Better Mortgage Review 2025

Better, also known as Better Mortgage, is a direct online lender whose claim to fame is a completely digital process (with the exception of some portions of the closing) and no lender-charged fees. The lender offers a variety of loan options, including home purchase, refinance, fixed-rate, adjustable-rate, FHA and VA loans, as well as bridge and investment property loans. If you qualify, you could get preapproved online in as few as three minutes. The lender has closed loans in as little as three weeks, but expect the typical 30 days to 45 days in most instances. 

Pros and cons of Better Mortgage

Affordability: 5/5

Better scores 5 out of 5 stars for affordability thanks to its attractive rates and fee savings.

• Interest rates: Better’s annual percentage rates (APRs) closely track with Bankrate’s national averages.
• Down payment: Better offers low- and no-down payment loan options, including 3 percent conventional loan, 3.5 percent FHA loans and no-money down VA loans.
• Closing costs: Better doesn’t charge any origination, application or processing or underwriting fees — a big boost to its affordability quotient. It also offers a $250 discount on closing costs for satisfactorily completing loan application tasks.

Availability: 5/5

Better offers several types of mortgages to eligible borrowers across the country, scoring 5 out of 5 stars for availability.

• Home loans offered: Better works with borrowers in need of conventional, FHA and VA loans. It also provides some creative financing options like bridge loans.
• Footprint: Better works with borrowers all across the U.S. There are no branch locations, however.
• Where to find: You can apply for a mortgage with Better online or by phone.

Borrower experience: 4.3/5

Better’s borrower experience overall appears good, but you’ll need to go elsewhere if you’d like an in-person experience. We scored the lender 4.3 out of 5 stars.

• Preapproval and application process: You can obtain a preapproval and apply for a loan through the Better website. If eligible, you could receive a commitment letter within 24 hours of applying for preapproval — faster than some traditional lenders.
• Transparency: Better displays mortgage rates on its website and updates them several times a day. (Note that the rates it displays assume you’re applying with a credit score of 760 and putting 20 percent down.) To use the rate tool to get a personalized quote, you’ll need to sign up for emails from the lender that contain mortgage news and promotions.
• Customer service: You can reach Better’s customer service team at 415-523-8837, Monday through Friday from 8 a.m. to 9 p.m. ET and Saturday and Sunday, 9 a.m. to 9 p.m. ET.

Better is a publicly traded company that originates a significant volume of loans. Its J.D. Power score for 2023 (the latest year available) was 715, just below the average score of 730 for all mortgage originators. As of this review, the lender has an A rating from the Better Business Bureau and “excellent” reviews on Trustpilot.

What consumers say about Better

Most borrowers on Bankrate say they initially had a positive experience with Better, especially during the “efficient” and “smooth” preapproval process. Some point out that the lender wasn’t as helpful in underwriting, often making multiple requests for documentation, particularly for more complicated credit or financial situations.

• Better Agent Match: Homebuyers who work with a partner real estate agent can save $2,000 off closing costs.
• Better Closing Guarantee: If your loan doesn’t close on time, Better will give you $2,000. Note your loan has to meet certain criteria to be eligible for this guarantee.

Better offers a variety of refinance options, including 30- and 15-year refinances, cash-out refinancing, ARM refinancing and VA streamline refinancing. The lender’s average refinance closing time is 32 days, and you can roll your closing costs into the new loan if you want to save money upfront.

You can apply for a mortgage with Better online or by phone at 415-523-8837.