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Better.com Mortgage, also known as Better.com, is a fintech mortgage company that aims to streamline home lending. Better.com Mortgage automates each stage of your purchase or refinancing loan using an online process that gives you 24/7 access to your transaction.
Better.com Mortgage reviews are generally positive, especially in regard to the way its platform guides borrowers step-by-step through pre-approval, underwriting, and closing. But here’s what you should know before you apply.
In this post:
- Better.com Mortgage purchase review
- Better.com Mortgage refinancing review
- Compare multiple lenders first
Better.com mortgage purchase review
Best if:
- You’re tech-savvy and comfortable working online
- You want to close quickly
- You’re interested in custom financing options
- Your credit score is at least 620
Better.com Mortgage works with you from the time you apply for a pre-approval until it funds your loan, and the website “guarantees” that you won’t find a better deal elsewhere. The technology behind the Better.com platform keeps costs down, and the savings get passed down to you. Better claims that you’ll never pay lender fees with Better Mortgage, for example — a claim not all lenders can make.
Better Mortgage serves markets in the District of Columbia and every state in the U.S. except:
- Massachusetts
- Minnesota
- Nevada
- New Hampshire
- Vermont
- Virginia
Better.com Mortgage loan products
Available loan products include:
- Fixed-rate and variable-rate conventional mortgages
- Federal Housing Administration-insured loans
- Jumbo loans
Better.com Mortgage doesn’t offer Veterans Affairs and U.S. Department of Agriculture Rural Development financing, however. This could put Better Mortgage at a disadvantage compared with other online lenders.
The types of property you can finance through Better.com Mortgage are also somewhat limited. The company doesn’t finance manufactured or modular homes — nor does it finance foreclosures or short sales.
Better.com Mortgage points and credits
Better.com Mortgage has some good options you might consider when taking out a home loan:
- Points: As with most lenders, you can pay points — a point equaling 1% of your loan amount in prepaid interest — for a discounted interest rate.
- Credits: Better.com Mortgage also lets you opt for a higher interest rate, and thus higher payments, in exchange for credits toward your closing costs.
You might also save money by working with a real estate agent in the Better Real Estate referral network. Purchasing through a referred agent and financing through Better.com Mortgage earns you up to $2,000 in lender credits through the company’s Better Real Estate discount program.
Better.com Mortgage is not one of our partner lenders and only gives you a single lender option when it comes to checking rates. However, Credible makes it easy to compare personalized home loan rates from multiple lenders at once.
Once you’ve selected a loan, you can work through the whole process online, from pre-approval to finalizing your loan. By comparing more than one lender, you’ll have a better chance of finding the right mortgage for your situation.
Better.com Mortgage isn’t a partner lender. But you can use Credible to compare rates from other lenders who offer home loans.
Here’s some more information about Better.com Mortgage home loans:
| Mortgage programs |
|
| Fixed-rate loan terms | 15, 20, 30 year |
| Variable-rate loan terms | 10/1, 7/1, 5/1 |
| Rates and fees |
|
| Minimum down payment |
|
Better.com Mortgage refinancing review
Best if:
- Your credit score is at least 620
- You want to close quickly
- You’re comfortable with the online application, underwriting, and closing process
Better.com Mortgage offers mortgage refinance products, as well — cash-out refinancing and rate-and-term refinancing. A cash-out refinance is a new first mortgage — it pays off your current mortgage loan and, assuming you have remaining equity, leaves you with extra cash you can use however you want.
You’ll need stronger credit to qualify for a cash-out refinance — a 680 minimum credit score vs. 620 for Better.com Mortgage’s home purchase and rate-and-term refinance loans.
Better.com Mortgage is not one of our partner lenders. But Credible offers the ability to compare multiple mortgage rates at once instead of just looking at a single lender.
Better.com Mortgage isn’t a partner lender. But you can use Credible to compare rates from other lenders who offer mortgage refinancing.
Find My Refi Rate
Checking rates will not affect your credit
Here are more details about Better.com Mortgage’s refinance products:
| Mortgage programs |
|
| Fixed-rate terms | 15, 20, 30 year |
| Variable-rate term | 5/1, 7/1, 10/1 |
| Rates and fees |
|
Compare multiple lenders first
Better.com Mortgage offers a fully automated lending process that aims to give you a hassle-free experience when you’re ready to buy or refinance a home. But it’s always a good idea to compare multiple lenders before deciding on an option.
Although Better.com Mortgage is not one of our partner lenders, Credible can help you easily compare personalized home loan rates from multiple lenders at once by filling out a single form.
