Better.com Mortgage Review | Best Mortgage Lenders
Better.com Mortgage Review | Best Mortgage Lenders
January 10, 2021 / Nadav Shemer
Better.com Mortgage Review | Best Mortgage Lenders
January 10, 2021 / Nadav Shemer
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At a Glance
Better Mortgage, also known as Better.com, is a tech-powered independent mortgage lender backed by big investors like Citi, Goldman Sachs, and American Express. The Better.com application process is a truly digital experience. Thanks to its streamlined online platform, Better Mortgage is able to show you rates and get you pre-approved in minutes. It closes loans around 10 days quicker than the industry average.
How It Works
Better.com is open 24/7, so you can complete an application at any time of your choosing. Additionally, pre-approval and loan estimates take as little as 3 minutes as opposed to the time it can take with a larger bank. The Better online portal emphasizes transparency, letting you know exactly where you are at all times during the process. With no origination fees and an on-demand rate lock, Better helps customers pick their right financing option and save money on their mortgage.
Here are the 5 steps to a Better Mortgage loan:
1.Rate quote. - Find out how much you can borrow and at what interest rate in as little as 3 minutes.
2.Home search. - Look for a home on your own or with one of Better Mortgage’s vetted agents guiding you through the process.
3.Pre-approval. - Apply for a verified pre-approval letter, which shows real estate agents that your income, assets and debts are fully underwritten. The application process is 100% digital and takes just a few minutes.
4.Make an offer. - With your pre-approval letter ready, you can now make an offer with confidence.
5.Close. - Work with Better Settlement Services and Better Insurance to close your loan in 3-6 weeks.
Pros and Cons
Pros
  • Pre-approval letter in as little as 3 minutes
  • Lock your rate in as little as 30 minutes
  • 3-6 weeks to close – faster than industry average
Cons
  • No FHA or VA loans
  • Not available in HI, MA, MN, NV, NH, VT (as of Jan 2021)
The biggest benefit to choosing Better Mortgage is the speed with which it gets things done. Tech has improved our lives in many ways, and Better deftly uses technology to streamline the loan process. The result: Better can get you pre-approved, formally approved, and into your home quicker than almost all its competitors.
On the downside, Better has a smaller amount of loan options than other lenders. It essentially only offers conventional or jumbo loans. If you want a government-backed loan with low down payment, then you’ll need to look at other lenders. Also, as of the time we published this review, Better still wasn’t licensed to do business in 6 states: Hawaii, Massachusetts, Minnesota, Nevada, New Hampshire, and Vermont.
Types of Loans
Better Mortgage offers both fixed and adjustable rates for conventional and jumbo loans. However, it does not offer government-backed products such as FHA, VA, and USDA loans. According to Better, it can finance a whole range of properties, including single-family homes, multi-family homes, townhouses, and more.
Loan Features
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 is able to cut time and expenses, offering you a cheaper, quicker mortgage process.
  • Notifications and alerts sent straight to your inbox
  • One convenient online hub for all your documents
  • Support from a Better agent whenever you need it
  • No commissions or hidden fees
  • Smart tech that finds you eligible discounts
  • Free guides to homebuying with helpful advice
  • Better price guarantee – Better will match any competitor’s offer and give you $100 cash
Rates and Terms
If you have strong credit, then the interest rates at Better.com are around or just above the national average. However, the additional fees are lower, so the APRs come out slightly below average overall.
Here’s a sample of interest rates from Better Mortgage from January 2021 (when the average interest rate in the U.S. was 2.67% for a 30-year fixed-rate mortgage and 2.17% for a 15-year fixed mortgage rate).
30-year fixed: 2.875% (2.892% APR)
20-year fixed: 2.750% (2.800% APR)
15-year fixed: 2.250% (2.293% APR)
Contact Better Mortgage
Better Mortgage is a digital lender with a fully online application process and extensive online resources to help you understand your options. However that doesn’t mean you can’t speak to a human when you need it. To speak to a better agent, call 415-523-8837 during extended business hours. You can also consult with an agent at any time during the mortgage process.
Founded in 2013, Better Mortgage Corporation is a direct lender based in New York, NY. It has an A+ rating from the Better Business Bureau.
Summary
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 has streamlined the whole process from A to B–giving you less of a headache and ensuring you can get in a home as soon as possible. The rates and fees are highly competitive, too. Overall, if you want a fully digital mortgage experience and if you live in one of the 44 states where Better Mortgage is licensed, then you should definitely check it out.
Get started now, visit Better.com
Get started now, visit Better.com
By Nadav Shemer
Nadav Shemer specializes in business, tech, and energy, with a background in financial journalism, hi-tech and startups. Nadav writes for bestonlinemortgageloan.com. He enjoys writing about the latest innovations in financial services and products.
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