ByNadav ShemerAug. 16, 2020

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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


Better Mortgage at a Glance 

Direct lender or marketplace? Direct
Loan types:

Purchase, refinance

Featured Loans Conventional
Repayment terms:

 15-30 years, 5/1, 7/1, or 10/1 ARM

Minimum Down Payment:


Minimum Credit Score:   620+
Best for:  Minority home buyers 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.

Best 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 a glowing 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. One 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'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. Best 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. 

Q: What is the Better Price Guarantee?

A: Better will match any valid competitor's offer, and credit you an extra $100. If they can't, the $100 is yours to keep. 

Physical Address

Better Mortgage Corporation

459 Broadway FL 5,

New York, NY 10013

Visit customer testimonials

GreatReviews 9
TrustPilot is the world’s most powerful review platform, free and open to all.
  • author
    Mary Nugent
    10 hours ago is such a great mortgage… is such a great mortgage company. We applied on 9/6 and closed on 9/22! They have an awesome team that keeps you updated on what needs to be done via "tasks". They are very responsive and answer any questions promptly. We highly recommend this company!


  • author
    Joe Miller
    15 hours ago
    Great service happy customer

    I can honestly attest and give you my experience. Some positive experiences: * Almost all of the process was online on a near website, where you are alerted to any new tasks or issues or comments. * I really loved the call scheduling process online. Though this is one area they could improve upon. In a total of 10 calls scheduled by me 7 actually resulted in a call from them. * They hired one of the best title agents I have had the experience to work with. Unlike your regular agents that shove papers down your throat faster then you can process them, the agent (Marcos) was super considerate and explained everything in a way where we were confident that we are making the right move. * One of the best refinance rates I have seen. I jumped almost 1.5% rate from where I was (3.99 to 2.625) that’s a big deal!! Overall, my experience with Better was really “Better” than I expected. Would highly recommend it to you, family, and friends.


  • author
    Rohan Karne
    a day ago delivered to the promise delivered to the promise - matched the rate, and then enabled an awesome digital experience of mortgage. The team was always available as I had questions and the process of booking time with them was easy - I was able to monitor the progress real time and things were super super easy!


  • author
    a day ago
    Better Team members are very helpful…

    Better Team members are very helpful and understanding...


  • author
    Will Berger
    Sep 17, 2020
    This company provided superior service…

    This company provided superior service than other lending companies. Highly recommend them!