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Better

8.2

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Quick Look at Better Mortgages

Company Overview
  • Few/No Lender Fees
  • Easy Online Application
  • No VA or USDA Loans
  • Customized Rates
  • "Underwriter Approved Pre-Approval in 24 Hours"
  • Limited FHA Loans
  • Better.com is a digital-focused mortgage lender founded in 2014 by Vishal Garg after having experienced his own home-buying horror story. In other words, Better was created to address the specific pain points of homebuying.

    Though the mortgage process is still complicated, Better makes it… well, better.

    Do Customers Like Better?

    Short answer, yes, customers love Better mortgages.

    Top reasons for loving Better.com mortgage loans are their easy application process, great customer service, and customized mortgage rates.

    Though Better has yet to see any reviews on our trusted review site (BestCompany.com), the company’s reviews on other sites have been very positive and reflect their customers’ high opinions of Better’s services.

    Better Rates & Fees

    Better does not charge any lender fees (this includes application, underwriting, and origination fees). Furthermore, Better has offered to give conforming loan borrowers a $2,000 closing cost credit if homebuyers work with one of the company’s referred agents.

    Better is one of the more affordable mortgage lenders, at least on the front end (lender fees, etc.). Of course, there are a few caveats to paying less upfront. Though it might not be the case with Better, usually lenders will charge higher upfront fees in order to decrease their displayed mortgage rates (this is because when you spend more upfront, you ensure a lower rate).

    With Better, Borrowers can essentially choose to lower their rates if they want while other lenders will essentially force a lower rate through higher upfront fees.

    We like Better’s strategy, because they allow customers more freedom to choose their payment strategy (more upfront, less later vs. less upfront, more later).

    Better Mortgage Requirements

    Better does not offer VA or USDA loans. And due to the COVID-19 pandemic, Better has been forced to suspend FHA loans temporarily in some states (check with a Better representative to see if they offer FHA loans in your area).

    We recommend customers consult a Better loan officer in order to get a more personalized list of loan requirements. For now, we can summarize the loan requirements for conventional loans from Better.

    Conventional Loan Requirements

    Usually, a conventional loan will require a credit score of 620 or higher. Most mortgage lenders, including Better, will also look for excessive debts or other negative factors on your credit report.

    You may also be asked to provide 2 years of your employment history in order to confirm that you will be able to meet payments over the course of your loan.

    In addition to employment history, lenders will also review your assets, which include personal investments, savings/retirement accounts, etc. to determine whether you have enough put aside to close on the home of your choice.

    Our Recommendation

    We highly recommend customers consider Better as one of the top mortgage lenders in the industry and compare it alongside the top ranked lenders on this site.

    Between its excellent customer reputation and the streamlined digital mortgage loan process, we feel confident that customers will enjoy their experience with Better mortgages.

    How We Rank

    We employ a qualified mortgage expert to rank and review mortgage lenders.

    See Review