Better Review

ByNadav ShemerJul.15, 2021
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In a Nutshell

Better Mortgage Corporation is a direct lender that uses technology to provide a fast and transparent digital mortgage experience backed by customer support. It was founded in 2014 and is backed by big-name investors including Citi, Goldman Sachs, Kleiner Perkins, and American Express. To date, it has originated more than $2 billion in conventional mortgage loans.


  • Almost entirely digital process
  • Algorithm reduces importance of credit score
  • No origination or lender fees


  • Not available in all 50 states
  • No government-backed loans
  • Better may transfer your loan to another service provider

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Better Mortgage at a Glance 

Direct lender or marketplace?Direct
Loan types:

Purchase, refinance

Featured LoansConventional
Repayment terms:

 15-30 years, 5/1, 7/1, or 10/1 ARM

Minimum Down Payment:


Minimum Credit Score:  620+
Suitable for: Minority homebuyers frozen out by traditional lenders


Better Mortgage is a lender for the digital age. It’s one thing to offer online applications; Better Mortgage goes a step farther, utilizing a proprietary algorithm to quickly assess and approve home buyers from a diverse range of backgrounds. Thanks to its mostly digital platform, Better is able to save on overheads. This allows it to charge borrowers no origination fees, no lenders fees, and no commissions. This platform really is digital from start to finish. You can log in anytime to see where you are in the process and what can be done to keep things moving.

Suitable For?

All types of borrowers that meet the minimum credit score requirement stand to benefit from Better’s streamlined online mortgage process. However, the group that stands to benefit most are minority borrowers. As Fortune noted in their review, Better’s customer base is dominated by groups like single women, minorities, and LGBT couples who have traditionally found it difficult to get approved by mortgage lenders.

Types of Loans/Products

Better Mortgage offers conforming loans only, with a choice of fixed or adjustable rate mortgages. In addition to conventional mortgages, it offers a wide range of other products and benefits.

Here are the other products:

  • Better Real Estate. Matches you with a trusted real estate agent. Tell Better what you’re looking for, then it will match you with a specialist and pass along the savings to you (up to $2,000 off closing costs).
  • Better Settlement Services. Once you’re far enough in the process to think about third-party closing costs, Better can help match you with affordable third-party services. Its nationwide notary network can meet you wherever you’d like.
  • Better Cover. Whether you’re buying or refinancing, all Better loans need homeowner insurance. Fortunately, Better can match you with the right carrier in seconds, using the information you already provided in your application. You don’t have to do anything except decide whether to accept.

The Application Process

Better's application process is entirely online and takes only about 3 minutes for house hunters who are just looking for basic pre-approval, although the website indicates that it takes up to 2 hours if you are shopping for a home and 30 minutes if you've found a specific property to buy. The application for refinancing takes just 3 minutes.

Once you’ve answered basic questions about your financial situation, home equity, or prospective property, you’ll be sent an initial loan estimate and connected with a dedicated loan officer for more in-depth support along the way. Once you’ve carried out a list of tasks which you’ll receive with your loan estimate, you’ll be able to request to lock in a rate. Better usually closes on a mortgage loan within 3-6 weeks after rate lock, often 10 days faster than the industry average.

Rates and Terms

Better’s repayment terms are 15, 20, or 30 years, with 5/1, 7/1, and 10/1 options for adjustable rate loans. Since all of Better’s loans have no prepayment penalties, you can pay the loan back sooner than the end of the repayment term if you wish.

Average closing costs are $3,598 in third-party fees for a purchase loan, or $1,824 in third-party fees for a refinance loan.

Better’s rates are extremely competitive. Most of all, it offers real-time, transparent rates on its website, without having to make a formal request. 

Help & Support

Better offers a single, dedicated loan officer to every applicant to help you through the loan process. In general, you can get in touch with Better’s customer support by email at, via phone, or schedule a convenient time for a representative to call you back using the online form. Both your loan officer and general customer support are available from 9am to 9pm ET Monday-Thursday, 9am to 6pm ET on Friday, 12pm to 4pm ET on Saturdays, and 12pm to 6pm ET on Sundays.

Better offers plenty of information on the website with an easy to find and easy to navigate FAQ section and lots of educational resources.

Ph: (415) 523-8837


Better is one of a handful of tech-driven digital mortgage lenders disrupting the traditional mortgage industry. With a speedy loan approval process, competitive APRs, and no origination/lender fees, it’s an option worth considering if you’re in the market for a loan. Although it imposes the same minimum 620 credit score characteristic of most lenders, its algorithm makes it more favorable to people in the 620-700 range than its rivals.


Q: Will Better service my mortgage? 

A: Yes, but not necessarily for the entire lifetime of the loan. At some point, Better might transfer your loan to a permanent servicer. It has a large roster of servicers and mortgage investors, including major US banks, government-sponsored entities, and specialized servicing firms. Better will notify you if it transfers your loan to a third party.

Q: Does Better offer commercial or construction loans? 

A: No, there are no commercial construction loans at this time. 

Physical Address

Better Mortgage Corporation

459 Broadway FL 5,

New York, NY 10013

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AboutBetter Mortgage
Industry: Mortgage