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.
Jump down to read a detailed analysis of both companies or helpful FAQs.
Attention: Quicken Loans changed its name to Rocket Mortgage.
QuickenLoans.com remains operational, but you will be redirected to Rocket Mortgage to apply for a loan.
Better.com
5%
620
FHA
20–30 Days
8 Years
Quicken Loans
3%
620
FHA, VA
30–50 Days
39 Years
Better.com
Quicken Loans
Better.com
PROS
CONS
Quicken Loans
PROS
CONS
Better.com
Quicken Loans
Helpful Favorable Review
Luke Swierczynski
November 10th, 2021
Troy, MI
Edited January 28th, 2022
Review Source
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.
Helpful Critical Review
Robert Kudler
November 9th, 2021
Merrick, NY
DETAILS
Verified Customer
Review Source
They have higher rates than competitors. Loan officers are often very young. I closed one loan with them but then they couldn't refi another house I own because they said they can't include the rental income from the property which makes no sense. This was weeks after I initially applied and I had a high interest loan so I wasted thousands waiting on them to eventually tell me they can't help me.
Helpful Favorable Review
JUDY PARSONS
March 20th, 2023
Lake Luzerne, NY
DETAILS
Bryan and Anthony from Michigan were wonderful and so helpful through the whole progress. I was amazed at how quickly and easy to apply with Rocket Mortgage. They are skilled and very knowledgeable. They always called back on my messages with questions and concerns that I had and they addressed them. They were so professional and very friendly. I felt like I could trust them from the first phone conversation. Amazing from the beginning.
Helpful Critical Review
Julita Varner
November 12th, 2022
Sylvania, OH
DETAILS
HORRIBLE! Quicken Loans screwed up EVERYTHING! The most egregious issue is they collected funds that were to be held in escrow for taxes but failed to pay the taxes. I found out when I received a notice of delinquency and that's when Quicken told me they reduced my closing costs and I was supposed to pay my taxes directly. They said "sorry" for NOT telling me this and for having to increase my monthly payments by $257 to make up the shortage. Fortunately, I can shift some things to make the payment but what if, like many people, I couldn't afford it? Absolutely SHAMEFUL!!!
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
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.
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:
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.
Better and Quicken Loans offer similar loan types.
Better.com | Quicken Loans | |
Loan Types |
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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.
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:
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.
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:
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.
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.
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.
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.
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.
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.
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.
Quicken Loans may close on your loan in 30 to 50 days, faster than the industry average of 40 to 65 days.
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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