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Better.com

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522 User Reviews

8.1

Overall Score

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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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Nicole Clement Providence, RI

The process for refinancing was not as easy (or less expensive) as described in the marketing materials for Better. Although the customer service was good, I found that I was not fully informed of important aspects of the process - making the brick and mortar lenders a more appealing refinancing option.

9 months ago

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Brett M. Truitt Washington, DC

Everything was great until they sold my loan and gave no notification to me of doing so. I ended up reaching out to them because nothing was due and that's when I was informed that my loan had been sold.

10 months ago

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Eric Yew Chicago, IL

They would get 5 stars except their partnership with The Money Source for servicing. The Money Source is awful to use and being forced to have your loan serviced by them after the closing really ruins the entire experience.

10 months ago

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Justin

The process obtaining the loan was very smooth but my loan has been sold a few times since then and it is a hassle to pay my mortgage when it keeps changing where I have to pay it.

11 months ago

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Charles

The process started very well. Everyone was responsive at first but after we had our application in, that changed pretty quickly. There was poor communication and lot of confusion on our part about what we were paying for.

11 months ago

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Aaron T Konkol Milwaukee, WI

The user experience was great. I'm not happy that my information was shared with marketers who sent me tons of mail soliciting my business on insurance and other services.

10 months ago

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Michael

It was super easy and the rate was low. I love that it was online and everything was digital, that was huge for me. I didn't like how long it took.

9 months ago

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Luke Swierczynski Troy, MI

Was curious how the experience would be given all the advertisements they had. When purchasing our current home I did get a quote from Better.com but despite advertising zero commission or lender fees they still cost more than the company I ultimately used for my mortgage. I wouldn't recommend them purely based on the cost involved. I personally wouldn't use them but for a certain type of borrower it might make sense. It just didn't click for me.

9 months ago

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Mike Turpin Noblesville, IN

The process was good, but am still waiting on an electronic copy of my signed documents to be uploaded to my account.

9 months ago

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Albert Talley jr. Rosharon, TX

Tried to refinance 2nd home, after being approved without having to sell it and was told I didn't qualify.

9 months ago

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Stacia Riffe Woodstock, IL

It was difficult to reach a real person when needed and they did not answer emails timely.

10 months ago