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.
Nothing better about this lender.
Nothing better about this company would suggest trying someone else, know we will next time and will tell anyone that asks the same. The following is our experience with the Better mortgage company when doing a cash out refinance.
First a little background as a reference. Between my spouse and I we have gone through the mortgage process six times in the past seven years, plus spouse worked for several years in the housing finance industry, so we are both familiar with the process and know what is expected and why. This was not the worst mortgage company we have worked with but this was far from a good experience. The underwriting department was the majority of the problem they would ask for documentation that was completely irrelevant and repeatedly read the credit report incorrectly then refused to correct their oversights. They refused to provide us with a copy of the credit report they were using. We explained that we paid for the credit report and that we were comfortable signing a release to have an electronic copy sent to us for review. They refused again telling us they “do not have the right” to send us a copy of the credit report even if we had paid for it to be ran. So we ran my credit report so we could explain what we suspected they were seeing and how they were interrupting it incorrectly. This was not on just one account there were several that they read incorrectly including one for a previous mortgage that was clearly paid off and the account closed.
There were several other problems with the underwriting process my favorite was that they repeatedly told me that I had to provide proof that I did not own a specific other property. Before you say that is not an odd question you are right if they had asked if I owned any other property that would be understandable. But that was not what they wanted they wanted me to provide proof that I did not own a specific property. We were dumb founded I have no claim to the property they were questioning, have no liens in my names against the property, and had never even lived at that address. After repeatedly telling them I had nothing to do with the property they still demanded that I provide proof that I did not own that property. To put it simply they said I had to prove that I did not own this other person’s house. For those who do not know property ownership is public record and available at your local county clerk’s or tax assessor’s office, most modern areas offer this information for free if you can navigate to it from their website. So the information they were requesting from us is something that they should regularly have to do as underwriters. After refusing to move forward with the process until I provided proof I did not own the property I found the information from the tax assessor’s website and send them the link showing the actual property owner.
Now that it is believed we have resolved all their issues and are ready to move forward they come back saying that we have to renew our property insurance before we could move forward. So we had to contact our insurance agents and request to renew our policy two months early, because the mortgage company will not move forward until it is renewed and paid. For those still reading are probably thinking this seems like it is taking a long time and you are right it is so long in fact that they inform me that if I do not close Monday the rate lock will expire. So what is happening here is that they have taken upfront fees from us saying to lock a certain rate. Then have pushed the process along so slowly that the locked rate was about to expire and they would be able to increase the rate of the mortgage. Our insurance agent gets us the renewal quickly we get everything paid and copies of the renewal to provide the lender then when we go in to upload low and behold they bypassed the insurance renewal requirement to schedule the closing, which for those that do not remember had told us everything was on hold until the insurance was renewed. Now the underwriting fiasco was complete on to closing. On the latest closing disclosure document has a line item with a change to pay the annual insurance premium, which this is not uncommon at all the insurance needs to be paid. We called informing the lender that the insurance had been renewed and sent in a copy of the renewal to have the line item removed. Couple hours later before the closing we get a new a new closing disclosure which still has the insurance change. We call back and they explain after the closing a new disclosure will be created with the line item removed and the amounts disbursed will reflect what is on that disclosure. But to no surprise the amount disbursed was the incorrect amount. When I called back after the closing I first spoke with a rep named Corin who was very rude and when I asked for his last name refused saying it was not relevant. The person he transferred me to, which was not even the correct person, was nice enough to give me his full name, Corin Menuge, then transferred me to the correct person.
That is the end of my review. There were more issues they wanted us to explain how we paid off previous debt, had to verify employment more than once, and canceled then rescheduled mobile notaries without informing us but figured this was already too long and should skip that stuff. Hopefully this helps someone if you choose to go with another company good luck for those that decide to give them a try do not say at least someone did not try to warn you.
Great experiance, Trustworthy
Trustworthy and helpful.
So simple, reliable, and worth it!
Better Mortgage was easy to work with. I would recommend them to anyone. I was skeptical of the low interest rate, and was told by another lender (that couldn't beat the deal) that Better was not reliable and wouldn't follow through. I was pleased to have such a simple streamlined process that also beat every other lender. We closed at a low rate and reasonable closing costs. Thank you Better for all your help!
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