Better Mortgage is a direct lender dedicated to providing a fast, transparent digital mortgage experience backed by superior customer support. From our offices in New York City, we're using technology to change the way people finance their homes, for the better. With Better Mortgage, you can apply for a pre-approval online, 24/7 without ever paying loan officer commission. With Better Mortgage, you're in control. Your entire application is on one platform and help is only a click away.
Excellent Online Tools, Transparency, and Speed of Processing. Also the look and feel of the platform is also very appealing. I actually chose them over a slightly lower cost provider, because of the digital experience.
I am a tech-savvy person of retirement age, a newbie to refinancing. I didn't have any problem navigating the email-driven process (submitting information, responding to requests for additional information, etc.). There were a couple of times when it would have been useful to have a live person to talk to with questions, but I did get questions answered via email. I got the outcome I wanted when I started the process, so it was successful. I would refinance with Better.com again.
they had decided to fax my personal confidential information to a public fax number I never gave them or authorized them to use. This fax was seen by other employees that do not have a right to this information. I informed them I was withdrawing my application yet they continue to call various office people trying to get my personal information and fax numbers. They do not care about your wishes and are continuing to violate my right to privacy. When informed to cease all communications they just keep on calling anyway
The rates were great, submitting documents and interacting with my mortgage team was easy, and overall a fantastic experience. Thanks Better.com!
Using Better.com to refinance my home was so much easier than the old way. No back and forth emails with an agent or unnecessary in-person meetings. Just pick the loan you want and send in your documents through the easy-to-use online portal. Better.com lets you know where you are every step of the way and provides you with an live expert if needed. Between a better interest rate and getting rid of my private mortgage insurance - I just saved $400/month by refinancing with Better.com.
Better Mortgage is licensed to lend in many states and districts, including Arizona, Colorado, Connecticut, Florida, Georgia, Illinois, Iowa, Michigan, Mississippi, New Jersey, Washington, North Carolina, Oregon, Pennsylvania, South Dakota, Tennessee, Texas, California and Washington, D.C.
Better Mortgage focuses on the speed of its approvals, saying borrowers can expect a Loan Estimate within seconds. (Lenders must issue Loan Estimates to borrowers within three days of receiving your application.) This focus on speed comes from the founder’s own personal experience buying a home and the frustration he felt waiting for loan approvals, phone calls and eventually losing the house he wanted to buy to another bidder.
The end result of the founder’s lost opportunity is Better Mortgage, which has a simple, focused website that’s easy to navigate and extremely transparent. Information is easily found on its comprehensive FAQ and Resources pages. Rates are displayed quickly based on whether you’re purchasing or refinancing. And while the founder might not have been happy about all the phone contact necessary during his homebuying experience, Better Mortgage has optional phone availability for those who would prefer it. Through the website, you can schedule appointments to speak to a loan consultant between 9:30 a.m. and 5:30 p.m. Eastern any day of the week. You can also call them directly or reach out to the company via email.
Better Mortgage has a limited number of loan options.
When you’re interested in a home loan, Better Mortgage has a few options for applying and preapproval. The first is to get a basic preapproval online when you’re thinking about buying a home, which the company estimates will take about 3 minutes. When you are actively shopping for a home, the company has a verified preapproval process that takes roughly 20 minutes online, assuming you have quick access to all the information needed. Finally, once you’ve found a home you want to buy, you can apply online, work with a loan consultant and lock your rate, all within 30 minutes. Communication with the loan consultant/officer can take place on the phone, via email and through chat.
As mentioned in the start, Better Mortgage is a leader when it comes to a digital mortgage experience, but the company isn’t alone as big names like Bank of America enter the digital mortgage scene. A digital mortgage is one that allows borrowers to apply online, to upload identification and financials, to start, stop and save applications, and to digitally sign documents. The goal is to automate and digitize as much as the process as possible, which can mean prefilling applications and forms with data collected, automating underwriting approvals and follow-ups for added documentation, and digitizing signatures. As you can imagine, this is vastly different from the traditional process of visiting a loan officer and applying on paper.
For refinancing, the company has three online application options:
The company estimates that each one takes about 3 minutes to apply for.
One of the things that makes Better Mortgage stand out is that it’s very upfront about the fees it charges. The company boasts no commission charges and no origination fees. Further, it has no application fee or underwriting fees. Better Mortgage does, however, require that third-party fees, like appraisals and title fees, be paid by applicants.
For refinances, Better Mortgage estimates closing costs between $1,500 and $3,500.
Editorial Note: Parts of this article were reviewed by a lender to ensure accuracy prior to publication. The overall conclusions, recommendations and opinions are the author’s alone.