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6 min read Aug 25, 2023

Better Mortgage Reviews-Is It Worth It?


Better Mortgage uses cutting-edge technology to streamline and accelerate the mortgage application and approval process. They provide borrowers with transparent rates, efficient approvals, and personalized assistance.

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  • Their service is 100% online
  • You can get a preapproval letter in 3 minutes


  • Their customer support isn't very communicative

Better Mortgage is an online platform providing various types of mortgage loan programs. The mortgage lender claims to provide pre-approval to the borrower within three minutes.

The company was started with the aim to re-engineer the whole mortgage loan process. An insight into Better Mortgage reviews will give you a clear picture of the company.

Key Takeaways

  • Better functions wholly online and offers assistance in every step of the application process.
  • Better doesn’t charge any underwriting, origination or application fees.
  • Better doesn't offer USDA loans. Better company does not offer home mortgage loans anywhere outside the U.S.
  • The lender claims to provide a customized rate quote within seconds.

What is

Better Mortgage is an online lender that operates across the U.S. and offers homebuyers both fixed & adjustable rates for conventional and jumbo loans. It also offers VA loans and FHA loans.

Is Better Mortgage Legit?

Yes, Better Mortgage is a legitimate company based in New York. The company is a licensed mortgage loan provider and is accredited by the Better Business Bureau.

It provides its services in all 50 states and the District of Columbia. Better gives you the flexibility to apply and get the loan amount funded completely online.

Better doesn’t charge any lender fees and their loan officers don’t even get paid a commission. The company makes money by selling its loans to investors in the secondary market.

Mortgage Loans by Better

Types of Mortgage Minimum Down PaymentDebt-To-Income RequirementsMinimum Credit Score
Conventional Loan3% to 25% 50%620
Jumbo Loan10.01%43%700
FHA Loan3.5%Below 50%580

Conventional Loan

Home loans that are not guaranteed by the US government are known as a conventional mortgage. Typically, banks, credit unions, and private lenders such as Better offer conventional loans.

Better offers you conventional loans with both fixed and adjustable rates.

Jumbo Loan

Jumbo Loans are not government-backed loans; rather, they are loans offered by private lenders like Better Mortgage. If you are applying for a jumbo loan at Better, the maximum amount you can borrow is $3,000,000.

Better offers jumbo loans to primary homes, second houses, and investment properties. But if you are a first-time home-buyer, then Better only offers jumbo loans for primary residences.

FHA Loan

FHA (Federal Housing Administration) loans are guaranteed by the US government. This loan is appropriate for you if you do not have much financial backup to purchase a home.

At Better Mortgage when you take FHA loans, it offers you an additional affordable down payment, reasonable rate options, and comparatively low qualifying credit score standards.

This type of loan mostly entices first-time home buyers who probably have low credit scores.

Better Mortgage Cost & Fees

Cost & Fees

As per Better's website, the company doesn’t charge any lender fees that include application, underwriting, and origination fees. However, you will have to shell out money for any third-party fees involved.

The third-party fees associated with a Better Home Loan include:

  • Appraisal fees
  • Reddit reports
  • Flood certification
  • Lender’s title insurance
  • Other title fees
  • Real estate transfer taxes
  • Recording fees
  • Settlement
  • Owner’s title insurance (optional)

Better Home Mortgage Rates

Term RateAnnual Percentage Rate
30-year fixed5.875%6.089%
30-year fixed FHA5.625%6.005%
20-year fixed6.125%6.406%
15-year fixed6.000%6.369%

Types of Properties Better Mortgage Finance

The Better Mortgage Company provides finance to properties like townhouses, manufactured homes (conventional refinancing only), single-family homes, multi-family homes (up to four units), condominiums, and planned unit development.

However, Better Mortgage does not offer finance to properties like co-ops, modular homes, mixed-use properties, and multi-family homes (exceeding five units).

Better Mortgage Coverage

Better Mortgage covers the following states in the USA:

NortheastConnecticut, Maine, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, Vermont
MidwestIllinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Ohio, South Dakota, Wisconsin, Nebraska, North Dakota
SouthAlabama, Delaware, Florida, Georgia, Kentucky, Louisiana, Maryland, Mississippi, North Carolina, Oklahoma, South Carolina, Tennessee, Texas, Virginia, West Virginia, Arkansas, District of Columbia
WestArizona, California, Colorado, Idaho, Montana, Nevada, New Mexico, Oregon, Utah, Washington, Alaska, Hawaii, Wyoming

Better Mortgage Pros & Cons


  • 100% online service
  • Doesn't charge origination, application, processing, or underwriting fees
  • Pre-approval letter in three-minutes
  • You can get to check customized mortgage rates online before applying
  • Provides on-time closing guarantee
  • Offers 24/7 customer support


  • Better don't offer USDA loans
  • Doesn't have any physical branches
  • Doesn't offer construction or commercial loans

Better Mortgage Customer Reviews

Better Mortgage reviews have a 4.2 out of 5 rating on Trustpilot. However, some of the Better Mortgage customer service reviews contradict when it comes to customer support.

