Better.com Mortgage Review 2021 | US News
Better.com, launched in 2016, is a direct lender providing online mortgage financing. Borrower options include conventional loans, jumbo loans, adjustable-rate mortgages refinancing loans.
- Borrowers with a median credit score of at least 620 from the three major credit bureaus may qualify.
- The lender has an online application process.
- Borrowers aren’t charged a loan origination fee.
- Federal Housing Administration, Department of Veterans Affairs U.S. Department of Agriculture loans aren’t available.
- Home equity loans aren’t available.
- Conventional mortgages
- Fixed-rate mortgages
- Adjustable-rate mortgages
- Jumbo loans
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 a soft credit check for a basic preapproval, while a verified preapproval requires a hard credit check a more detailed review of your financial information. Your mortgage rate will depend on attributes such as market conditions your credit history, 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, 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 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 give you a $100 credit under certain circumstances.
Better.com offers loans to borrowers in 46 states Washington, D.C., with Hawaii, Massachusetts, New Hampshire 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 Experian – must be at least 620 to qualify for a loan from Better Mortgage.
Better Mortgage offers loans in 46 states Washington, D.C., with Hawaii, Massachusetts, New Hampshire Nevada excluded.
Is your dream home within reach? U.S. News’ mortgage calculator will show you how much house you can afford.
Is the Lender Reputable?
Better.com has a B rating with the Better Business Bureau is BBB-accredited.
The Consumer Financial Protection Bureau received 60 complaints about Better Mortgage in 2020. The most common complaints involved:
- Applying for a mortgage or refinancing an existing mortgage
- Closing on a mortgage
The company did not provide a timely response to 44 of the complaints. It closed 53 complaints with an explanation, four with nonmonetary relief two with monetary relief.
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 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. 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 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 Better.com’s customer service team.