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Better.com

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8.1

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LAST UPDATED: June 8th, 2022

Better.com (also known as Better Mortgage) is a direct mortgage lender that entered the digital mortgage market in 2016. The lender's mission is to completely redefine the homeownership process and make it simple, fast, and affordable — for everyone. Better.com accomplishes these objectives by keeping the entire mortgage process online and eliminating commission and lender fees.

Better.com is also committed to providing superior customer support and you can call any time if you have questions or concerns about your mortgage.

Continue reading for more information about this lender or jump down to read Better.com reviews from real customers.

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The Good

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

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.

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The Bad

  • 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
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The Bottom Line

Better.com sets itself apart in the mortgage industry with it's 100 percent online business model, providing homebuyers with a simpler and faster mortgage process. In addition, the lender has zero commission fees and lender fees, cutting upfront costs that you would encounter with other mortgage lenders. 

To qualify for a Better.com mortgage, you will need a credit score of 620 or above, but if you are a first-time homebuyer or low-credit homebuyer, Better.com may have a mortgage solution for you, such as an FHA loan.

Better.com reviews are overwhelmingly positive with customers highlighting exceptional customer service and low rates.

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Star Rating

4.7

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529 Reviews

Review Breakdown

5 grade

78%

4 grade

18%

3 grade

2%

2 grade

1%

1 grade

2%

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Dayne Topkin Asheville, NC

Better.com were almost the reason my home purchase fell through. We missed countless deadlines in the process. My loan processor never communicated important details about the loan with me. And their communication was completely unacceptable, I ended up having to call every day to find out where we were in the process.

10 months ago

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Camille Tacoma, WA

Worst experience dealing with Paige D, her inexperience or lack of knowledge/care created so many avoidable issues. Escrow company was terrible in communication as well, not sure if this was due to Paige holding our account or not. I would caution anyone to stay away from Better.com

1 year ago

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Matthew Serra Huntersville, NC

They misled me into spending thousands of dollars, no one knows what they’re talking about with regards to what’s needed to make a mortgage close, and communication is absolutely horrendous.

1 year ago

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User Information Chesterfield, MO

They were unwilling to compromise on an Amex offer. Not flexible at all and unwilling to make any sort of effort to find a workable solution. Because of this, I will not use Better.com again, and I will never recommend them.

1 year ago

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Deborah

If anyone were to ask me about them I would tell them walk away from them. The process was way too long and it was been sold and I don’t know how many more times it is going to be sold.

1 year ago

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Neil Siegel Stamford, CT

Some serious mistakes were made and it is very difficult to escalate issues to anyone senior in the organization

11 months ago

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Pamela Rozell Tacoma, WA

Poor communication with team and clients

10 months ago

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Juan Valdez Beverly Hills, CA

Impossibe to work with their underwriters. Using income incorrectly

1 year ago