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Better Review

Better offers ultra-fast home financing solutions, leveraging technology to deliver a quick and easy application-to-approval process for mortgages, HELOCs, and refinancing. The impressive home loan provider speeds up the home-buying process by granting commitment letters in just 24 hours.


Pros and Cons

✔ Commitment letter in just one day
✔ Simple, user-friendly online dashboard
✔ Free loan and rate calculator tools

✖ FHA and VA loans are not available
✖ Mortgages only for primary residences


Better Highlights

  • Over $100 billion in home loans funded
    •
  • 400,000+ customers served since 2015
    •
  • No hidden fees or unnecessary charges
    •
  • Closing times up to 17 days faster than the industry average
    •


Who Is Better Best for?

Better products are an excellent choice for a fast, online mortgage application, and for anyone exploring efficient home equity or refinancing solutions.

Visit Better ➜
Better, NMLS ID #330511

Better Mortgage, HELOC, and Refi Products

What Loans Does Better Offer?

Better offers a range of loan options, including fast mortgage and HELOC products, as well as competitive refinancing, all designed to streamline the borrowing process and provide quick, efficient service.

One Day Mortgage™
With this fast mortgage, you can go from a locked rate to a commitment letter in just one day. Other popular mortgage loans can take up to a few weeks. It's available in all states for single-family homes, townhouses, condos, and primary residences.
Learn more.

One Day HELOC™
Access up to $500,000, use up to 90% of your home equity, and get an approval decision in 24 hours. It's available for primary, second, and investment homes. Pay interest only on what you withdraw.
Learn more.

Refinancing
Better offers competitive refinancing rates and a simple pre-approval process to help users view more accurate rates. The process typically takes about 3 minutes and won’t affect your credit score.
Learn more.


How Does Better Work?

Better Mortgage uses an entirely online experience to streamline the mortgage process. From pre-approval to closing, everything is handled through a simple dashboard that guides you through each step.

The site includes several free calculator tools to help customers get a full picture of their financial situation, including a 'home affordability calculator' to determine what price home you can afford, a 'mortgage calculator' to estimate your monthly mortgage payments, a 'rent vs. buy calculator' to compare total costs, a 'refi calculator' to see if you could save money by refinancing your mortgage, and a 'HELOC calculator' to estimate how much of you can borrow and what your monthly payments might be.


What is the Application Process Like with Better?

Better’s application process is designed to be simple and efficient, guiding you from pre-qualification through approval, full application, and closing with clear steps and timely updates.

Step 1. Pre-Qualify
Start by filling out the prequalify form online to learn what loans and rates you might qualify for. The process is quick and straightforward, typically taking just a few minutes, and it won’t impact your credit score.

Step 2. Approval
To get approved, Better will request an overview of your finances, including a credit check. Once your information is submitted, Better typically completes the review within a few hours to a couple of days. If you meet the necessary criteria, you'll receive a notification via email, and your status will be updated in your online dashboard.

Step 3. Full Application
After being approved, you can proceed to lock in your rate and move forward with funding. This step requires you to complete the full application, which gathers more detailed financial and property information (if applicable).

Step 4. Closing
The final stage is closing, where you'll complete the necessary paperwork and formalities. Better ensures a smooth and efficient closing process, guiding you every step of the way to finalize your mortgage, refinance, or HELOC.


What Do I Need to Apply Online?

$ Employer details
🗎 Financial documents
⁈ Credit inquiry clarifications

To apply online, you'll need to provide several key pieces of information. First, have your employer's details ready, including the ability to upload recent paystubs as an image or file. Next, gather and upload the necessary financial documents, such as bank statements and property details.

Lastly, be prepared to clarify any discrepancies, such as explaining random addresses or credit inquiries that appear on your credit report. The exact documents required and length of your application will vary depending on your specific financial situation.


The Bottom Line

Better Mortgage stands out as a tech-forward lender that prioritizes speed, transparency, and customer convenience. The mortgage and HELOC products are game-changers for those needing quick and efficient home financing solutions, with no fuss or hidden fees.

