Better Mortgage is an online lender that started its operation in 2016, where the entire application process is fully integrated through its online platform. With its online process, the company is able to keep track of rates, loan approvals, and other resources. Information is easily accessible and available online around the clock. The loan is well known for 24/7 customer service and efficiency.

Basic Information

Better Mortgage is considered a low fee option provided that an individual has a decent credit score and is familiar with the online process. Those people that are seeking a standard Mortgage can consider applying for Better Mortgage.

However, the company has set some criteria that it considers before granting the loan to the people. The criteria are divided into three broad categories: minimum credit score, minimum down payment, and loan types. To qualify for any loan or Mortgage at, the company has specified that the client should maintain a credit score of 620 or above according to the FICO scoring model. Moreover, the client should also be eligible to make a 3% down payment on the loan amount.

The company operates in 46 different states across the US, offering various loans that include conforming, jumbo, and refinancing mortgages.

Min.Credit Score 620 or above
Min.Down Payment 3%
Loan Types



Refinancing Mortgages

Loan Types

Better Mortgage offers a variety of loan options, thus capturing all kinds of homebuyers that seeking to take a loan for their property. The company also has different loan products specifically for those people that are looking to refinance their current Mortgage under new rates and loan periods.

Loans and mortgages under the radar of Better Mortgage include conventional loans, which can be divided into conforming and non-conforming loans, Federal Housing Administration (FHA) loans, jumbo loans, refinance mortgages, fixed-rate loans, adjustable-rate Mortgage, Rate-and-term and cash-out refinancing, and bridge loans.

With a wide range of loan products, the customers have a monopoly on choosing the type of loan that fits their needs. But it is important to carry out due diligence about the loan, the incentives being offered, and the interest rate.

Pros & Cons

To understand Better mortgages, it is imperative to look at the advantages and weigh them against the costs that a client will incur when they decide to proceed with the company.

  • The application process is carried out entirely online, with customer service available when needed. This brings convenience to borrowers as the online platform simplifies the process.
  • The company does not charge any fees or commissions, which eliminates some costs and expenses at the client's end.
  • The online process runs on an advanced technology that identifies eligible borrowers that are deserving of discounts.
  • The fully integrated online process grants a preapproval letter in just 3 minutes, whereas the closing time of the loan is no more than three weeks.
  • The company will give $100 to the borrower if they are unable to match the offer from another lender.
  • The clients can receive up to $2000 if they take the assistance of a Better Real Estate agent and mortgage lender for the application process.
  • The borrower can also receive up to $2000 if the company is not successful in closing the purchase in a timely manner.
  • A borrower can look up the rates through the company's online platform before applying for the loan.
  • The company does not have any physical stores in any of its locations, which hinders face-to-face contact for customers who are not comfortable with the online process.
  • There are some government loans that Better Mortgage does not offer. They include VA loans, USDA loans, second mortgages and other similar loans.
  • The company does not offer any home equity loans and home equity lines of credit.
  • The company does not accept alternative sources of credit such as utility bills because the client has a poor credit score.

How Can You Qualify?

In order to be granted a loan, the following points should be taken into consideration. They include:

  • Maintain a credit score of 620 or above. In the case of poor credit, take help from someone that has a strong credit line to get a lower interest rate on a loan. Tradelines can be used to increase the credit score as well.

  • Keep the debt to income ratio less than 40%. The lower the DTI ratio, the higher is the probability of qualifying for the loan.

  • Have ample funds to make the down payment. The minimum down payment for any mortgage is at least 3%, but it can increase up to 20%. So having surplus funds will increase the chances to get the loan.

  • Although different loan products have different requirements, to have a decent credit score, an individual should pay his dues on time and lessen the amount of debt owed. This will improve their credit line. As a result, they can be granted a loan.

Rates & Fees

The company offers loans and refinancing mortgages for different loan periods like 15 years, 20 years, or 30 years loans. These loan periods have purchase rates attached to them which are prone to changes. Hence the rates can be decreased through discount points, which is the optional fee paid to the company to lower the rate.

The interest rates are directly proportional to an individual's credit score, such that the higher the score, the lower the interest rate will be. For a conforming loan, the minimum credit score should not be less than 620, and for jumbo loans, it should not be less than 700. If such conditions are not met, the interest rate on loans will be higher.

One good thing about Better Mortgage is that it does not ask for any origination fee at the time of loan approval. The interest rate given the loan again can be locked up, i.e. it can be fixed by paying an additional fee to the company.

Moreover, the company helps eliminate some costs at the borrower's end, such as it does not ask for any application fee, processing fee, underwriting fee, or even prepayment penalties. However, the client is asked to pay mandatory fees and costs like Appraisal fees, Title search and title insurance, recording fees, Escrow deposit, Prepaid interest, and Optional mortgage points.


The reputation of Better Mortgage precedes itself since it has a B rating from the Better Business Bureau (BBB). Furthermore, it has a customer satisfaction score of 4.2 out of 5 stars from credit karma and 4.6 out of 5 stars from the Trust pilot.

While most customers had a great experience in dealings with the company, some customers had a satisfactory time. Some positive reviews from customers include the following:

Some negative reviews related to Better Mortgage include:

Despite the fact that many customers recommend this mortgage company to others, it cannot be ignored that some people do not want that. But as far as their loan products, services, costs etc., are concerned, Better Mortgage is highly recommended to those people that are tech-savvy and have no issues with the online platform. But to enjoy the full benefits, an individual must make sure that they meet the minimum criteria set by the company.


Better Mortgage is a good choice for people those wish to apply for a loan but does not want to get stuck in paperwork, and that is why its online process will assist them in getting the loan approval with minutes. The company does not ask for several fees and costs, which reduces the burden on the customer, but there are mandatory fees that cannot be waived off.

The company has an outstanding rating from its customers who recommend its services and products to others. While this is the case for most customers, there are some unlucky customers that had a bad experience and wish to discourage others from getting in business with the company.

It is important that people carry out their due diligence on which loan they should apply for and the minimum criteria to qualify. Some common rules to make the approval process a success is to have a good credit score and a low amount of debt. Ample funds could be used to pay for higher interest rates or down payments if the credit score is lower than average.

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The information shared through this website is based on our team’s personal judgements and views. We use our own comparisons to assign values, which are not intended to reflect a certain benchmark of precision. To keep our website free for use, we accept referral fees from various service providers, which have the potential to influence their respective appointed scores. A third party’s participation on is not an indication of endorsement. The information and vendors which appear on this site is subject to change at any time.The site does not include all companies offering loan products or all available loan offers.

Javier Enrile

Javier Enrile

Javier is a results-driven executive with 16 years of experience in middle market M&A and venture capital with 35 completed transactions and hundreds of others evaluated and negotiated. Javier is also an experienced business operator with a particular focus on FP&A, fundraising, financial reporting, treasury management, and market analysis. As a freelancer, he enjoys working with management teams to unlock value and grow their organizations.

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