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(844) - 974 - 3637 Review

ByNadav ShemerJan. 31, 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


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+
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'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

Visit customer testimonials

ExcellentReviews 275
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  • author
    Mason Weiss
    Feb 26, 2021
    Excellent experience!

    The entire process was quick and easy and the agents we worked with made it clear that they were there to help. The communication was excellent and the rates were top notch when we shopped around.


  • author
    M O
    Feb 24, 2021
    Save your time and find another lender

    I was referred to by a realtor with a very positive endorsement of a quick and easy refinance. My initial experience with the websites was as expected. The reality is that I wasted a bunch of time and effort providing their underwriting process with document after document. Once I was approved, I was expecting to move to closing within a few weeks. First sign of trouble was that the Title which was supposedly ordered in December was delayed, and they had to reorder in January. After waiting around on that for 4 weeks, the loan finally cleared Title. Well, here we are after 2 months and they are asking me for updates to the documents that I already sent them because they are too far beyond their guidelines. I was about to concede and send them additional documents and within minutes they send me an email stating that because the County I live in has been declared a disaster area due to the recent winter storm, I'm going to need to obtain a property inspection. I'm sure all of these things really are underwriting guidelines, but they wasted a bunch of time with their incompetence. They really did give me a good rate and I'm sorry that I was unable to take advantage of it. I'm done with these guys and I would not recommend wasting your time either.


  • author
    Karen R.
    Feb 22, 2021 isn't just better, it's the BEST

    I'm so glad we found Through the years, we have had several mortgages and even more re-fi's with other lenders, but our experience with was the best we've ever had. From start to finish, our re-fi went smoothly and quickly. Their reps are professional, friendly, and on top of everything. will be our first choice from now on, and we have already recommended them to our friends and family.


  • author
    Feb 18, 2021
    This was the best refinancing experience I’ve ever…

    This was the best experience I’ve ever had in refinancing. This company was in daily contact, advising what was needed and what was completed. I always knew where I stood in the progress of my refinance. Highly recommend!


  • author
    Ritesh Shah
    Feb 17, 2021
    Avoid them if you actually wanna close a loan

    I chose them over my current lender for refinancing because I was sold this average closing in 20-30 days and me and my team will be with you throughout the whole process and of course they were able to beat closing cost by about $650 dollars over my current lender. Anyways, fast forward 15 days and things are starting go south little by little in these 15 days. They couldn’t fathom that I work for a company whose headquarter is in another state. They didn’t even bother to look at W2 submitted to see my home state (where my property is) taxes were taken. They also probably have some of the worst underwriting requirements that makes it impossible to acquire a loan for someone with excellent credit, 37% LTV, excellent assets and income requirement so go figure that out. I almost lost my appraisal fees until I threatened them with CFPB complaint and thankfully, I was able to go back to my current lender but in 15 days, the interest rate now is now 1/8% higher. Oh, to top it off, I never even got a call/email back from the guy that sold me the bill of goods that they couldn’t deliver. None of their employees I dealt with seem to care, they are just collecting paychecks. Avoid them at all cost if you want to actual close on a loan.