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Better Mortgage Corporation, also known simply as Better or Better.com, is a fintech mortgage company that aims to streamline home lending. Better lets you complete the mortgage process entirely online — and you won’t be charged commission or an origination fee.
You can finance your purchase or refinance your current mortgage through Better.com as long as the property is located in the District of Columbia or any U.S. state except:
- Massachusetts
- Nevada
- New Hampshire
At a glance: Better.com’s online mortgage application process can save you time and money, but limited loan types put Better at a disadvantage compared to competing mortgage lenders.
In this review:
- Better.com mortgage purchase review
- Better.com mortgage refinancing review
- How does Better stack up?
Better.com mortgage purchase review
Best for:
- Tech-savvy borrowers comfortable working with a 100% online application process
- Borrowers who want to close quickly
- Borrowers looking for a jumbo loan
Standout feature: Better.com supplements its 100% online mortgage process with 24/7 live customer support.
Better.com 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. You’ll never pay lender fees with Better, for example — a claim not all mortgage lenders can make.
You’ll find 15-year, 20-year, and 30-year fixed-rate conventional loans at Better.com as well as adjustable-rate mortgages. ARMs come with five-, seven- or 10-year fixed rates followed by adjustable rates that reset every six months. Jumbo loans are available as well.
Better also offers FHA loans, which can be a good choice for first-time homebuyers with imperfect credit or who can’t put at least 5% down, but it doesn’t offer VA loans or USDA loans. However, since Better doesn’t charge lender fees, your closing costs stay low.
| Mortgage programs | Conventional, FHA, Jumbo |
| Fixed-rate loan terms | 15, 20, 30 years |
| Variable-rate loan terms | 5/6, 7/6, 10/6 |
| Rates and fees |
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| Minimum credit score |
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| Minimum down payment |
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Pros and cons of buying a home through Better
Better has a lot to offer, but weigh the pros and cons before you apply.
Pros
- Highly transparent rates and fees
- 100% online loan application and processing
- No lender fees
- 24/7 live support
Cons
- No VA or USDA loans
- No construction loans
- No option to work face-to-face with a loan officer
Before you commit to a loan with Better, be sure to shop around for mortgage rates so that you can secure the most competitive deal. Credible can help with this. In just a few minutes, you can see personalized rates from all of our partner lenders — it’s free and won’t affect your credit score.
Better.com mortgage refinancing review
Best for:
- Homeowners with good credit
- Homeowners looking to refinance an investment property
- Homeowners who want to refinance a government-backed home loan into a conventional mortgage
Standout feature: Better.com’s refinance rates and fees are highly transparent, so you’ll know what to expect if you apply.
Better’s refinance products include conventional and jumbo loans that let you change the rate and term of your current loan or take cash out of the equity you’ve built. The mortgage lender doesn’t offer home equity loans or home equity lines of credit (HELOCs).
If you currently have a conventional mortgage, you might qualify for the Fannie Mae RefiNow program. Beginning Aug. 30, Better will also offer Freddie Mac’s equivalent program, Refi Possible. The programs are intended to help eligible homeowners with higher-than-average debt-to-income ratios refinance and can save you up to $3,000 a year.
Although Better.com offers HomeReady and FHA loans for home purchases, it does not offer either for refinances. VA and USDA refinance loans are also unavailable through Better.
| Mortgage programs | Conventional, jumbo |
| Fixed-rate terms | 15, 20, 30 years |
| Variable-rate term | 5/6, 7/6, 10/6 |
| Rates and fees |
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| Min. credit score |
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Pros and cons of refinancing through Better
Better might be the right choice for your conventional or jumbo refinance. Here’s what to consider before you decide.
Pros
- Online mortgage application process
- No lender fees
- Cash-out refinance loans available
Cons
- No government-backed refinance loans
- No home-equity loans or HELOCs
- No 100% LTV options
How does Better stack up?
Better Mortgage Corporation reviews are generally positive, especially in regard to the way its online platform guides borrowers step-by-step through pre-approval, underwriting, and closing.
If you like the idea of 100% online loan processing and robust customer support, also consider Rocket Mortgage. America’s highest-rated mortgage servicer, Rocket Mortgage could be a good alternative option if you don’t meet Better’s credit score requirements.
Whether you’re buying a home or refinancing, Credible lets you compare personalized mortgage rate quotes from multiple lenders. You can secure a streamlined preapproval letter in just a few minutes, and, if you find a loan option you like, complete the online application process without leaving our platform.
