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Better Mortgage Review 2021

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Editorial Note: Parts of this article were reviewed by a lender to ensure accuracy prior to publication. The overall conclusions, recommendations and opinions are the author’s alone. The information in this article is accurate as of the date of publishing.

Better Mortgage is a direct mortgage lender headquartered in New York. The lender says that it’s “dedicated to making homeownership faster and simpler, with superior customer support along the way.”

With a “100% online process,” lending services are available on the website 24/7. Additionally, Better Mortgage promises to provide you with a loan estimate seconds after receiving your application and doesn’t charge lender origination fees.

Pros and cons of a Better Mortgage loan


  • Fast mortgage preapproval process
  • Multiple fixed-rate and adjustable-rate loan options
  • No application, origination or underwriting fees
  • No loans with prepayment penalties


  • No VA or USDA loan options available
  • No home equity products available
  • No long-term, in-house loan servicing
  • No in-person locations

Working with Better Mortgage

Better Mortgage is licensed to lend in the following 43 states, plus the District of Columbia:

  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • Florida
  • Georgia
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Michigan
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Washington
  • West Virginia
  • Wisconsin
  • Wyoming

Better Mortgage focuses on the speed of its approvals, saying applicants can expect a loan estimate within seconds — much faster than the standard timeline most lenders abide by, which is within three business days of receiving a mortgage application. In 2019, Better Mortgage’s annual mortgage origination volume was more than $7 billion.

If you prefer to work with a live contact, Better Mortgage has optional phone availability. You can speak with your assigned loan officer between 9 a.m. and 9 p.m. ET on weekdays, and between 10 a.m. and 6 p.m. ET on weekends. You can also reach out via email.

Answers to many of your questions may be found on its comprehensive FAQ page. You can also view up-to-date mortgage rates for a home purchase or refinance.

Better Mortgage borrowing requirements

The minimum required credit score for a conventional loan is 620, which is also the lowest score Better Mortgage typically accepts.

Better Mortgage provides conventional and jumbo loans for the following property types:

  • Single-family homes
  • Multifamily homes (two to four units)
  • Townhouses
  • Condominiums
  • Planned unit developments

Better Mortgage products


  • Conventional fixed-rate and adjustable-rate loans
  • Jumbo fixed-rate and adjustable-rate loans
  • FHA loans insured by the Federal Housing Administration
  • 30-, 20- and 15- year fixed-rate loans
  • 10/1, 7/1 and 5/1 adjustable-rate mortgages (ARM)

Better Mortgage doesn’t offer the following purchase loan products:


Better Mortgage offers both rate-and-term refinances and cash-out refinances.

Home equity loan products

There are no options for home equity loans or home equity lines of credit (HELOCs) through Better Mortgage.

The mortgage application process

  • How to apply. Better Mortgage has a few options for applying and preapproval; both involve online applications. The first is to get a basic preapproval, which the company estimates will take about three minutes. It’s based on your stated income and a soft credit pull. There’s also the verified mortgage preapproval process that takes roughly 20 minutes to complete, assuming you’re able to upload the necessary documents. This process is more of a traditional preapproval, which involves reviewing your overall financial picture and generating a hard credit pull.
  • Disclosure process. Once you’re preapproved, you’ll be assigned a loan officer and will communicate with them via chat, email or on the phone. You’ll upload all necessary documents through Better Mortgage’s online portal.
  • Submitting loan for approval. Once you’re preapproved, you can lock your interest rate and continue with your remaining list of tasks, which includes scheduling a home inspection. Your lender will also schedule a home appraisal to verify that the home’s value supports the expected loan amount.
  • Final approval. If your loan underwriter requests additional documentation, you’ll gather those documents to work toward final approval. Your credit score may be checked again to verify you’re still in good standing.
  • Closing. Better Mortgage estimates that you can expect your mortgage closing day to happen three to six weeks after you’ve locked your rate. Closing usually happens in person with a notary.
  • Servicing. Your initial loan servicer is The Money Source, which is Better Mortgage’s subservicing partner. Ownership of your loan may later be transferred to another investor, which could be a major U.S. bank, publicly traded mortgage company or other loan servicing entity.

Today's Mortgage Rates

  • 2.41%
  • 2.18%
  • 2.60%
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