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Better Mortgage Review
Better Mortgage offers a truly digital experience that takes you from rate lock to close within 3-6 weeks.
Better Mortgage Review
Better Mortgage offers a truly digital experience that takes you from rate lock to close within 3-6 weeks.
March 10, 2021 / Nadav Shemer
Better Mortgage Review
Better Mortgage offers a truly digital experience that takes you from rate lock to close within 3-6 weeks.
March 10, 2021 / Nadav Shemer
No fees & commissions
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At a Glance
Better Mortgage, also known as, is a tech-powered independent mortgage lender backed by big investors like Citi, Goldman Sachs, and American Express. The application process is a truly digital experience. Thanks to its streamlined online platform, Better Mortgage is able to show you rates and get you pre-approved in minutes. Even at its slowest, it closes loans about 10 days quicker than the industry average.
How It Works is open 24/7, so you can complete an application at any time of your choosing. Additionally, pre-approval and loan estimates take as little as 3 minutes as opposed to the more drawn-out process typical of larger banks. The Better Mortgage online portal emphasizes transparency, letting you know exactly where you are at all times during the process. With no origination fees and an on-demand rate lock, Better helps customers pick their right financing option and save money on their mortgage.
Here are the 5 steps to a Better Mortgage loan:
1.Rate quote. - Find out how much you can borrow and your interest rate in as little as 3 minutes – and lock in the rate if it looks good to you.
2.Home search. - Look for a home on your own or with the help of one of Better Mortgage’s vetted agents.
3.Pre-approval. - Apply for a verified pre-approval letter to show real estate agents that your income, assets, and debts are fully underwritten. The application process is 100% digital and takes just a few minutes.
4.Make an offer. - With your pre-approval letter ready, you can now make an offer with confidence.
5.Close. - Work with Better Settlement Services and Better Insurance to close your loan 3-6 weeks after rate lock. The exact timing depends on a few factors, including how quickly you can submit all required documents, as well as the timing of third-party services associated with the mortgage process.
Pros and Cons
  • Pre-approval letter in as little as 3 minutes
  • Rate lock in as little as 30 minutes
  • 3-6 weeks to close – faster than industry average
  • No FHA or VA loans
  • Not available in HI, MA, MN, NV, NH, VT (as of March 2021)
The biggest benefit to choosing Better Mortgage is the speed with which it gets things done. Tech has improved our lives in many ways, and Better deftly uses technology to streamline the loan process. The result: Better can get you pre-approved, formally approved, and into your home quicker than almost all its competitors.
On the downside, Better has a smaller amount of loan options than other lenders. It essentially only offers conventional or jumbo loans. If you want a government-backed loan with low down payment, then you’ll need to look at other lenders. As of March 2021, Better still wasn’t licensed to do business in 6 states: Hawaii, Massachusetts, Minnesota, Nevada, New Hampshire, and Vermont.
Types of Loans
Better Mortgage offers both fixed and adjustable rates for conventional and jumbo loans. It doesn’t offer government-backed products such as FHA, VA, and USDA loans. According to Better, it can finance a whole range of properties, including single-family homes, multi-family homes, townhouses, and more.
Loan Features
As an innovative, independent lender, Better Mortgage offers a truly 100% online application process. By moving everything away from branches and onto the internet, Better is able to cut time and expenses, offering you a cheaper, quicker mortgage process.
  • Notifications and alerts sent straight to your inbox
  • One convenient online hub for all your documents
  • Support from a Better agent whenever you need it
  • No commissions or hidden fees
  • Smart tech that finds you eligible discounts
  • Free guides to homebuying with helpful advice
  • Better price guarantee – Better will match any competitor’s offer and give you $100 cash
Rates and Terms
If you have strong or excellent credit, then the interest rates at are around or just below the national average.
Here’s a sample of the best interest rates from on March 22, 2021 (when the national average rate for a 30-year mortgage was 3.09% and average rate for a 15-year fixed mortgage was 2.40%).
30-year fixed: 2.875% (3.019% APR)
20-year fixed: 2.625% (2.826% APR)
15-year fixed: 2.250% (2.441% APR)
Contact Better Mortgage
Better Mortgage is a digital lender with a fully online application process and extensive online resources to help you understand your options. However that doesn’t mean you can’t speak to a human when you need it. To speak to a Better Mortgage agent, call 415-523-8837 during extended business hours. You can also consult with an agent at any time during the mortgage process.
Founded in 2014, Better Mortgage Corporation is a direct lender based in New York, NY. It has a B+ rating from the Better Business Bureau and 4.5-star rating on Trustpilot from almost 300 customer reviews.
Better Mortgage is one of the rising stars of mortgage lending, using technology to change the way people apply for their homes. While the banks can keep you waiting with loads of paperwork and inefficiencies, Better has streamlined the whole process from A to B–giving you less of a headache and ensuring you can get in a home as soon as possible. The rates and fees are highly competitive, too. Overall, if you want a fully digital mortgage experience and if you live in one of the 44 states where Better Mortgage is licensed, then you should definitely check it out.
Get started now, visit Better
By Nadav Shemer
Nadav Shemer specializes in business, tech, and energy, with a background in financial journalism, hi-tech and startups. Nadav writes for He enjoys writing about the latest innovations in financial services and products.
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