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Better.com Mortgage Review

Better.com Mortgage streamlines the loan process to save you time and money — and you’ll never have to pay lender fees with their home loans.

Daria Uhlig Daria Uhlig Updated February 16, 2021

Our goal is to give you the tools and confidence you need to improve your finances. Although we receive compensation from our partner lenders, whom we will always identify, all opinions are our own. Credible Operations, Inc. NMLS # 1681276, is referred to here as "Credible."

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.
Tip: It might be worth paying points if you plan to remain in your home for many years, but the credits can save you money if you plan to sell within five or six years.

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.

Credible makes getting a mortgage easy

Better.com Mortgage isn’t a partner lender. But you can use Credible to compare rates from other lenders who offer home loans.

  • Instant streamlined pre-approval: It only takes 3 minutes to see if you qualify for an instant streamlined pre-approval letter, without affecting your credit.
  • We keep your data private: Compare rates from multiple lenders without your data being sold or getting spammed.
  • A modern approach to mortgages: Complete your mortgage online with bank integrations and automatic updates. Talk to a loan officer only if you want to.

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Here’s some more information about Better.com Mortgage home loans:

Mortgage programs
  • FHA
  • Conventional
  • Jumbo
Fixed-rate loan terms15, 20, 30 year
Variable-rate loan terms10/1, 7/1, 5/1
Rates and fees
  • No origination fee
  • $550 deposit fee to lock in rate
  • Maximum of 2.5 points
  • Credit available in exchange for higher rate
Minimum down payment
  • Fixed rate: 3%
  • Variable rate: 5%
  • FHA: 3.5%

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.

Find out if refinancing is right for you

Better.com Mortgage isn’t a partner lender. But you can use Credible to compare rates from other lenders who offer mortgage refinancing.

  • Actual rates from multiple lenders – In 3 minutes, get actual prequalified rates without impacting your credit score.
  • Smart technology – We streamline the questions you need to answer and automate the document upload process.
  • End-to-end experience – Complete the entire origination process from rate comparison up to closing, all on Credible.

Find My Refi Rate
Checking rates will not affect your credit

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Here are more details about Better.com Mortgage’s refinance products:

Mortgage programs
  • Cash-out refinancing
  • Rate-and-term refinancing
Fixed-rate terms15, 20, 30 year
Variable-rate term5/1, 7/1, 10/1
Rates and fees
  • No lender fees
  • Average closing costs are $1,500-$3,500
    (including third-party settlement fees, points/credits, interest due at closing, and escrow, if applicable)

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.

About the author
Daria Uhlig
Daria Uhlig

Daria Uhlig is a contributor to Credible who covers mortgage and real estate. Her work has appeared in publications like The Motley Fool, USA Today, MSN Money, CNBC, and Yahoo! Finance.

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The interest rates depicted on Credible represent the APR. The fixed interest rate is set at the time of application and does not change during the life of the loan. The variable interest rate is calculated based on the 3-Month LIBOR index plus the applicable Margin percentage. The margin is based on your credit evaluation at the time of application and does not change. For variable interest rate loans, the 3-Month LIBOR is 2.375% as of July 1, 2018. Discover Student Loans will adjust the rate quarterly on each January 1, April 1, July 1 and October 1 (the “interest rate change date”), based on the 3-Month LIBOR Index, published in the Money Rates section of The Wall Street Journal 15 days prior to the interest rate change date, rounded up to the nearest one-eighth of one percent (0.125% or 0.00125). This may cause the monthly payments to increase, the number of payments to increase or both. Please visit http://www.discover.com/student-loans/interest-rates.html for more information about interest rates.

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Student Loan Rate Disclosure

Variable rate, based on the one-month London Interbank Offered Rate (“LIBOR”) published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of July 1, 2018, the one-month LIBOR rate is 2.10%. Variable interest rates range from 4.07%-12.04% (4.07%-11.94% APR) and will fluctuate over the term of the loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree earned and presence of a cosigner. Fixed interest rates range from 5.25%-12.19% (5.25% – 12.09% APR) based on applicable terms, level of degree earned and presence of a cosigner. Lowest rates shown requires application with a cosigner, are for eligible applicants, require a 5-year repayment term, borrower making scheduled payments while in school and include our Loyalty and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change. Please note: Due to federal regulations, Citizens Bank is required to provide every potential borrower with disclosure information before they apply for a private student loan. The borrower will be presented with an Application Disclosure and an Approval Disclosure within the application process before they accept the terms and conditions of the loan.

Citizens Bank - Refi - Disclosures

Education Refinance Loan Rate Disclosure:

Variable rate, based on the one-month London Interbank Offered Rate (“LIBOR”) published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of July 1, 2018, the one-month LIBOR rate is 2.10%. Variable interest rates range from 2.75%-8.20% (2.75%-8.20% APR) and will fluctuate over the term of the borrower’s loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree earned and presence of a cosigner. Fixed interest rates range from 3.50%-8.69% (3.50% – 8.69% APR) based on applicable terms, level of degree earned and presence of a cosigner. Lowest rates shown require application with a cosigner, are for eligible, creditworthy applicants with a graduate level degree, require a 5-year repayment term and include our Loyalty discount and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty and Automatic Payment Discount disclosures. The maximum variable rate on the Education Refinance Loan is the greater of 21.00% or Prime Rate plus 9.00%. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change. Please note: Due to federal regulations, Citizens Bank is required to provide every potential borrower with disclosure information before they apply for a private student loan. The borrower will be presented with an Application Disclosure and an Approval Disclosure within the application process before they accept the terms and conditions of their loan.