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Better vs. LoanDepot mortgages

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

How do Better and LoanDepot compare?

Better 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

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

  • 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

Customer reviews

As of March 2021, Better has a 3.98 out of 5 rating with the Better Business Bureau (BBB) and a 4.1 out of 5 rating on Zillow from hundreds of customers. Better has been accredited with the BBB since 2018 and has an A- rating with 54 complaints registered over the last three years. Several BBB complaints are related to Better’s $550 appraisal fee, which is required to lock in the interest rate. Customer reviews — both positive and negative — 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 and brokers

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
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.
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.
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).
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.
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.
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