Better.com vs Quicken Loans

Kalicia Bateman
Kalicia Bateman | Contributor

Better and Quicken Loans are both well-known lenders in the online mortgage marketplace, promising an easy online mortgage process with a variety of home purchase and home refinance mortgage options to serve a wide range of consumers.

If you are looking for experience and clout in the industry, Quicken Loans might be the best choice, but Better.com’s streamlined process, as well as low rates and fees, aren’t something you’ll want to turn a blind eye to.

On BestCompany.com, Better currently has limited reviews, but Quicken Loans reviews are mixed with 25 percent of customers giving the company only 1 star.

Better.com logo
#7 Better.com
7.3 Overall Score
4.7
star star star star star_half
(382)
Quicken Loans logo verified_user
#3 Quicken Loans
9.1 Overall Score
3.9
star star star star star_border
(414)

Overview

Better.com

Minimum Down Payment for Conventional Loan

3%

Minimum Credit Score Accepted

620

Time in Business

5 Years

Quicken Loans

3%

620

36 Years

Ratings

Better.com

Overall Score
7.3 of 10
Review Score
4.7
star star star star star_half
Value for Money
4.7
star star star star star_half
Quality of Product or Service
4.7
star star star star star_half
Company Trustworthiness
4.7
star star star star star_half
Likely to Recommend
9.4 of 10

Quicken Loans

9.1 of 10
3.9
star star star star star_border
3.9
star star star star star_border
3.8
star star star star star_border
3.7
star star star star_half star_border
6.9 of 10

Reviews

Better.com

Number of Reviews
382
Review Breakdown
4.7
star star star star star_half
5 star
77%
4 star
18%
3 star
2%
2 star
1%
1 star
2%

Quicken Loans

414
3.9
star star star star star_border
5 star
63%
4 star
7%
3 star
6%
2 star
4%
1 star
21%

Reviews for Better.com

Helpful Favorable Review

star star star star_border star_border

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.

2 days ago

Helpful Critical Review

star star star_border star_border star_border

Helen Winslow Apex, NC

We had an experience where we almost were not able to close on our home because we were not told information we needed up front. We had to scramble to be able to meet the requirements and we found the people we dealt with to be not very helpful.

1 month ago

Reviews for Quicken Loans

Helpful Favorable Review

star star star star star

kerri sherwood Maricopa, AZ

I was wary at first but the entire process and experience was top notch. Everything flowed smoothly. I loved the checklists and the dashboard so I could keep track of where we were at in the process and ask any questions along the way.

3 days ago

Helpful Critical Review

star star_border star_border star_border star_border

Jodie Ryan Allen, TX

Poor communication. Slow to process loan. Slow to process my refund I wanted a cash out of 30K and I didn't get that much Not a great experience. if I ever do another loan/refinance I will go elsewhere

2 weeks ago

The Final Word

When shopping for a mortgage, it is likely that you’ve seen Better.com and Quicken Loans as top-rated lender options. Let’s take a closer look at what both companies have to offer:

Competitive Mortgage Rates
Low Fees
Variety of Loan Types
Special Products and Programs
Fast Approval Process
Online Convenience
Time in Business
Customer Experience
The Bottom Line

Competitive Mortgage Rates (Recommendation: Better.com)

Better and Quicken Loans both provide updated rates on their websites, giving you an idea of what you could expect to pay in interest with either company. 

Since mortgage rates change daily it is difficult to make a comparison between two companies based on this factor. In addition, the rate that you will receive with any mortgage company will be dependent on a variety of financial elements, such as your credit score, debt-to-income ratio (DTI), and how much of a down payment you are able to make.

However, based on advertised rates on Better.com and the Quicken Loans website, Better offers more competitive rates (at least when considering the lowest available rate). While you may not think that a lower rate by a small margin of points would make much of a difference, saving even a quarter of a point in interest could result in significant savings over the life of your mortgage loan — potentially, thousands of dollars in savings.

Based on the lowest advertised rates alone, we would recommend Better.com for your mortgage loan needs.

Check your rates with both lenders since your rate will largely be determined by your finances.

Low Fees (Recommendation: Better.com)

When you apply for a mortgage, you will be required to pay a variety of fees — from loan processing fees to closing costs.

If you are looking for low fees and costs, a Better.com mortgage may best suit your needs.

Better doesn’t charge any lender fees, including an application, underwriting, and origination fee. This is a unique practice in the mortgage industry and could save you a significant amount of money upfront. In addition, Better doesn’t work on commission, indicating that the company is more concerned about meeting your needs as a borrower, instead of its own needs as a company.

Quicken Loans may charge an application, underwriting, and origination fee, but the company does provide some options for saving money which aren’t available on Better.com, or with many other lenders for that matter. 

For example, Quicken Loans offers the PMI Advantage program, giving homebuyers options to save on their private mortgage insurance. This program offers two options for saving more on your PMI:

  • Raise your interest rate slightly to cover the cost of PMI
  • Pay your PMI as a one-time payment at closing

While these options don't necessarily remove your responsibility to pay PMI, they can help you reduce your monthly mortgage payment and save you more money in the long run.

Variety of Loan Types (Recommendation: Quicken Loans)

Better and Quicken Loans offer similar loan types.

  Better.com Quicken Loans
Loan Types
  • Fixed Rate Loan
  • Adjustable Rate Mortgage (ARM)
  • FHA Loan
  • Fixed Rate Loan
  • Adjustable Rate Mortgage (ARM)
  • FHA Loan
  • VA Loan
  • Jumbo Loan
  • YOURgage® Loan

Compared to Quicken Loans, and many other lenders in the online mortgage industry, Better.com doesn’t offer very many loan type options, which could be a drawback for some consumers.

