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Better Mortgage is an online lender that offers common mortgage programs such as conventional, VA, FHA, and jumbo loans in all 50 states, plus home equity products if you’re looking to borrow money against your home’s value. It boasts a quick mortgage application process to help get you to the closing table faster than the average lender.

Whether you’re applying for a new loan, refinancing an existing mortgage, or tapping your home equity, Better’s online pre-approval process and digital mortgage application are quick and easy. Here’s what to know about the lender.

Better Mortgage is a fully digital lender, so it focuses on providing an end-to-end speedy experience. You can get an initial mortgage pre-approval within three minutes. Once you lock in a rate with Better, you’ll get a commitment letter within 24 hours. The underwriting part is quick, too. Better says it can close home loans in 10 to 15 days, which is faster than the industry average. 

Best for online application

Better.com Mortgage

Fox Money rating

Min. Credit Score

620

Days to Close

3-6 weeks

Pros and cons

No lender fees

Strong customer service reviews

24/7 live support

Available in all 50 states

May be able to close in three weeks

No mobile app

No in-person help available

No VA loans, USDA loans, or construction loans

More details

Overview

Better.com Mortgage is an online lender that offers conventional mortgages, jumbo loans, VA loans, and FHA loans in all 50 states and Washington, D.C. The lender says you’ll never pay lender fees and offers a competitor price-match program, which can help you save money right out of the gate. While the loan process is completely online, you can get live customer service help any time of the day or night.

Borrowers can also get pre-approved in just minutes and close on a loan in three weeks, which is faster than the industry average.

Who it's best for: Home loans from Better.com Mortgage are best for borrowers who want to apply with an online application.

Shows rates

Origination fee

Availability

All 50 states

Customer service

Live chat, email, phone

Mobile app

Online review score

4.3/5 Trustpilot score

Online prequalification

Min. down payment

Loan Type

Conventional

Yes

FHA

Yes

VA

Yes

USDA

No

Jumbo

Yes

ARM

No

To determine the best mortgage companies, Fox Money evaluated lenders based on several different categories: rates and fees, reputation, eligibility, efficiency, customer experience, and discounts and perks. We also looked at the types of loans offered by each lender for research purposes only, they did not factor into the overall score. We assigned a score out of five stars to each lender based on our findings. 

Learn more about how Fox Money rates lenders by checking out Mortgage Lender Rating Methodology. 

Better Mortgage: Pros and cons

Pros

• Variety of loan options: Better offers conventional loans, FHA loans, VA loans, and fixed- and adjustable-rate mortgages in all 50 states and the District of Columbia. The lender’s jumbo loans go up to $3 million.
• Quick process: Better says you can get an approval decision within 24 hours, then close on your mortgage 17 days faster than the industry average.
• No origination fee: Better doesn’t charge an origination fee or application fee, though you’ll pay the usual third-party fees, like credit report and title search costs.

Cons

• No USDA loans: Better Mortgage doesn’t offer USDA loans, which are mortgages designed for low-income borrowers buying in rural areas.
• No in-person branches: You won’t be able to visit a branch in person to submit your mortgage application or get help.

Before applying for a mortgage loan, it’s a good idea to review your finances. Making key improvements can help you qualify for the best interest rates. Here are a few steps you can take to improve your application:

• Check your credit history: Your credit score is based on the information in your credit reports, so you’ll want to make sure the information is accurate. Request a credit report from the three major credit bureaus at AnnualCreditReport.com. You can dispute any errors with the credit bureaus directly. 
• Improve your debt-to-income ratio (DTI): Paying off debt, especially high-interest balances, puts more room in your budget for a mortgage payment. DTI is the ratio comparing your monthly debt payments to your pre-tax monthly income, so picking up a part-time job or lowering your debt will improve your DTI. 
• Increase your down payment: Making a larger down payment means you’ll need to borrow less money, which could land you a better interest rate and help you avoid private mortgage insurance. Consider the largest amount you can put down without depleting your cash reserves.

Tip:

Reducing your debt payments can improve your DTI and boost your credit score. If possible, pay down your credit card balances to 30% of the credit limit (or less). Also hold off on applying for new debt until after you close on your mortgage.

Here’s what to expect when you apply for a home loan with Better Mortgage:

The requirements for a Better Mortgage home loan are consistent with most lenders. Here are the basic requirements you’ll need to meet: 

If you’re looking to refinance your mortgage, Better offers the following options:

• Cash-out refinance: With a cash-out refinance, you borrow more than you currently owe, pay off the original loan, and keep the difference in cash. This could be a good option if you need to borrow money for debt consolidation, renovations, or other expenses, but your monthly payments will likely increase.
• Rate-and-term refinance: A rate-and-term refinance allows you to get a new mortgage with a different rate, different term, or both. Homeowners often use a rate-and-term refinance when they qualify for a lower interest rate, need to change the loan term, or want to switch to a new loan program.

Because refinancing involves taking out a new mortgage, the process is similar to when you first purchased the home. You’ll still want to get rate quotes from multiple lenders. Once you find a lender you want to work with, submit a mortgage application and go through the underwriting process. 

If you need to close on a home quickly, Better Mortgage might be the lender for you. It boasts speedy pre-approval and underwriting times on its website, due to its streamlined online process. The downside is that if you want in-person help, you’ll have to look elsewhere. Here’s how Better Mor

Better Mortgage’s interest rates are competitive compared to other large, national lenders. In 2022, Better’s rates were on par with the average prime offer rate, or APOR. The APOR is a benchmark rate that reflects what banks are offering well-qualified buyers in the current market. For a first-lien mortgage, a rate that’s 1.5 or more percentage points higher than the APOR is considered “higher-cost.” 

Better Mortgage offers conventional loans, FHA loans, VA loans, and jumbo loans. You can also take out home equity lines of credit (HELOCs) and home equity loans. 

Better Mortgage earned a below-average score in J.D. Power’s 2023 Mortgage Origination Satisfaction Study. But the lender has an excellent Trustpilot score of 4.3/5 stars based on more than 1,700 reviews, and a strong 4.32/5 stars with the Better Business Bureau.

No. Better Mortgage doesn’t charge origination fees, and it lists all of the third-party expenses you might pay at closing on its website.

The mortgage application process is quick and easy with Better Mortgage. The lender says it provides an initial pre-approval within three minutes. Once you sign a purchase agreement with the seller, you can lock a rate and receive a commitment letter within 24 hours. The underwriting process may take as little as 10 to 15 days.

Kim Porter

Kim Porter is an expert in credit, mortgages, student loans, and debt management. She has been featured in U.S. News & World Report, Reviewed.com, Bankrate, Credit Karma, and more.

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