Better: 2025 Home Equity Review

Founded in 2017, Better Home & Finance Holding Company is a digital lender, operating entirely online. It offers a wide range of mortgage products, including FHA and VA loans, jumbo mortgages and HELOCs. Since its inception, Better has funded more than $100 billion in mortgages, serving customers in all 50 U.S. states and the United Kingdom. 

Better home equity loans offered

Better offers home equity lines of credit (HELOCs) between $50,000 and $500,000, up to 90 percent of your equity. Their offerings include the One Day HELOC, which returns approval decisions within 24 hours, provided the borrower locks in a rate and sends Better all the required documentation within four hours of the lock. Once approved, you can access the cash in seven days. 

You can withdraw funds for three years, during which time you’ll only need to repay interest. Following those three years, you’ll enter a “hold” period of seven years in which you’ll make interest-only payments, but can no longer draw funds. After that, you’ll enter a 20-year full repayment period. 

Affordability: 1.6/5

• APR: Better doesn’t offer introductory rates, unlike many HELOC lenders, and its APR is more than 1 percent higher than the national average. 
• Fees: Better doesn’t charge any origination fees for a HELOC, according to a company representative. But you’ll be responsible for other various closing costs such as appraisal, credit report, title (if a first-lien HELOC) and recording fees. You are allowed to pay points (up to 5 percent of the credit line) in exchange for a lower rate. 

Better scores a low 1.6 out of 5 for affordability primarily due to its high APR and lack of introductory rates. 

Availability:  4.4/5

• Credit score: You will need a credit score of at least 680 for its One Day HELOC. You will need 780 or higher to qualify for the best rates. Both scores are typical, if perhaps on the high end of the average range, for home equity lenders.
• Loan minimum: Better’s minimum draws start at either 75 percent of your credit line or $50,000, which is high compared to the $5,000-$20,000 minimums other lenders set. Better also allows homeowners to borrow up to 90 percent of the equity in their home – though interestingly, the best rate offer assumes a loan-to-value ratio of only 64 percent.
• Loan products: Better offers just HELOCs. But they can be used for primary, vacation or investment homes – many lenders limit home equity products to primary residences. 
• Where to find: Better’s HELOCs are available in most states, except Vermont and Texas.   

Better scores a 4.4 out of 5 due to its competitive HELOC options and availability in 48 states and Washington D.C.

Borrower experience: 4.6/5 

• Rate transparency: No rates are listed online, except in very fine print. You have to fill out an online form with your Social Security number to get a personalized quote, but it’s only a soft credit check and won’t affect your credit score.
• Convenience: You can complete Better’s application entirely online. Depending on which HELOC you go for, you can get approved within one day, and receive cash in as little as a week.   
• Customer service:  While Better does not have any physical branches, you can reach the company online via a live chat, by phone at 415-523-8837, or by email.

Better scores 4.6 out of 5 for borrower experience because of its fast online process and quick access to funds. 

Better gets an A rating from the Better Business Bureau and has been accredited since 2018. Trustpilot gives Better 4.4 stars, one of the highest ratings of the home equity lenders we evaluated.   

What consumers say about Better 

On Bankrate, numerous comments praise Better for its “engaging” reps and “simple, straightforward” and state-of-the-art application platform: “The ability to complete the entire home equity loan process online was fantastic.” One customer “wishes rates were lower,” but another deems their offer “fair, given the Fed rate and my credit histor.,” 

How to qualify for a HELOC with Better

To get the absolute best rate on a HELOC from Better, you’ll need a high credit score of at least 780 (at least 680 for the One Day HELOC) and a combined loan-to-value (CLTV) ratio of no more than 64 percent, and to take out a credit line of at least $150,000.

You can apply for a HELOC from Better through the lender’s website. You’ll need to set up an account to do so.