Better.com Mortgage Review 2024 | US News

Better Mortgage does not offer FHA, VA, USDA or home equity loans.

Potential borrowers can apply for two types of preapproval letters from Better Mortgage. Better Mortgage will use your self-reported income and a soft credit check for a basic preapproval, while a verified preapproval requires a hard credit check and a more detailed review of your financial information. Your mortgage rate will depend on attributes such as market conditions and your credit history, and you can typically expect to close three to six weeks after locking your rate.

Your down payment might be as low as 3% with Better Mortgage, and there are no lender fees. Borrowers pay no loan officer commission fees, application fees, loan origination fees, processing fees or underwriting fees. Borrowers may pay third-party fees at closing, including appraisal fees, title insurance fees and recording charges.

If Better Real Estate referred your real estate agent, you may qualify for $2,000 in lender credits. If you find a competing lender with a better offer, Better Mortgage will match its price and give you a $100 credit under certain circumstances.

Better.com offers loans to borrowers in 46 states and Washington, D.C., with Hawaii, Massachusetts, New Hampshire and Nevada excluded. The lender requires your median credit score from the three major credit bureaus to be at least 620 to qualify for a mortgage. Borrowers with a debt-to-income ratio of up to 50% may qualify.

Your median credit score from the three major credit bureaus – TransUnion, Equifax and Experian – must be at least 620 to qualify for a loan from Better Mortgage.

Better Mortgage offers loans in 46 states and Washington, D.C., with Hawaii, Massachusetts, New Hampshire and Nevada excluded.

Better.com has a B rating with the Better Business Bureau and is BBB-accredited.

The Consumer Financial Protection Bureau received 154 complaints about Better Mortgage in 2021. The most common complaints involved:

The company did not provide a timely response to 88 of the complaints. It closed 128 complaints with an explanation, two with nonmonetary relief and one with monetary relief. As of January 2022, it showed 14 still in progress.

Better.com has an overall 4.3-star rating out of 5 from U.S. News, with 4 stars for affordability, 4.6 stars for customer service and 4 stars for eligibility.

You can reach Better.com’s customer service 24/7 by phone at 415-523-8847 or by email at [email protected]. For questions about your loan, you can call 646-849-2409 or email [email protected] between 9 a.m. and 9 p.m. Eastern Time, Monday through Friday. Better Mortgage will also assign you a loan officer who can answer questions about your application.

Better.com offers a completely digital mortgage application and hybrid e-closings that allow you to e-sign some of your closing documents. You can also apply for preapproval online. Customers still have access to a loan officer and Better.com’s customer service team.