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Better Mortgage Review
Better Mortgage offers a truly digital experience that takes you from rate lock to close around 10 days quicker than the industry average.
Better Mortgage Review
Better Mortgage offers a truly digital experience that takes you from rate lock to close around 10 days quicker than the industry average.
December 01, 2021 / Nadav Shemer
Better Mortgage Review
Better Mortgage offers a truly digital experience that takes you from rate lock to close around 10 days quicker than the industry average.
December 01, 2021 / Nadav Shemer
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At a Glance

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.

Key Figures

Loan types: Purchase, Refinance

Loan products: Conventional, Jumbo, FHA, VA

Minimum credit score: 580

Repayment terms: 15-30 years


  • Close 12 days faster than industry average
  • Apply 100% online, entirely on your schedule
  • No commissions or unnecessary fees
  • One Day Mortgage. Lock a rate, get a Commitment Letter in 24 hrs. Terms apply.


  • Does not offer USDA or bridge loan

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.

How It Works

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.

Types of Loans

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:

  • Conventional loan – minimum down payment not stated, but likely around 10%
  • Jumbo loan – minimum 10% down payment.
  • FHA loan – minimum 3.5% down payment.; 580 minimum credit score

Refinance options include:

  • Conventional rate and term refinance – maximum CLTV not stated, but likely around 90%.
  • Jumbo refinance – maximum CLTV not stated, but likely around 90%.
  • Cash-out refinance – allows you to get cash from your home’s equity by refinancing for a new mortgage for more than you owe; max CLTV not stated but likely around 90%.

Loan Features

  • Better price guarantee – Better Mortgage will match any competitor’s offer and give you $100 cash
  • As an innovative, independent lender, Better Mortgage offers a truly 100% online application process. By moving everything away from branches and onto the internet, Better Mortgage is able to cut time and expenses, offering you a cheaper, faster mortgage process. Highlights include:
  • Notifications and alerts sent straight to your inbox
  • One convenient online hub for all your documents
  • No unnecessary fees or commissions
  • Smart tech that finds you eligible discounts
  • Free guides to home buying with helpful advice
  • Optional support from Better Mortgage sister companies – Better Real Estate, Better Settlement Services, and Better Cover (Insurance)

Rates and Terms

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.

Contact Better Mortgage

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

Get started now, visit Better
By Nadav Shemer
Nadav Shemer specializes in business, tech, and energy, with a background in financial journalism, hi-tech and startups. Nadav writes for He enjoys writing about the latest innovations in financial services and products.
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