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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.
|At a quick glance||
|Loan products offered||Conventional, Jumbo, FHA, VA, Refinance, HELOC, Equity Unlocker||Conventional, Jumbo, FHA, VA, Refinance|
|State availability||Available in all states||Available in all states|
|Min. credit score||620||620|
||High origination fees|
|More info||Read Review||Read Review|
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