The customer services provided by Better have been rated quite helpful on Trustpilot reviews, while others found it quite the opposite.

Positive Better Mortgage Customer Reviews

✅ According to many reviews, Better simplifies the whole process for its clients.

Better Positive review1

✅ The team at Better keeps the client well-informed about the whole and is helpful throughout the process.

Better Positive review2

Negative Better Mortgage Customer Reviews

❌ Customers were unsatisfied with Better and complained that their customer support lacks communication skills.

Better negative review1

❌ In addition, Better’s reviews state that their team did a lot of goof-ups throughout the loan process and requires severe training.

Better negative review2

Why You Shouldn’t Take a Mortgage Loan?

  • Debt: A lot of people do not like to take the route of a mortgage loan as they like to keep themselves debt free. Taking up a mortgage loan is a huge responsibility and it can make some customers uncomfortable.
  • Paying Interest: When you take a mortgage loan, a huge chunk of your income goes towards interest. Not everybody is ready to shell out that much money, as most of it does not go toward paying off the mortgage.
  • Risk of Rate Change: If you haven't taken up a fixed-rate mortgage, there is a risk involved as the interest rate might fluctuate over time.

Alternatives to

1. Rocket Mortgage

Nationwide Coverage


Rocket Mortgage Logo
  • Min. Credit Score: 620
  • 📍 Coverage: 45 markets
  • 4 Stars 4/5 (2,031 reviews)

Rocket Mortgage is an online mortgage lender and is quite popular for refinances. In 2021, Rocket Mortgage achieved $1 billion in annual closed loan volume and became the biggest mortgage lender in the U.S.

  • Pre-Approval Speed: 8 minutes
  • Credit Scores against Loan Types:
    • 580 – FHA, VA
    • 620 – Conventional
    • 680 – Jumbo
  • Interest Rate: Same as National Average (7%)
  • Days to Close: 47 days
  • Types of Loans:
    • Offers fixed- and adjustable-rate conventional and jumbo loans, FHA loans
    • Doesn’t offer USDA, home equity, HELOCs, land loans, or loans to purchase foreclosures

What You Need to Know about Applying for a Mortgage from

  • How to apply: Online via website or in-person at one of the 4 branch offices in Charlotte, Cleveland, Detroit and Phoenix.

Rocket Mortgage has 4 out of 5 stars on Consumer Affairs.

Nationwide Coverage: is available in 50 states.

2. Bank of America

Biggest Bank


logo image
  • Min. Credit Score: 620
  • 📍 Coverage: 45 markets
  • 4 Stars 4/5 (2,204 reviews)

Bank of America is the biggest national bank and has processed over thousands of home mortgages.

  • Pre-Approval Speed: 20 minutes
  • Credit Score: 620
  • Interest Rate: Lower than National Average (7%)
  • Days to Close: 30 to 45 days
  • Types of Loans:
    • Offers fixed- and adjustable-rate conventional and jumbo loans, FHA loans
    • Doesn’t offer USDA loans

What You Need to Know about Getting a Mortgage from Bank of America

  • How to apply: online via

Bank of America Mortgage has 4 out of 5 stars on Consumer Affairs.

Near-Nationwide Coverage: Bank of America processes mortgages in 42 states.

Bottom Line: Is Better Mortgage Worth it?

Better is a 100% online lender that specializes in offering Conventional, FHA, VA, and Jumbo loans. It doesn't charge any lender fees or commissions.

You can get customized rates as per your loan requirements in seconds and a preapproval letter in a few minutes.

The whole application process at Better is easy-to-navigate and seamless. The lender provides 24/7 customer support by email or phone.

But being an online mortgage loan-providing platform it has its own disadvantages. It doesn't offer USDA and construction loans. Apart from this, the lender doesn't offer home equity lines of credit (HELOCs).

Frequently Asked Questions

How does Better Mortgage Work?

When applying for better home loans, the whole process takes place online. You can apply for the loan from any corner of the world or at the comfort of your home. You will have to first decide your intent whether it is for buying, selling or refinancing; post which you can get a pre-approval letter from the lender in less than 3 minutes.

Is Better Mortgage Trustworthy?

Better Mortgage is a trustworthy lender. The lender has got a B rating from the Better Business Bureau. It has also got 4.2 stars out of five from Trustpilot.

Where is Better Mortgage available?

Better provides its services in 50 states and the District of Columbia. However Better currently isn’t available in Puerto Rico or anywhere outside the United States of America.

Where is Better Mortgage headquartered?

The lender is headquartered in New York, with three more offices in the U.S. However there are no in-person branch locations of Better.

Who owns Better Mortgage?

Vishal Garg is the founder and CEO of

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