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Loan products offered | Conventional, Jumbo, FHA, Refinance |
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Minimum credit score | Refinance: 680 All other loans: 620 |
Minimum down payment (Conventional) | 3% |
State availability | Not available in: HI, MA, MN, NV, NH, VT, VA |
NMLS # | 330511 |
Better is a digital mortgage lender that could help you save money over traditional lenders that often charge hundreds in origination and application fees. Because there’s no middleman or retail locations to support, it’s able to offer competitive rates and charges no origination fees or commissions.
The company gets high marks from customers, who praise the company’s service team and online loan portal, which allows you to track your loan status, communicate with your loan team and send in documents. Better also offers special discounts on its mortgages if you use an affiliated real estate agent.
But its home loan selection is somewhat limited, there’s no in-person branches and it’s not available in all states. As a fully digital lender, Better is best suited for the tech-savvy, cost-conscious borrower who knows their way around a computer and prefers to handle everything electronically.
To find out if you’re eligible for a Better home loan, visit the company’s website. Basic eligibility for a mortgage loan includes:
The documents you’ll need to apply for a home loan from Better include:
For employed persons:
For self-employed persons:
Better doesn’t charge any lender fees, which means you won’t have to pay an application or origination fee. Note that you’ll still have to pay third-party fees such as appraisal fees, title services and recording charges.
To get started:
Better also offers these specialized types of mortgages.
Better offers a streamlined digital application process that cuts out the middleman, affording you more competitive rates and lower closing costs.
But not everyone is comfortable with a digital-only mortgage application process. Better may appeal more to tech-savvy borrowers who upload documents from their smartphone like second nature.
If you don’t fall into this category, you may want to go with a more traditional lender with local branches or one that offers both digital convenience and in-person support when you need it, such as Freedom Mortgage and Guaranteed Rate.
Find your perfect match by comparing lenders and lender marketplaces by the type of home loan you’re searching for, state availability and minimum credit score for a conventional loan. Select See rates to visit the lender’s website for a personalized quote.
As of August 2021, Better has a 3.96 out of 5 rating with the Better Business Bureau (BBB) and a 4.4 out of 5 rating on Zillow from hundreds of customers. Better has been accredited with the BBB since 2018 and has a B rating with 146 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.
Launched in 2016, Better is a digital lender headquartered in New York, NY. Since its inception, Better has funded more than $25 billion in loans. In 2018, Better launched its Better Real Estate division, which helps match buyers to agents. And in 2019, the company introduced Better Cover and Better Settlement Services to help simplify the home insurance and title insurance process.