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Better vs. LoanDepot mortgages

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

Britny Lawhorn
Britny Lawhorn

Posted

Fact checked
Side-by-side comparison Compare more lenders

How do Better.com and LoanDepot compare?

Better.com logo
LoanDepot logo
  • 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

Read review Go to Better.com site

Read review Go to LoanDepot site

Loans offered

  • Conventional
  • Refinance
  • Jumbo
  • Home Equity
  • FHA
  • VA
  • USDA
  • Conventional
  • Refinance
  • Jumbo
  • Home Equity
  • FHA
  • VA
  • USDA

Minimum credit score

Conventional: 620

Conventional: 620

States available

Not available in: HI, MA, MN, NV, NH, VT, VA

Available in all states

Pros

  • Online experience
  • Price-matches other lenders
  • Fewer fees
  • No steering policy
  • High loan limits
  • Accepted loan-to-value ratios
  • No prepayment fee

Cons

  • Some loan types aren’t available
  • No smartphone app
  • No branches
  • High origination fees

Customer reviews

Better gets an A+ rating with the Better Business Bureau, and as of December 2020, it gets an average of 4 out of 5 stars from 444 customers. Both positive and negative reviews tend to focus on how automated the loan process is, with several reviewers comparing it to an assembly line. When everything runs smoothly, loans are completed on time and the process is simple. But when there’s an issue, some users complain that it’s hard to get any personalized help.
LoanDepot has a strong online presence. As of November 2020, the Better Business Bureau gives LoanDepot an A+ rating after having closed 653 complaints over the past three years. The lender earns 3.82 out of 5 stars based on almost 1,400 customer reviews. On Trustpilot, LoanDepot receives 3.8 out of 5 stars based on 3,037 reviews. Many borrowers speak highly of its loan officers, saying customer service is quick and professional. Of the complaints, the most frequent is about LoanDepot’s high origination fee, which can be as high as 5% of your loan’s total value. Many competitors offer origination fees of 0.5% to 1% of your loan amount.

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
Better.com
(NMLS #330511)
Better.com
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.
See rates
More Info
Axos Bank
(NMLS #524995)
Axos Bank
Conventional, Jumbo, FHA, VA, Home Equity/HELOC, Refinance
Available in all states
620
Purchase, refinance, and home equity options available with lender fees as low as $0 (restrictions apply).
See rates
More Info
SoFi
(NMLS #1121636)
SoFi
Conventional, Home equity, Refinance
Not available in: AK, HI, MO, NH, NM, NY, SD, WV
620
No hidden fees, multiple loan terms, and member discounts available.
See rates
More Info
LendingTree
(NMLS #1136)
LendingTree
Conventional, Jumbo, FHA, VA, USDA, Home Equity, HELOC, Reverse, Refinance
Available in all states
620
Connect with vetted home loan lenders quickly through this online marketplace.
See rates
More Info
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