Finder makes money from featured partners, but editorial opinions are our own. Advertiser Disclosure

Better vs. LoanDepot mortgages

One lender has more home loan options, but watch out for higher origination fees.

Better and LoanDepot are both strong options — the best lender for you depends on a few factors

Both Better and LoanDepot are highly rated mortgage lenders that have gathered frequent praise from their respective customers. Based on customer feedback, we think you’re more likely than not to have a positive experience, whichever of the two lenders you choose to go with.

With that in mind, here are some reasons you might choose one lender over the other.

  • Choose LoanDepot for its greater accessibility. LoanDepot is licensed in all 50 states, whereas Better isn’t yet available nationwide.
  • Choose LoanDepot for access to more government home loan options. LoanDepot offers all three popular government-backed mortgage options — FHA, VA and USDA loans. Better offers only FHA loans.
  • Choose Better to avoid lender fees. Better doesn’t charge any lender fees — no processing, underwriting or origination fees. LoanDepot charges $1,240 in lender fees, which comprises a $695 processing fee and a $545 underwriting fee.
  • Choose Better if you want upfront rate information and a fully digital application process. Better publishes its rates online, preapprovals can take just a few minutes and you can handle most of the mortgage process online and entirely yourself. While you can apply online with LoanDepot, you’ll need a loan officer to go over your rates and loan options.

‎ 
Get rates See rates
Name Better
(NMLS #330511)
LoanDepot
(NMLS #174457)
At a quick glance
  • Choose this lender for low closing costs
  • Choose something else if you want to pick your loan servicer
  • A good option for borrowers looking for a conventional or FHA loan
  • Choose this lender for helpful, professional loan officers
  • Watch out for high origination fees
  • A good option for borrowers who plan to pay off their loan early
Loan products offered Conventional, Jumbo, FHA, Refinance Conventional, Jumbo, FHA, VA, USDA, Refinance
State availability Not available in: HI, MA, MN, NV, NH, VT, VA Available in all states
Min. credit score 620 620
BBB Rating B A+
Trustpilot Rating Great Average
Pros
  • Matching technology
  • Better price guarantee
  • 21-day closing commitment
  • Informative website
  • No steering policy
  • High loan limits
  • Accepted loan-to-value ratios
  • No prepayment fee
Cons
  • Not available in all states
  • Limited loan types
  • No branch locations
High origination fees
More info Read Review Read Review

Compare mortgage lenders

Compare top brands by home loan type, state availability and credit score. Select See rates to provide the lender with basic property and financial details for personalized rates.

Name Product Loan products offered State availability Min. credit score
Rocket Mortgage
(NMLS #3030)
Rocket Mortgage
Conventional, Jumbo, FHA, VA, Refinance
Available in all states
620
Streamline your mortgage from quote to final payment — all from your computer or phone.
AmeriSave
(NMLS #1168)
AmeriSave
Conventional, Jumbo, FHA, VA, USDA, Refinance
Not available in: NY
620
Great customer reviews and customized rate quotes in three minutes with no SSN needed.
Veterans United
(NMLS #1907)
Veterans United
Conventional, FHA, VA, USDA, Jumbo, Refinance
Available in all states
620
Veterans United stands out from other lenders for its focus on serving the military community.
Better
(NMLS #330511)
Better
Conventional, Jumbo, FHA, Refinance
Not available in: HI, MA, MN, NV, NH, VT, VA
620
Online preapproval in minutes and no origination fees with this direct lender.
loading

Compare up to 4 providers

More guides on Finder

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and finder.com Terms of Use.

Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.
Go to site