Mortgage
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How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

Better Mortgage Review

Updated on:
Content was accurate at the time of publication.

5 stars

  Minimum credit score: 580 to 620

  Minimum down payment: 0% to 3%

  Available loan products and programs: Conventional, FHA, VA and Jumbo, HELOCs

  Our verdict: Better Mortgage is a good fit if you prefer a digital loan process, you need a rate quote and preapproval in a hurry or you want to avoid dealing with a laundry list of lender fees.

ProsCons

  Provides a rate quote and mortgage preapproval in minutes

  Doesn't charge many common lender fees

  Offers closing-cost savings for borrowers who use a Better Real Estate partner agent

  No financing for manufactured homes, co-ops or mixed-use properties

  VA loans only available in some states

  No home equity loans available

Better Mortgage is an online lender that brings speed and ease to the mortgage process with services like personalized rate quotes given in under five seconds and preapprovals returned in minutes. While their digital-first approach may not truly allow you to become a homeowner without leaving the couch, the Better Mortgage experience is fast and begins with a 100% online application process.

Conventional

FHA

  • Fixed-rate loans (for 30-year terms only)

VA

  • VA loans are only available for borrowers in Arizona, California, Colorado, Florida, Illinois, Maryland, North Carolina, Pennsylvania, Texas and Virginia

Jumbo

  • Fixed-rate mortgages
  • Adjustable-rate mortgages

Home equity

Home equity lines of credit (HELOCs) from Better can be secured by a primary, secondary or investment property.

Special programs

Better Mortgage doesn’t provide any special programs, but it does offer additional home-related products including real estate agent matching, title products and services and a homeowners insurance shopping tool.

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Rates

Better provides mortgage rate quotes on 10-, 15-, 20- and 30-year fixed-rate mortgages, and ARMs with 5-, 7- and 10-year initial fixed rates. Their online quotes are based on five factors:

  • Whether you’re a first-time homebuyer
  • Which ZIP code you’re buying in
  • The home’s purchase price
  • The property type
  • Your credit score range
  • Your down payment amount

Compared to other large national lenders, Better Mortgage’s rates are pretty competitive, and on average came in around 0.14 percentage points above the average prime offer rate (APOR) in 2022. The APOR is a benchmark rate that captures what is, in effect, the lowest APR a bank is likely to offer in the current market. Mortgage loans aren’t typically considered “higher-cost” until they reach 1.5 percentage points over the APOR. 

Fees

Better claims not to charge lender fees, which means that your closing costs likely won’t include application, origination, processing or underwriting fees. While this does streamline things, it doesn’t necessarily spell great — or any — savings for the borrower. Many lenders making similar offers will simply build these fees into another part of the loan. Be sure to shop around for the best deal, and don’t forget to compare both the interest rates and annual percentage rates (APRs) on any loan offers you consider.

The average total cost of taking out a home loan with Better Mortgage was $5,444 in 2022, according to data from the Federal Financial Institutions Examination Council (FFIEC).

Mortgage rates published online?
Rate information updated daily or weekly?*
*Rates aren't updated on a regular schedule
Lender fees disclosed?

Better offers the convenience of an online application, the ability to upload documents digitally and an online preapproval process. There’s a hybrid closing option that allows you to sign half of your closing documents online — which can cut the in-person closing time in half — but full eClosing isn’t available.

How to boost your loan approval odds

Better Mortgage doesn’t disclose the exact minimum requirements it uses to approve or deny your application. However, based on nationwide data from 2022, we can say that Better approved customers who — on average — had a 74% loan-to-value (LTV) ratio or better. Most had a debt-to-income (DTI) ratio below 40%.

In that same year, Better denied about 12% of its mortgage applications. That’s quite low when compared with other large, national mortgage lenders. For comparison, some large lenders have denial rates in the mid-thirties to mid-fifties.

Better’s online portal allows you to check your application status or see where you are in the process at any time. If you want to talk to a human, the Better customer service line can also be reached 24/7 at 415-523-8837. If you need answers tailored to your loan, you can call 646-849-2409 Monday through Friday between the hours of 9 a.m. and 9 p.m. EST, or email [email protected].

Better’s loan officers aren’t paid a commission, which means they aren’t incentivized to push you toward a loan larger than you need in order to earn their salary.

Better MortgageMr. CooperAlliant
Lender rating

Minimum credit score620Not publishedNot published
Minimum down payment0% to 3.5%0% to 3.5%0% to 5%
Loan products and programs
  • Conventional
  • FHA
  • VA
  • Jumbo
  • Conventional 
  • FHA 
  • VA 
  • Conventional
  • Jumbo
  • HELOC
Rate spread0.14%0.58%0.5%

*Rate spread is the difference between the average prime offer rate (APOR) — the lowest APR a bank is likely to offer any private customer — and the average annual percentage rate (APR) Better offered to mortgage customers in 2022. The higher the number, the more expensive the loan.

LendingTree’s mortgage lender rating is based on a five-point scoring system that factors in several features, including digital application processes, available loan products and the accessibility of product and lending information.

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 “offers standard mortgage products” criterion if they offer only two of the three standard loan programs (conventional, FHA and VA). In some cases, additional information was provided by a lender representative.

Better Mortgage’s scorecard: 5/5

  Publishes rates online

  Offers standard mortgage products

  Includes detailed product info online

  Shares resources about mortgage lending

  Provides an online application

 = 0 points   ⭕ = 0.5 points     = 1 point

Today's Mortgage Rates

  • 6.91%
  • 6.87%
  • 7.65%
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