Better.com

• 100% Online Application
• Simple, Straightforward Process
• Loan Officers Don't Earn Commission
• No Lender Fees
• Additional Resources
• Altruistic Values
• Better.com Reviews

100% Online Application

Better.com's mortgage application is 100 percent online. This means you can apply, lock in a mortgage rate, and get your mortgage funded without leaving your home.

Simple, Straightforward Process

Consumers should appreciate Better's straightforward process. To get started, all you need to do is select whether you're buying a home or refinancing.

If you choose the 'buy' option, you'll need to fill out some general information — things like whether you're just looking or if you plan on making an offer.

If you choose the 'refinance' option, be prepared to fill out some information regarding your property.

Filling out the online application should only take a few minutes, and once that's done, Better.com presents you with the amount you can borrow or how much you potentially can save (with a refinance).

Overall, the process is straightforward. Just be sure to have your personal information and property information (if you're refinancing) on hand.

Loan Officers Don't Earn Commission

Better.com is unique because its loan officers don't earn a commission. This means that homebuyers aren't responsible for commission fees which can significantly raise upfront costs.

According to Better.com, mortgage loan officers generally receive about one percent of the total loan amount. If your mortgage loan officer gets you a $500,000 loan, they get $5,000 in commission. However, this can be avoided with a Better mortgage.

No Lender Fees

Better.com doesn't charge any lender fees. There are no origination, application, processing, or underwriting fees. Instead, the lender makes money by selling loans to investors in the secondary market.

Using its technology, Better matches borrowers with investors interested in buying their loans and paying a reasonable price for them. This then allows Better to offer low rates to its borrowers.

Additionally, Better's rates are lower because of the company's dedication to streamlining the mortgage process.

Additional Resources

Better's website is filled with helpful information and resources. You can easily view mortgage rates. There is a loan comparison calculator, and the company's blog is packed with valuable articles that are great for everyone — no matter where you are in the home-buying process.

Altruistic Values

Better.com was founded by CEO Vishal Garg, whose vision was to streamline the mortgage lending process after encountering difficulties when trying to secure a good interest rate and mortgage loan for his own young family in 2012.

The company seeks to defy the norms of the mortgage industry by offering mortgage loans to everyday people who are fed up with the big players and exorbitant fees that often come with hiring a real estate agent.

These values may be appealing to potential homeowners across the United States who face a similar situation to that of Vishal Garg a decade ago. 

Better.com Reviews

On BestCompany.com, 96 percent of Better.com reviews are 4 or 5 stars. These ratings alone significantly set Better.com apart from other mortgage lenders.

Satisfied Better.com borrowers typically highlight the following in positive reviews:

• Efficient mortgage process — Better.com can get you to closing much faster than other lenders
• Low mortgage rates
• Reliable and responsive customer service representatives
• Overall transparency throughout the mortgage process — the lender doesn't hide anything from homebuyers

Reviews with 3 stars or below are minimal, but some customers express dissatisfaction with how quickly Better.com sold their loan after closing, in some instances putting the loan in the hands of a servicing company that is difficult to work with. Most, if not all, mortgage lenders sell loans, so this is not an uncommon practice, but it is worth noting that your Better.com mortgage will likely be transferred to a different servicer immediately after closing.

• No Home Equity Loans or HELOCs
• No VA or USDA Loans
• Not Available Nationwide

No Home Equity Loans or HELOCs

Currently, Better.com does not offer home equity line of credit (HELOCs) or second mortgages. HELOCs can be beneficial as they are secured loans backed by your home. With HELOCs, you are given access to a credit line (similar to a credit card) and only charged interest on the amount you use. HELOCs can be used to remodel your home, pay off student and other debt, or fund a vacation (there are no restrictions on how HELOCs can be used).

No VA or USDA Loans

Better.com does not offer any VA loan or USDA loan options at this time. However, in addition to its conventional loan options, Better.com does offer FHA loan options which can be helpful for first-time homebuyers.

Not Available Nationwide

Better.com offers its services to more than 40 states but still is unavailable in some states.

Although Better.com notes it has plans to become available nationwide soon, it's not quite there. 

That said, if you live in the following states, Better.com is currently not an option:

• Hawaii
• Massachusetts
• New Hampshire
• Nevada