Better.com is a direct lender with a simple online application that can be completed any time, any day of the week. Better aims to revolutionize the way Americans get a mortgage – after completing an application, you can access personalized rates, talk to a dedicated non-commissioned loan officer, generate custom loan estimates, and search for mortgage discounts in your area.
Better has automated much of the mortgage process. This drastically reduces the cost to originate and allows Better to pass as much of those savings as possible onto the customer and invest in customer satisfaction. Better was recently named Best Mortgage Lender for Customer Service by Nerdwallet.
Last but not least, Better’s rates are backed by the Better Price Guarantee, which promises that Better won’t just match a competing price, but beat it by $1,000.
The Better process is completely online. If you want to check rates, all you have to do is click on the “Check Today’s Rates” link and input your zip code, credit score range, home value, and down payment amount. In seconds, a number of different loan options will appear. Better offers terms from 15 to 30 years for fixed rate loans and 5/1, 7/1 or 10/1 adjustable-rate loans. Better doesn’t charge any origination or commission fees, and all 3rd party fees are clearly listed.
Better’s online application is great if you are house hunting and need to get pre-approved – answer a few questions about your finances (this takes about 3 minutes) and Better will instantly find the best possible loans available and give you a good estimate of how much you can borrow.
If you have already found your dream home and need to close quickly, the Better application can be completed in about 30 minutes. You’ll be given an initial loan estimate and connected with a dedicated loan officer who can answer any questions or concerns. Once you’ve uploaded your purchase contract, you can lock your rate at any time. Better can typically close within 3-6 weeks after rate lock, often 10 days faster than the industry average
Better.com is open 24/7, so you can complete an application for your time. Additionally, pre-approval and loan estimates are instant as opposed to the days it can take a larger bank. Their online portal emphasizes radical transparency and makes it easy to know exactly where you are at all times during the process. With no commission, no origination fees, honest quotes, and on-demand rate lock, Better helps customers pick their right financing option and save money on their mortgage.
Despite these extensive benefits, there are a few drawbacks – right now, Better only lends in some states. Those states are Arizona, California, Colorado, Connecticut, the District of Columbia, Florida, Georgia, Illinois, New Jersey, North Carolina, Oregon, Pennsylvania, Texas, and Washington. Better.com also does not offer home equity loans or lines of credit and does not handle FHA, VA or USDA loans. As an alternative to FHA loans, Better does offer Fannie Mae’s home ready product, which allows qualified borrowers to put as little as 3% down.