Better Mortgage is streamlining and simplifying the way Americans buy homes. Their tech-powered platform helps customers find a low rate, and they charge no unnecessary fees.
Better Mortgage offers conventional loans, jumbo loans, FHA, and VA loans. Its sleek platform offers basic pre-approval based on a soft credit pull in 3 minutes. The average closing time is 32 days – about 12 days faster than the industry average.
Loan types: Purchase, Refinance
Loan products: Conventional, Jumbo, FHA, VA
Minimum credit score: 580
Repayment terms: 15-30 years
One of the best things about Better Mortgage’s tech-powered mortgage process is that it can get you pre-approved, formally approved, and into your home faster than most other lenders. Another benefit to choosing Better Mortgage is the absence of any unnecessary fees or commissions."The end result: your APR ends up being less than you would pay to most other lenders.
Better Mortgage’s sleek digital platform gives you basic pre-approval (similar to what most lenders call pre-qualification) within three minutes and formal pre-approval within 30 minutes – which is better than the drawn-out process typical of larger banks. The platform emphasizes transparency, letting you know exactly where you are at all times during the process. If you get stuck, Better Mortgage offers 24/7 phone assistance. You’ll be given the option of locking in your rate immediately after basic pre-approval.
Better Mortgage breaks the mortgage process down into five steps:
1.Basic pre-approval. Find out how much you can borrow and your interest rate in as little as 3 minutes – and lock in the rate if it looks good to you. At this point, you’ll get a pre-approval letter that you can show to agents and sellers. This letter is based on your stated income and a soft credit pull.
2.Home search. Look for a home on your own or with the help of a vetted agent from Better Mortgage’s sister company, Better Real Estate.
3.Verified pre-approval. Upload financial documents such as pay stubs, tax returns, and bank statements for Better Mortgage to review. If approved, you’ll get a verified pre-approval letter that you can show to agents and sellers that require a more formal letter than the basic one you received at the beginning. This letter is based on your income, assets, and a hard credit pull. It takes around 20 minutes to upload all documents and another three minutes before you receive your letter.
4.Make an offer. With your verified pre-approval letter ready, you can now make an offer with confidence.
5.Close. Work with Better Settlement Services and Better Cover (Insurance) (or external services, if you prefer) to close your loan. The exact timing depends on a few factors, including how quickly you can submit all required documents, as well as the timing of third-party services associated with the mortgage process. Better typically closes within three to six weeks, with an average close time of 32 days – 12 days faster than the industry average.
Better Mortgage finances purchasing or refinancing related to single-family homes, multi-family homes, townhouses, condominiums, planned unit developments, and investment properties. The minimum credit score for Better Mortgage products starts at 580, while down payments vary between products.
Purchase options include:
Refinance options include:
Interest rates at Better Mortgage are close to the national average, but with the absence of any unnecessary fees., APRs are brought down significantly. Repayment terms are for 15, 20 or 30 years, and 5/6, 6/10, and 10/6 ARMs are also on offer. Like other top lenders, Better Mortgage allows borrowers to pay points (1 point = 1% of the loan amount) at closing in exchange for a lower interest rate.
Better Mortgage is one of the rising stars of mortgage lending, using technology to change the way people apply for their homes. While the banks can keep you waiting with loads of paperwork and inefficiencies, Better Mortgage has streamlined the whole process from A to B – priding themselves on making the whole process 100% digital, easy-to-use, with 24/7 customer support to ensure you can get in a home as soon as possible. The rates and fees are highly competitive too. Overall, you should check it out if you want a fully digital mortgage experience and live in one of the 50 states and DC where Better Mortgage is licensed.
Better Mortgage offers a fully digital mortgage experience backed by 24/7 phone assistance. The lender has a B rating at the Better Business Bureau and 4.2-star rating from 1450+ reviews on Trustpilot.
HQ: New York, NY