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Better Mortgage Review 2022

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been reviewed, commissioned or otherwise endorsed by any of our network partners.

Better Mortgage is a direct mortgage lender founded in 2014 and headquartered in New York. The lender advertises a “100% online process,” with personalized rate quotes in under five seconds and preapprovals in less than three minutes, and doesn’t charge origination, underwriting, application or processing fees.

Who is this lender for?

Better Mortgage is a good fit if:

  • You want a completely digital loan process.
  • You need a rate quote and preapproval immediately.
  • You don’t want to pay lender fees.

9.5/10  LendingTree’s Mortgage Lender Rating 

LendingTree’s mortgage lender rating is based on a 10-point scoring system that factors in several features, including digital application and closing processes, available loan products and online and in-person accessibility. LendingTree’s editorial team calculates each rating based on a review of information available on the lender’s website. Lenders receive a half-point on the “standard product offerings” criterion if they offer at least two of the four standard loan programs (Conventional/FHA/VA/USDA). In some cases, additional information was provided by a lender representative

  = 1 pt    = 0 pts

  1.   Application online
  2.   Product info online
  3.   Rates listed online
  4.   Helpful articles about mortgages/homebuying
  5.   Standard product offerings (Only offers conventional and FHA products)
  6.   Special programs
  7. Info about how to qualify for products offered online
  8.   E-closing availability (for refinance customers only)
  9.   Branches available in at least 35 states
  10.   After-hours and weekend access to loan officers

Better Mortgage pros and cons


  You may be able to get a rate quote and mortgage preapproval in minutes

  You won’t pay lender fees typically charged by other mortgage companies

  You may save on closing costs by using a Better Real Estate partner agent

  You can shop for title insurance and homeowners insurance through the Better Settlement Services and Better Cover programs


  You won’t be able to finance manufactured, co-ops or mixed-use properties

  You’ll be limited to conventional, jumbo and FHA loans — Better doesn’t offer VA or USDA mortgages

  You’ll be limited to first mortgage products  — Better doesn’t offer second mortgage loans

  Your final rate may be higher than the online rates if you don’t want to pay for mortgage points

Better Mortgage borrowing requirements

Minimum credit score620
Minimum credit score
  • 620
Minimum down payment
  • 3% (Conventional)
  • 3.5% (FHA)
Loan products and types
  • Conventional
  • Jumbo
  • FHA
Special programs offered
  • Real estate services
  • Title insurance
  • Homeowners insurance

Better Mortgage rates and fees

Better Mortgage quotes rates online based on five factors:

  1. Whether you’re a first-time homebuyer
  2. What ZIP code you’re buying in
  3. Your credit score range
  4. The purchase price of the home you’re buying
  5. Your down payment

Better provides rate quotes on 15-, 20- and 30-year fixed-rate mortgages, and adjustable-rate mortgages with five-, seven- and 10-year initial fixed rates.

Better Mortgage loan products

Purchase and refinance 

Better Mortgage offers conventional and jumbo loans, as well as loans insured by the Federal Housing Administration (FHA). Better doesn’t currently offer loans backed by the U.S. Department of Veterans Affairs (VA) and the U.S. Department of Agriculture (USDA).

Loan terms include 15-, 20- and 30-year fixed-rate options. ARMs loans are also available with initial fixed rates of five, seven and 10 years. However, customers should note that Better Mortgage ARMs adjust every six months after the initial fixed-rate period ends, which could mean more frequent changes than typical ARMs that change yearly.

First-time homebuyers can choose a conventional loan with a 3% down payment or an FHA loan with a 3.5% down payment, as long as they have at least a 620 score.

Special programs 

Special mortgage programs aren’t available at Better Mortgage, according to their website. However, they do offer additional homeowner-related products that may be beneficial.

Special non-mortgage products and services include real estate agent matching, and title and homeowners insurance comparison tools. Here are some of the highlights of each:

  • Better Real Estate. Homebuyers who choose an agent through the Better Real Estate service may get a credit for up to 1% of their sales price to use toward closing costs.
  • Better Settlement Services. Homeowners can choose settlement services and title insurance through an affiliated title provider that will work with a Better Mortgage loan officer on paperwork needed for your mortgage.
  • Better Cover. If you’re getting a mortgage to buy or refinance you’ll need homeowners insurance. The Better Cover service allows you to compare coverage through a team of insurance industry professionals.

How does Better Mortgage compare to other lenders?

Better MortgageAmeriSave MortgageLower Mortgage
Minimum credit score
  • 620
  • 600 (FHA and VA)
  • 580 (FHA, VA and USDA)
Minimum down payment
  • 3% (Conventional)
  • 0% (USDA and VA)
  • 0% (VA and USDA)
Loan products and types
  • Conventional
  • FHA
  • Jumbo
  • Conventional
  • FHA
  • VA
  • USDA
  • Conventional
  • FHA
  • VA
  • USDA
  • Jumbo
  • HELOCs
Special programs offered
  • Real estate matching
  • Title products and services
  • Homeowners insurance shopping tool
  • Solar financing
  • “Free Refi for Life” program for repeat customers
  • Down payment savings account
  • Homeowners insurance comparison tool
  • Real estate agent matching service
Lender ReviewAmeriSave Mortgage


Today's Mortgage Rates

  • 5.95%
  • 5.76%
  • 3.31%
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