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Better vs. LoanDepot mortgages

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

Britny Lawhorn

Matt Miczulski

Updated Dec 3, 2021. What changed?

Fact checked

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.

‎	Read review Terms apply, see rates & fees	Read review Terms apply, see rates & fees
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, 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
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.

1 - 3 of 3

Name	Loan products offered	State availability	Min. credit score	‎
Rocket Mortgage (NMLS #3030)	Conventional, Jumbo, FHA, VA, Refinance	Available in all states	620	See rates (888) 329-4989	Apply online for free and lock in your rate for 90 days.	loading Fetching your data...
LendingTree (NMLS #1136)	HELOC, Home Equity loans	Available in all states	620	See rates More Info	Connect with vetted lenders quickly through this free online marketplace.	loading Fetching your data...
Veterans United (NMLS #1907)	Conventional, FHA, VA, USDA, Jumbo, Refinance	Available in all states	620	See rates More Info	Veterans United stands out from other lenders for its focus on serving the military community.	loading Fetching your data...

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Britny Lawhorn

Britny Lawhorn is a former publisher for Finder who specialized in mortgages. She helped readers get a better deal when they bought or refinanced a home. Prior to joining Finder, she spent over five years working in marketing agencies where she helped businesses grow their audience. She attended the University of Tennessee, where she earned a degree in English. In her free time, she enjoys traveling, volunteer work and dabbling in photography.

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