Both Better and Quicken Loans offer refinancing, but neither company offers a home equity loan product or home equity line of credit (HELOC) option. If you would like the option to get cash from your home equity, you will need to look into other mortgage lender options.

Overall, for a wider variety of loan types, we would recommend Quicken Loans.

Special Products and Programs (Recommendation: Quicken Loans)

When it comes to specialized products and programs, Quicken Loans has a leg up over Better.com.

One advantage of working with Quicken Loans is its special products and programs, such as the following:

  • Quicken Loans Good-Faith Deposit — Pay a deposit amount between $400 and $750 which will cover all lending fees, such as pulling your credit, ordering an appraisal, and processing your loan.
  • RateShield℠ Approval — Lock your rate for 90 days. This approval program is only available for a 30-year fixed conventional loan, FHA loan, or VA loan.

While these programs don’t necessarily offer extraordinary services, they can help you save more money up front.

Beyond its loan products, low rates, and low fees, Better.com doesn’t offer any special mortgage programs.

Fast Approval Process (Recommendation: Either)

Both Better.com and Quicken Loans offer an entirely online application process that can be completed quickly and easily. With both companies you can get pre-approved quickly, but Quicken Loans offers a “two-tiered” approval process that can get you to close faster. The Quicken Loans process includes the following:

  • Prequalified Approval — After checking your credit, Quicken Loans will provide you with a prequalified approval letter showing how much you can borrow.
  • Verified Approval — After receiving all required documents, a Quicken Loans Home Loan Expert will verify your information and give you an approval letter within 24 hours. This approval level also provides a $1,000 closing guarantee.

It isn’t clear with either company how long it will take to get to closing — the industry average is approximately 40 to 65 days — but with entirely online processes, it is likely that the mortgage process will be completed faster.

Both companies offer a similar approval process that can get you to closing fast.

Online Convenience (Recommendation: Either)

As previously mentioned, both Better.com and Quicken Loans offer entirely online mortgage application and approval processes that can save you time and money.

If you are looking for further ease in managing your mortgage, Quicken Loans does offer a mobile app, a service that Better.com doesn’t provide.

Both companies offer an entirely online mortgage process.

Time in Business (Recommendation: Quicken Loans)

Better is a relatively young company, founded in 2016. Quicken Loans, on the other hand, has been in the mortgage lending business much longer, having been founded in 1985.

Because Quicken Loans has been around for a long time, it has become the largest mortgage lender in the United States, and thus has years of experience working with consumers’ unique needs and finding them mortgage solutions. 

Although time in business isn’t necessarily an indicator of superior service or performance, some consumers may prefer working with a company that has been in the business for more than 30 years. That being said, Better.com has quickly become a top-rated online mortgage lender since its inception in 2016, and offers competitive rates and services that you may not find elsewhere.

Based on its founding year alone, Quicken Loans would be a good option if you are looking for a seasoned and experienced mortgage lender.

Customer Experience (Recommendation: Inconclusive)

On BestCompany.com, Better mortgage reviews are limited and don’t provide enough context or insight to provide an accurate depiction of the company’s customer experience.

Quicken Loans, on the other hand, has more than 350 reviews, but they are a mix of 1-star and 5-star ratings. Positive reviews frequently mention the company’s reliable customer service and fast mortgage process, but negative reviews frequently complain of poor communication and a lack of company transparency. 

Due to the fact that Better.com has a limited number of reviews and Quicken Loans has mixed reviews, we could recommend doing your research and deciding which products and services appeal to you when making a lender decision.

The Bottom Line

Better and Quicken Loans offer similar products and services with the convenience of an entirely online mortgage process. Both companies are top-rated options in the online mortgage industry, and so how do you decide between them?

If you are looking for low rates and fees, Better.com may be a better choice. However, if you would prefer flexibility in your loan type, Quicken Loans would be a better option for you. Your choice will depend on what you are looking for, but it wouldn’t hurt to pre-qualify with both to see what your options really are. 

Customer reviews don’t offer any conclusive company recommendations, although more than half of Quicken Loans reviews are positive, and the company has been in the business for a long time. That being said, while Better.com may be a young company in comparison, it has garnered a top-rating among consumers and industry experts alike.

Top Choice

Quicken Loans Logo
Quicken Loans

Frequently Asked Questions

Is Rocket Mortgage the same as Quicken Loans?

Yes, Rocket Mortgage and Quicken Loans are the same company. Quicken Loans recently changed its name to Rocket Mortgage, although QuickenLoans.com is still operational — you will be redirected to Rocket Mortgage, through which your home loan will be originated, processed, and closed.

Is Better.com good for refinancing?

Better Mortgage offers refinancing for fixed rate and adjustable rate mortgages (ARMs). You can view Better’s refinance rates on its website. 

If you are looking for cash-out refinance, or home equity loans or lines of credit (HELOCs), you will have to look into other mortgage company options because Better doesn’t offer these products.

How long does it take Quicken Loans to close on a home loan?

Quicken Loans may close on your loan in 30 to 50 days, faster than the industry average of 40 to 65 days.

How long does it take Better.com to close on a home loan?

Better Mortgage doesn’t provide a specific time to closing on its website. Better’s time to close is likely faster than the industry average of 40 to 65 days, and customer reviews indicate a fast process overall.

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