Get your finance in order, with wealth management's must-read stories everyday!

What You Know About The Better Mortgage Review 2022

Susan Kelly

Oct 03, 2023

Better Mortgage, founded in 2016, is a direct online lender that offers a paperless service with 24/7 access to rates, pre-approvals, and other services. The lender provides a number of mortgage products, such as fixed-rate, adjustable-rate mortgages, and bridge loans, for both conventional and jumbo borrowers. The lender has a first-time homebuyer program and provides rate-and-term refinancing, cash-out refinancing, and more. A pre-approval may be obtained in as little as three minutes, and the Mortgage can be closed in as little as twenty-one. However, on average, buying a house takes between thirty and forty-five days. It's worth mentioning that right now, Chime customers who secure a mortgage with the lender may get a $500 closing fee rebate and up to a $6,000 bill credit when using certain American Express cards. To qualify for either deal, you'll need to meet certain conditions.

The Workings Of Better Mortgage

In all 50 states and DC, you can get a mortgage with Better Mortgage, an online lender. Better is unavailable for property purchases in Puerto Rico or other international locations. Both conforming and jumbo, conventional mortgages, as well as Federal Housing Administration mortgages, are available via the firm. No origination, application, processing, or underwriting costs with Better exist. As a result, Better will probably have cheaper closing costs than its rivals. The company claims that the average closing cost for a Better client is $3,500.

Superior provides two distinct pre-approval letters. First, there's the "basic pre-approval letter," which uses your supplied information as well as a "soft credit pull" to estimate your borrowing capacity and interest rate. However, the assurance provided by its certified pre-approval letter is worth the extra step of uploading papers validating your financial status.

Better Mortgage Costs And Interest Rates

To see buy or refinancing rates, visit Better Mortgage's website and use the "Rates" drop-down option. You may get a customized interest rate by providing basic information, such as your location, credit score range, house value, and down payment. In all likelihood, this will be a partial amount you pay, but it should serve as a guide. Not all online loan companies also allow you to see individualized interest rates. A simple pre-approval letter may be obtained by providing contact information in exchange for a more precise rate quotation. There won't be a strict credit check involved. Better does not charge application, underwriting, and origination costs. However, you will still be responsible for paying any third-party costs for services like appraisals and inspections.

Review Of Better Mortgage Customer Service

In the most recent JD Power mortgage satisfaction assessment, Better rated very high for customer service. As of this writing, it is in a six-way tie for sixth place with Bank of America. In addition, testimonials found on the web reveal that consumers of Better Mortgage are generally pleased with the assistance they get. Numerous review sites give the organization an average review score of 4.3 out of 5. Also, in 2021, there was less than one complaint for every one thousand mortgage borrowers.

Compared To Other Lenders.

Rocket Mortgage Vs. Better Mortgage

Rocket Mortgage is the only choice if you're interested in a VA loan. Your choice may hinge on a few things, though, when deciding between a conventional loan, a jumbo loan, or an FHA loan.

Are you looking for a custom term length? In contrast to Better Mortgage's standard 15-, 20-, and 30-year maturities, Rocket Mortgage provides periods as low as eight years.

Guild Mortgage Vs. Better Mortgage

If you're looking for a wide variety of mortgage alternatives or a specialized loan, you could do better with Guild Mortgage versus Better Mortgage. If you are a first-time homeowner without a standard credit score but have a history of on-time rent or utility payments, you may still apply for a loan via Guild Mortgage. But Guild Mortgage might have higher rates. A better Mortgage might be less expensive than other lenders for borrowers seeking either a conforming or jumbo loan.


The primary benefit of Better Mortgage is its paperless online pre-approval and application procedure, making it ideal for consumers who prefer not to deal with a loan officer directly. Those seeking to buy a house and want an edge over other purchasers would benefit significantly from being able to become pre-approved in less than a day. Better Mortgage is accessible nationally and doesn't charge any origination costs, but it doesn't help veterans or low-income borrowers with VA or USDA mortgages. Even yet, the lender's expedited procedure and other benefits make it a strong contender for borrowers interested in conventional or FHA loans.

Related Stories

Privacy Policy | Terms of Use

© 2023

Contact us at: [email protected]