products and programs: Conventional, FHA, VA and Jumbo, HELOCs |
Our verdict: Better Mortgage is a good fit if you prefer a digital loan process, you need a rate quote and preapproval in a hurry or you want to avoid dealing with a laundry list of lender fees.
| Pros | Cons |
|---|---|
Provides a rate quote and mortgage preapproval in minutes Doesn't charge many common lender fees Offers closing-cost savings for borrowers who use a Better Real Estate partner agent | No financing for manufactured homes, co-ops or mixed-use properties VA loans only available in some states No home equity loans available |
Better Mortgage is an online lender that brings speed and ease to the mortgage process with services like personalized rate quotes given in under five seconds and preapprovals returned in minutes. While their digital-first approach may not truly allow you to become a homeowner without leaving the couch, the Better Mortgage experience is fast and begins with a 100% online application process.
Better Mortgage products
Conventional
- Fixed-rate mortgages with 10-, 15-, 20- and 30-year terms
- Adjustable-rate mortgages (ARMs) with 5-, 7- and 10-year initial fixed rates
- Rate-and-term refinances
- Cash-out refinances
FHA
- Fixed-rate loans (for 30-year terms only)
VA
- VA loans are only available for borrowers in Arizona, California, Colorado, Florida, Illinois, Maryland, North Carolina, Pennsylvania, Texas and Virginia
Jumbo
- Fixed-rate mortgages
- Adjustable-rate mortgages
Home equity
Home equity lines of credit (HELOCs) from Better can be secured by a primary, secondary or investment property.
Special programs
Better Mortgage doesn’t provide any special programs, but it does offer additional home-related products including real estate agent matching, title products and services and a homeowners insurance shopping tool.
Better Mortgage rates and fees
Better provides mortgage rate quotes on 10-, 15-, 20- and 30-year fixed-rate mortgages, and ARMs with 5-, 7- and 10-year initial fixed rates. Their online quotes are based on five factors:
- Whether you’re a first-time homebuyer
- What ZIP code you’re buying in
- The home’s purchase price
- The property type
- Your credit score range
- Your down payment amount
Better claims not to charge lender fees, which means that your closing costs likely won’t include application, origination, processing or underwriting fees. While this does streamline things, it doesn’t necessarily spell great — or any — savings for the borrower. Many lenders making similar offers will simply build these fees into another part of the loan. Be sure to shop around for the best deal, and don’t forget to compare both the interest rates and annual percentage rates (APRs) on any loan offers you consider.
| Mortgage rates published online? | |
| Rate information updated daily or weekly? | * *Rates aren't updated on a regular schedule |
| Lender fees disclosed? |
Better Mortgage’s application experience
Better offers the convenience of an online application, the ability to upload documents digitally and an online preapproval process. There’s a hybrid closing option that allows you to sign half of your closing documents online — which can cut the in-person closing time in half — but full eClosing isn’t available.
Better Mortgage’s customer service experience
Better’s online portal allows you to check your application status or see where you are in the process at any time. If you want to talk to a human, the Better customer service line can also be reached 24/7 at 415-523-8837. If you need answers tailored to your loan, you can call 646-849-2409 Monday through Friday between the hours of 9 a.m. and 9 p.m. EST, or email [email protected].
Better’s loan officers aren’t paid a commission, which means they aren’t incentivized to push you toward a loan larger than you need in order to earn their salary.
How does Better Mortgage compare to other lenders?
| Better Mortgage | Homepoint | Alliant | |
|---|---|---|---|
| Lender rating | |  | |
| Minimum credit score | 620 | 580 to 620 | Not published |
| Minimum down payment | 0% to 3.5% | 0% to 3.5% | 0% to 5% |
| Loan products and programs |
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How we rated Better Mortgage
LendingTree’s mortgage lender rating is based on a five-point scoring system that factors in several features, including digital application processes, available loan products and the accessibility of product and lending information.
LendingTree’s editorial team calculates each rating based on a review of information available on the lender’s website. Lenders receive a half-point on the “offers standard mortgage products” criterion if they offer only two of the three standard loan programs (conventional, FHA and VA). In some cases, additional information was provided by a lender representative.
Better Mortgage’s scorecard: 5/5
Publishes rates online
Offers standard mortgage products
Includes detailed product info online
Shares resources about mortgage lending
Provides an online application