Whether you're a first-time buyer, looking to refinance, or tapping into your home's equity, Better offers a seamless loan process with comprehensive financial tools that keep you informed and in control from start to finish.

Visit Better ➜

Better, NMLS ID #330511

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Frequently Asked Questions (FAQ)

A mortgage loan is used to purchase a home or real estate property. It involves an agreement where the borrower repays the loan over a set term, typically 15 to 30 years. The loan is secured by the property, which means the lender holds it as collateral until the mortgage is fully paid off. The borrower repays the loan through monthly payments, which include both principal (the loan amount) and interest.
Securing a mortgage loan typically takes between 30 to 45 days from start to finish. The process includes pre-approval, application submission, underwriting, appraisal, and closing. If you need to secure a mortgage loan as fast as possible, online lenders are a great option. Online lenders can process and approve loans in as little as 15 to 30 days, thanks to streamlined digital applications and quicker approval processes.
Your credit score plays a key role in determining both your mortgage eligibility and the interest rate you'll receive, accounting for roughly 34% to 40% of the decision-making process. Generally, higher credit scores result in more favorable terms and lower interest rates. If your credit score is on the lower side (around 620 or less), there are still plenty of options available. Many online lenders offer more flexible credit requirements, and applying with a co-signer who has a strong credit score can also improve your chances of securing better loan terms.
To improve your chances of getting approved for a mortgage loan, focus on raising your credit score by making timely payments and reducing any unpaid balances on your card(s). Lenders also prefer a lower debt-to-income (DTI) ratio, typically below 43%, as it shows financial stability. Saving for a larger down payment and maintaining stable employment can further strengthen your application. To speed up the approval process, ensure that all documents you submit are accurate and up to date.
To secure the lowest mortgage rates, it's important to maintain a high credit score and keep your debt-to-income (DTI) ratio low, as these factors demonstrate financial responsibility to lenders. Lenders also assess your income, employment history, and the size of your down payment when determining your eligibility. If your financial profile is lacking in one or more areas, applying with a co-signer who will share responsibility for the loan can help boost your chances of approval and possibly lead to better terms.
Pre-approval is a process where you self-report your financial details, such as income and debt, to get an estimate of how much you might qualify for without a hard credit check. It provides a personalized loan estimate and potential interest rate, helping you compare offers from different lenders and determine what you can afford. Pre-approval is a great first step before fully applying for a mortgage, as it allows you to shop around and better understand your options without impacting your credit score.
When applying for a mortgage loan, lenders will use the following documents to assess your financial health and determine your eligibility for a mortgage loan: PROOF OF INCOME (pay stubs, tax returns W-2s or 1099s) • EMPLOYMENT VERIFICATION (a letter or workplace contact) • BANK STATEMENTS (savings and/or checking account balances and other assets) • CREDIT INFORMATION (lender will conduct a credit report check) • DEBT INFORMATION (current debts and/or other outstanding loans) • PROOF OF IDENTITY (driver's license or passport and your Social Security number).
Start by researching online and reading reviews to check the lender's reputation. Then, shop around by getting preapproved with multiple lenders to compare rates. (Preapproval should not impact your credit score, it's simply a preliminary loan and rate estimate). Don't hesitate to ask questions about the loan process and fees. Local real estate agents can also provide recommendations based on their personal experience with mortgage lenders.
If you're facing challenges with your mortgage payments, there are options to explore. Many homeowners refinance their mortgage to modify their loan terms or secure a lower rate if the market has changed (though there's typically a 6 month waiting period from after you close to when you can refinance). Additionally, you can contact your lender to discuss assistance programs like forbearance and loan modification.
You should consider refinancing your mortgage when it can help you achieve a financial goal, such as lowering your monthly payments, reducing your interest rate, switching from an adjustable-rate to a fixed-rate loan, or accessing your home’s equity. It's generally worth considering refinancing if current interest rates are significantly lower than your existing rate (around 0.5% to 1% or more) or if your credit score or financial situation has improved since you took out the loan. You should always factor in the closing costs associated with refinancing before signing any paperwork to ensure it’s a cost-effective move.