Better Mortgage Review
Better Mortgage is a lender founded in 2014 with the expressed aim of streamlining the mortgage lending process for purchase and refinance, by offering a completely online service, with full transparency and zero hidden fees or commissions. From their offices in New York, quotes are given in as little as three minutes, and verified pre-approval in 24 hours.
Better Mortgage is an online lender committed to making the process of applying and obtaining a mortgage loan simpler, quicker and fully digital. To that end, they are completely transparent, and don’t charge any origination or commission fees. Rate locks are set according to the customer’s needs, rather than the bank’s timeline, and verified pre-approval may be obtained in as little as 24 hours.
Currently, Better Mortgage only provides loans to customers with credit scores of 620 and above, which they determine by calculating the median score from all three bureaus (Transunion, Experian, and Equifax). While every loan requires slightly different documentation depending on the borrower’s financial details, apart from credit score, Better Mortgage also asks for:
- 2 years of W2 forms and personal tax returns
- The most recent 2 months of paystubs and bank statements (from all accounts)
- Updated insurance policies
Better Mortgage is committed to assisting borrowers obtain mortgages for purchase quickly and efficiently, with verification in as little as 24 hours. They provide some of the best pricing in the mortgage industry, coupled with a simple and transparent application and origination process. Originally meant to be a fully diy platform, they’ve also incorporated dedicated loan consultants, to help navigate the complexities of different loan pricings, adjustable fees and discount points. Better Mortgage has outstanding ratings across multiple customer review websites, focusing particularly on the excellence and professionalism of their service. All in all, the company is an excellent choice for customers with good to excellent credit.
- Single-family homes
- Multi-family homes (up to four units)
- Planned Unit Development (PUD)
- Investment Properties
Types of Mortgages
Better Mortgage offers the following options for both conventional and jumbo loans:
- Fixed Rate Mortgage
- Adjustable Rate Mortgage
By considering a variety of factors, Better Mortgage is able to provide some of the most competitive rates in the business, from a variety of investors. Additionally, Better Mortgage’s products all feature their Better Price Guarantee, in which they confidently commit to beating any competitor’s price by at least $1,000 (within three business day of their loan estimate, if you haven’t yet locked in your rate), or they’ll pay you $1,000. Since there are many elements involved in deciding the type of mortgage and deal that’s best for you, Better provides a wide range of educational resources and tools, such as calculators for mortgage refinance, mortgage payoff, and home affordability. Another benefit of applying for a loan with Better Mortgage is the speed with which they can obtain a pre-approval letter for you, thereby arming you with a tool to prove the seriousness of your intentions (to your agent and potential sellers).